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Property profile & analytics
OFF-MARKET
Estimated value
$550,000
Office buildings
581 Merchant Dr Norman, OK 73069-6575
Entity Owned
12-yr Hold
~
Est. High Equity
Property ID
US69-0058481
Property profile
Verified
Property type
Office buildings
Use group
OFFICE BUILDING
Year built
2014
Construction
WOOD FRAME
Total area
3,843 SF
Lot
0.39 ac (16,814 SF)
APN
NC29R2006 2 7A001
UPID
US69-0058481
Cap rate & NOI
Priority signal for investors
Implied cap rate, NOI & suggested price
Cap rate vs submarket · NOI estimate · 3 price anchors
Implied cap rate, NOI & suggested price
Cap vs submarket · NOI estimate · 3 price anchors
Current use
Occupant on record · Public records
-
Kindred Wealth - Ameriprise Financial Services, LLC Financial Advisor
-
Link Cotham - Ameriprise Financial Services, LLC Financial Advisor
-
Rodney Gray - Financial Advisor, Ameriprise Financial Services, LLC Financial Advisor
-
Mark E Woody - Private Wealth Advisor, Ameriprise Financial Services, LLC Financial Advisor
-
Anthony Cruse - Associate Financial Advisor, Ameriprise Financial Services, LLC Financial Advisor
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
by Request
CAP Approach
CAP
$535k
Comparable Approach
Comparable
$543k
Blend (final)
Blend
$550k
Owner & transaction history
Spartan Real Estate Mgmt LLC · 12 yrs held
Spartan Real Estate Mgmt LLC
since 2014
4 recorded transactions
Zoning & alternative use
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Top alternative use upside
Retail stores
$810,000
+31.2%
Medical building
$760,000
+23.4%
Commercial (general)
$660,000
+7.4%
Cap rate
Implied · in-place · derived from last sale + estimated NOI
Implied Cap rate
#1
Implied · in-place · NOI ÷ last sale
In-place · derived from last sale + estimated NOI
Cap rate, NOI & submarket benchmark
Implied cap rate vs Norman submarket · NOI estimate · Typical band, median & reading
Implied cap rate, NOI & submarket benchmark
Cap vs Norman submarket · NOI estimate · typical band, median & reading
Refine your cap rate
8-question underwriting flow
1.
Property current status — Going-In vs Stabilized
2.
Price for denominator — asking / offer / market
3.
Leasing status & lease structure (NNN / Gross)
4.
Tenant risk profile & vacancy assumption
5.
Upload T12 / rent roll / OM (optional)
Refine in 60 seconds, get exact suggested price
T12 upload · Submarket benchmarks · Sensitivity grid
Suggested price · 3 cap rate anchors
Income approach @ 5% / 7% / 9% — aggressive / typical / conservative
Suggested price at 5% / 7% / 9% cap
Aggressive / typical / conservative · Implied $/SF per anchor · Sensitivity grid
Suggested price at 5% / 7% / 9% cap
Aggressive / typical / conservative · implied $/SF · sensitivity
Value
AI, CAP & Alternative Use estimations · Realmo proprietary blendValue Estimations
Based on Realmo’s proprietary methodology
AI Approach
Method
Estimation
Statistic approach
by Request
ML approach
by Request
CAP Approach
CAP Return
Estimation
6%
$580,000
6.5%
$535,000
7%
$495,000
Alternative Use
Use
Estimation
OFFICE BUILDING
$615,000
Current use
RETAIL STORES
$810,000
Change: +31% · Conversion: Moderate
MEDICAL BUILDING
$760,000
Change: +23% · Conversion: Easy
COMMERCIAL (GENERAL)
$660,000
Change: +7% · Conversion: Easy
AUTO REPAIR, GARAGE
$635,000
Change: +3% · Conversion: Difficult
Blend value · Realmo final
$550k
Range $495k – $605k · ±10%
Realmo estimate · informational only.
These numbers are calculated by our models from public records and may not reflect actual market value.
Not an appraisal.
Verify with a licensed appraiser before transacting. Realmo accepts no liability for divergence from real-world outcomes.
View the full estimation — every method, every assumption
Confidence drivers & risk notes · Custom comparable set · Free for first 3 / day
Full estimation methodology
Every method · every assumption · confidence drivers
Price per SF
Sale + rent benchmarks
Subject property
$143 / SF
Submarket sale & rent benchmarks
Median sale $/SF · Asking & closed rent · Submarket vacancy
Submarket sale & rent benchmarks
Median sale $/SF · asking & closed rent · submarket vacancy
Property tax & assessments
Tax year 2023Property tax & assessments
Tax year 2023
Tax billed
$8,224
Tax year 2023
Assessed value
$68,492
Assessed 2023
Previous assessed
$65,230
+5.0% YoY
Effective rate
12.01%
On assessed value
Assessed land
$19,957
Assessed improvement
$48,535
Land market value
$252,495
Improvement market value
$614,057
Total market value
$866,552
Comparables
6 recent transactions · within 1.5 miComparable in this city
6 recent transactions
Comparable in this City
Similar Nearby for Sale
Similar Nearby for Lease
Recent comparable sales
Sale price & price/SF · Sale date & distance · Adjustments & confidence
Recent comparable sales
Sale price & $/SF · sale date & distance · adjustments
Property description
Physical attributes from public recordsBuilding & lot
Public records
Property type
Office buildings
Use group
OFFICE BUILDING
Status
Off-Market
Year built
2014
Construction
WOOD FRAME
Heating
PACKAGE
Cooling
AC.PACKAGE
Stories
1
Units
1
Total area
3,843 SF
Lot
0.39 ac (16,814 SF)
APN
NC29R2006 2 7A001
UPID
US69-0058481
Jurisdiction
CLEVELAND
Zoning & alternative use
Zoning · permitted uses
Permitted & conditional uses
Allowed uses · Special-permit conditions · Prohibited uses
Permitted & conditional uses
Allowed · special-permit conditions · prohibited
Alternative use value scenarios
Repositioning upside vs current use
OFFICE BUILDING Current
Est. value
$615,000
RETAIL STORES
Est. value
$810,000
MEDICAL BUILDING
Est. value
$760,000
COMMERCIAL (GENERAL)
Est. value
$660,000
AUTO REPAIR, GARAGE
Est. value
$635,000
OFFICE BUILDING Current
RETAIL STORES
MEDICAL BUILDING
COMMERCIAL (GENERAL)
AUTO REPAIR, GARAGE
Alternative use deep dive — conversion cost, permits, timeline
Conversion cost estimate · Permit path & risks · Stabilized NOI per option
Alternative use deep dive
Conversion cost · permit path · stabilized NOI per option
Building & site characteristics
From public records
Year built
2014
Construction
WOOD FRAME
Heating
PACKAGE
Cooling
Yes
Stories
1
Units
1
Lot
0.39 ac
Current owner
From public records · entity-resolved
Spartan Real Estate Mgmt LLC
Entity
Mailing address
581 MERCHANT DR, NORMAN, OK 73069-6575
Mailing matches property
Yes
Owner-occupied
Yes
Ownership since
2014
Owner contacts — direct phone, email, and related entities
Decision-maker phone · Verified email · Related entities & filings
Owner contacts
Email · phone · related entities
Sales History
4 recorded events · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
Feb 24, 2014
—
Spartan Real Estate Mgmt LLC
—
Trustees Deed
related
$593,307 · Valliance Bk
—
—
Spartan Real Estate Mgmt LLC
—
Deed Of Trust
related
$274,000 · Small Busn Cap
—
—
Spartan Real Estate Mgmt LLC
—
Loan Modification
related
$324,825 · Valliance Bk
—
—
Wall Street Properties LLC
—
Loan Modification
related
—
Coming soon
Costs & Benchmarks
Operating expenses, capex projections, utility benchmarks, and submarket comparables — all in one view.
Coming soon
Risks
Flood, climate, environmental, title, and tenant-concentration risk — surfaced with mitigations and source citations.
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