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    The Largest CRE Database in the US with Over 1 Million Listings
    Property profile & analytics

    940 Halray Dr Norman, OK 73071-4468

    • Commercial real estate
    • 3,536 SF
    • 0.18 lot acres
    OFF-MARKET
    Value Estimations
    $310,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US69-0329384
    The Realmo ID is a unique identifier assigned to every property, incorporating country codes and precise geo-coordinates for 300x300-foot land blocks. It enables standardized data collection and seamless integration of disparate sources such as ownership, tax, title data and physical specifications. By aggregating current and historical records, the Realmo ID powers advanced analytics and delivers deep, verifiable insights for real estate professionals.

    Current Use by Public Records

    • Commercial real estate

    Property Details for 940 Halray Dr

    Year built
    1964
    Construction
    WOOD FRAME
    Lot size
    0.18 lot acres
    Property size
    3,536 SF
    Zone code
    R1
    Property type
    Commercial real estate
    APN
    NC29HALRA 3 1001
    APU
    NC29HALRA31001

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      ML approach
      $245,000

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $380,000
      Market price range: $380k - $1.16M
      AI Estimate
      $154,000
      Market price range: $100k - $709k

    Get a detailed, property-specific valuation — fast and free

    Location Insight

    • Map
    • Local Demand
    City
    Norman
    County
    Cleveland
    State
    Oklahoma
    Longitude
    -97.4265
    Latitude
    35.2084
    CBSA code
    36420
    CBSA name
    OKLAHOMA CITY, OK METROPOLITAN STATISTICAL AREA

    Property Tax & Assessments

    Tax date
    Tax Amount
    Assessed Land Value
    Assessed Improvement Value
    Total Assessed Value
    Applied Tax Rate
    Land Market Value
    Improvement Market Value
    Total Market Value
    2023
    $2,317
    $1,534
    $17,766
    $19,300
    -
    $15,680
    $181,508
    $197,188

    Comparable in this City

    • Value Estimation
      $340,000
      20.57 Acres

      17200 Sunnylane Rd

      COMMERCIAL (GENERAL) • 20.57 Acres
      17200 Sunnylane Rd, Norman, OK 73071-7932
      View Details
    • Value Estimation
      $315,000
      106.63 Acres

      1025 Indian Hls Rd

      COMMERCIAL (GENERAL) • 106.63 Acres
      1025 Indian Hls Rd, Norman, OK 73071-7944
      View Details
    • Value Estimation
      $240,000
      154 SF

      609 12th NE Ave

      COMMERCIAL (GENERAL) • 154 SF
      609 12th NE Ave, Norman, OK 73071-5324
      View Details
    • Value Estimation
      $270,000
      832 SF

      541 12th NE Ave

      COMMERCIAL (GENERAL) • 832 SF
      541 12th NE Ave, Norman, OK 73071-5243
      View Details
    • Value Estimation by Request
      1.84 Acres

      12Th Ave

      Land • 1.84 Acres
      0 12Th Ave, Norman, OK 73071
      View Details
    • Value Estimation by Request
      7.67 Acres

      2420-2536 Classen Blvd

      Multifamily properties • 1 SF
      2420-2536 Classen Blvd, Norman, OK 73071
      View Details

    Similar Nearby for Sale

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      Classen Blvd Retail Opportunity

      Half-acre Norman retail lot, high growth area.
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    • $400,000
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      Norman Commercial Land - 1.84 Acres

      Prime Norman location, 1.84 acres, $400,000.
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    • $1,348,618
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      Norman Commercial Land - 7.74 Acres

      Prime Norman location, C-2 zoning, excellent access.
      0 24Th Ave, Norman, OK 73071
      View Details
    • $4,500,000
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      Prime Norman Land: 4.4 Acres

      Exceptional commercial land, ideal for development.
      320 12Th Ave, Norman, OK 73071
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    • $2,580,494
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      Prime Norman Commercial Land

      14.81 Acres, Hwy 9 Access
      0 Current Map Area, Norman, OK 73071
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    • $275,000
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      Prime Norman Commercial Land

      1.15 Acres, C-2 Zoning, Near University
      2100 Alameda St, Norman, OK 73071
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    Similar Nearby for Lease

    • Contact for pricing
      19,638 SF

      Norman Shopping Center Investment Opportunity

      Walmart-Shadowed Retail Center, 8 Suites
      627 12Th Ave, Norman, OK 73071
      View Details
    • $22 SF/Yr
      3,151 SF

      Prime Norman Retail Space

      Modern, 1,383 SF Retail Unit Available
      301 Robinson St, Norman, OK 73071
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    • $21 SF/Yr
      12,500 SF

      Norman Retail Building - 12,500 SF

      Prime Norman retail space, ample parking, owner-user potential.
      1130 Rambling Oaks Dr, Norman, OK 73071
      View Details
    • $24 SF/Yr
      2,273 SF

      Norman Office Space For Rent

      Office space available in Norman, Oklahoma, suitable for medical or professional use.
      3311 W Rock Creek Rd, Norman, OK 73071
      View Details
    • Contact for pricing
      1,517 SF

      Retail Space in Norman, OK

      Neighborhood center with excellent co-tenancy and foot traffic.
      1100-1130 Alameda St, Norman, OK 73071
      View Details
    • $5,440 /Mo
      5,185 SF

      Warehouse with Dock and Office

      Warehouse with office space, dock, and convenient highway access.
      2600 Technology Pl, Norman, OK 73071
      View Details
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    940 Halray Dr
    Norman, OK 73071-4468
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
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