527 Main StNorman, OK 73071

Property Details for 527 Main St

Year built

1951

Construction

MASONRY/CONCRETE MASONRY UNITS (CMUS)

Lot size

0.08 AC

Property size (Sq ft)

1,150 SF

Property type

Retail space

APN

NC29AAAOT 38 14001

APU

NC29AAAOT3814001

Description

This exceptional 1,150-square-foot office building, located at 527 E Main Street in Norman, Oklahoma, presents a lucrative investment opportunity. Situated on a 0.08-acre lot, the property boasts a recent, comprehensive renovation. The entire structure was rebuilt from the studs, featuring brand new stucco exterior, electrical system, plumbing, and HVAC. The C1 zoning allows for versatile usage, including retail, restaurant, or continued use as an office space. Ample parking is available, with private parking at the rear and public parking conveniently located in front of the building. The property also includes a fenced backyard offering significant expansion potential. Currently generating income with a lease extending until January 2026, this property offers both immediate return and long-term growth prospects. The building's modern updates and flexible zoning make it an ideal investment for a discerning buyer seeking a well-maintained, income-producing asset in a thriving Norman location. The combination of a strong lease and the potential for future expansion makes this a truly unique opportunity in the Norman commercial real estate market. The property's central location and convenient parking further enhance its appeal to a wide range of potential tenants. This is a turnkey operation ready for immediate income generation.

• CAP approach

  CAP return

  Valuation

  6%

  $301,398

  6.5%

  $278,213

  7%

  $258,341

• Comparable approach

  Method

  Valuation

  Relative Method

  $348,687

  Geo Method

  $348,687

• Alternative Use

  Use

  Valuation

  Residential

  $234,683

  Hospitality

  $214,969

  Educational

  $178,851

  Medical

  $185,002

  Retail

  $278,213

Location Insight

City

Norman

County

Cleveland

State

Oklahoma

Latitude

35.224

Longitude

-97.4369

CBSA code

36420

CBSA name

OKLAHOMA CITY, OK METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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