2222 Westpark DrNorman, OK 73069

Property Details for 2222 Westpark Dr

Year built

1982

Construction

WOOD FRAME

Lot size

0.13 AC

Property size (Sq ft)

1,716 SF

Property type

Office buildings

APN

NC29WEROP 1 10002

APU

NC29WEROP110002

Description

This exceptional two-unit office building, located at 2222 Westpark Drive Unit A & B in Norman, Oklahoma, presents a unique investment opportunity. Boasting a total of 3,432 square feet situated on a 0.13-acre lot, this property offers significant potential for both owners and tenants. The building has undergone substantial improvements in recent years, enhancing its value and appeal. A brand-new roof was installed in 2023, ensuring long-term protection. The exterior received a complete siding upgrade in 2021, contributing to the property's modern aesthetic. Furthermore, Unit B benefits from a newly installed HVAC system in 2022, guaranteeing efficient climate control. Ten dedicated parking spaces are available for the convenience of occupants and visitors. The strategic location in central Norman provides unparalleled access to I-35, facilitating seamless commutes and convenient access to the city's amenities. This property is ideally suited for a variety of uses, including leasing one unit while occupying the other, or leasing both units for a steady income stream. The asking price for this well-maintained and updated office building is $600,000. This presents a compelling opportunity to acquire a valuable asset in a thriving Norman location.

• CAP approach

  CAP return

  Valuation

  6%

  $305,944

  6.5%

  $282,410

  7%

  $262,238

• Comparable approach

  Method

  Valuation

  Relative Method

  $206,469

  Geo Method

  $206,469

• Alternative Use

  Use

  Valuation

  Residential

  $350,188

  Hospitality

  $320,771

  Educational

  $266,877

  Medical

  $276,056

  Retail

  $415,143

Location Insight

City

Norman

County

Cleveland

State

Oklahoma

Latitude

35.2091

Longitude

-97.4752

CBSA code

36420

CBSA name

OKLAHOMA CITY, OK METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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