Retail-Pharmacy
Property Type
11,040 sq ft
Area Size
1996
Year Built
CVS
Former Business
51
Parking Spaces
1031 Exchange Ready
Parcel ID
R0032823
Price
$2,700,000
Frontage Street Name
West Main Street
Frontage Length
450 feet
Lot Size
1.42 acres
Zoning
AC9
Description
This 11,040 SF freestanding retail powerhouse on 1.42 acres stands as a cornerstone investment in Norman’s vibrant college-town ecosystem, just one mile from the University of Oklahoma’s bustling campus and at the threshold of its Historic Downtown. Priced at $2,700,000, it offers unmatched visibility at a signalized hard corner, drawing 34,601 vehicles daily alongside robust foot traffic from nearby anchors like Walgreens, Starbucks, Casey’s, and McDonald’s.
Built in 2006 with a ready drive-thru, expansive parking for over 100 vehicles, and flexible zoning for retail, QSR, or mixed-use, this asset is primed for value-add plays—delivering projected 7-9% cap rates upon stabilization in a market where OU’s enrollment exceeds 36,500 students, ensuring retail vacancy remains below 6% even in downturns. With $2.8 billion in annual consumer spending within a 10-mile radius—$1.3 billion funneled into food, beverage, apparel, and entertainment—this property captures the unrelenting demand of a young, affluent demographic.
Investment Highlights
- Bulletproof Demand Driver: OU’s freshman class ballooned to a state-record 6,251 in Fall 2025, fueling 26,000+ students who propped vacancy rises to just 0.7% during COVID—translating to ironclad retail resilience today.
- Traffic & Visibility Goldmine: 34K+ VPD at this hard corner, plus surging footfall from adjacent retail corridor; expect 10-15% NOI uplift from signage alone.
- Growth Trajectory: Norman’s pop (third-largest in OK) climbs 1.3% yearly to 2027, with retail absorption steady despite OKC’s -63K SF dip—positioning this for outsized rents in a low-vacancy haven.
- Consumer Powerhouse: $1.3B annual spend on F&B/entertainment within 10 miles; median incomes rising 10%+ projected, drawing affluent millennials and families.
- Exit Strategy Built-In: Comp’d sales at $247/SF signal 15-20% equity build in 3-5 years; EZ comps to OU-adjacent assets trading at premiums.
- Risk-Mitigated Play: NNN structure, stable employer base (OU #1 at 12K+ jobs), and no seismic/flood zones—pure plug-and-play for your HNW diversification.
Features
Drive-Thru
Signalized Corner
1031 Exchange Ready
Demographics
• The property is positioned along W Main Street, one of Norman’s most established commercial thoroughfares at the doorstep of its Historic Downtown, with daily traffic counts exceeding 34,601 vehicles. This consistent exposure ensures strong visibility and steady consumer flow.
• Within a 1-mile trade area, the population base of nearly 12,600 residents is supported by over 5,600 households, anchored by established neighborhoods and community-serving retail near the University of Oklahoma.
• Expanding to a 3-mile radius, the trade area reaches more than 88,000 residents across 36,400 households, providing a diverse consumer base and stable demand for service, retail, and medical users.
• At the 5-mile level, the population swells to more than 122,000 residents, reflecting Norman’s role as a key residential and employment hub within the Oklahoma City metroplex. Median household incomes in this area exceed $60,000, reinforcing purchasing power and tenant viability.
• Norman itself continues to grow as one of the most dynamic cities in Oklahoma, benefiting from proximity to Oklahoma City, a strong university presence with over 36,500 students at the University of Oklahoma, and its identity as a sports, entertainment, and cultural destination.