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716 Sonia Dr 1.25 Acres of Commercial Land Offered at $1,021,848 CAD in Norman, OK 73072
Investment Highlights
- 716 Sonia Drive is a 1.25-acre vacant lot recently rezoned to RM-6, Medium-Density Apartment District, permitting student housing projects.
- As of Q1 2025, student housing commanded average rates 31% higher than traditional multifamily communities in the OU market, with 3.3% YOY growth.
- Ideally poised to serve the University of Oklahoma (OU), boasting a full-time student population of 23,191, with only about 6,300 on-site dorms.
- Located within a five-minute walk of the OU Rugby Field, the Lloyd Noble Center arena, the OU Tennis Club, and the CART student bus line.
Executive Summary
716 Sonia Drive presents a rare opportunity to develop multifamily real estate on the edge of the University of Oklahoma campus.
The 1.25-acre tract was recently rezoned to RM-6, Medium-Density Apartment District, allowing for student housing developments. The site previously had three single-family houses, which have now been demolished, leaving the land in shovel-ready condition. 716 Sonia Drive is surrounded by several other housing options, including the VUE and Avalon, two of the top-rated communities serving OU per Apartments.com, establishing this location as a preferred destination for students.
Located diagonally across from the OU Rugby Field and the university’s indoor arena is behind the field, this is one of the closest development sites to the campus. Students can walk to a Campus Area Rapid Transit Stop (CART) in five minutes, providing an even quicker route to all school facilities. Monthly student rents were reportedly $241 higher on average compared to multifamily rents in the area as of Q1 2025, and that figure typically rises the closer the property is to campus.
The 1.25-acre tract was recently rezoned to RM-6, Medium-Density Apartment District, allowing for student housing developments. The site previously had three single-family houses, which have now been demolished, leaving the land in shovel-ready condition. 716 Sonia Drive is surrounded by several other housing options, including the VUE and Avalon, two of the top-rated communities serving OU per Apartments.com, establishing this location as a preferred destination for students.
Located diagonally across from the OU Rugby Field and the university’s indoor arena is behind the field, this is one of the closest development sites to the campus. Students can walk to a Campus Area Rapid Transit Stop (CART) in five minutes, providing an even quicker route to all school facilities. Monthly student rents were reportedly $241 higher on average compared to multifamily rents in the area as of Q1 2025, and that figure typically rises the closer the property is to campus.
Property Facts Under Contract
| Price | $1,021,848 CAD | Property Subtype | Commercial |
| Sale Type | Investment or Owner User | Proposed Use | |
| No. Lots | 1 | Total Lot Size | 1.25 AC |
| Property Type | Land | ||
| Zoning | RM-6 - Medium-Density Apartment District | ||
| Price | $1,021,848 CAD |
| Sale Type | Investment or Owner User |
| No. Lots | 1 |
| Property Type | Land |
| Property Subtype | Commercial |
| Proposed Use | |
| Total Lot Size | 1.25 AC |
| Zoning | RM-6 - Medium-Density Apartment District |
1 Lot Available
Lot
| Price | $1,021,848 CAD | Lot Size | 1.25 AC |
| Price Per AC | $817,478.76 CAD |
| Price | $1,021,848 CAD |
| Price Per AC | $817,478.76 CAD |
| Lot Size | 1.25 AC |
This site is approximately 1.25 acres and has been rezoned to RM-6, which will accommodate student housing.
Somewhat walkable
30/100
Exceptionally drivable
100/100
Limited public transit
30/100
Fairly bikeable
50/100
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