Updated Duplex with 2-Car
For Sale
$420,000
1001 Merlin dr, Norman, OK 73072
MULTI_FAMILY - Other - Norman, OK
Property Size2,844 SF
Lot Size0.16 Acres
Price / SF$147.68
Days on Market15
Property Features for 1001 Merlin dr
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Bedrooms
6
Bathrooms
4
Full bathrooms
4
Rooms
Bedroom 6, Bedroom 4, Bathroom 3, Bedroom 1, Bedroom 3, Bedroom 5, Bathroom 4, Bathroom 1, Bedroom 2, Bathroom 2
Lot features
Corner Lot
Elementary school
Madison ES
Middle school
Irving MS
High school
Norman HS
Elementary school district
Norman
Middle school district
Norman
High school district
Norman
Directions
Take Hwy 9 E to 12 Ave SE and go South to Cedar Lane, then your first left onto Eagle Cliff Addition. Duplex is on the corner to your left.
Standard status
Active
APN
1001NONEMerlindr73072
Size
2,844 SF
Lot size
0.16 Acres
Taxes and HOA fees
HOA Fee
$125 Annually
Utilities
Heating system
Natural Gas
Cooling system
Central Air, Electric
Building Details
Year built
2018
Floors in Building
1
Building materials
Brick & Frame
Roof type
Composition
Architectural style
Other
Listing Agency:
Flotilla Real Estate Partners
(405) 977-0207
Listed By:
Brandon Hart
(405) 990-4569
Added: Jul 28
Changed: Aug 5
Last Checked: Aug 11 at 10:06PM
MLS# 1241624
Copyright © 2026 MLSOK, Inc. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
Updated duplex built in 2018 with brick & frame construction and a composition roof. Each unit offers three bedrooms and two bathrooms, along with a split layout and tall ceilings. Kitchens include granite counters, and the home features an open, airy feel with large windows. Comfort is supported by natural gas heating and electric central air. A 2022 water heater is noted, and the duplex includes ample storage and spacious closets. Cooling and heating are provided for the units, and each unit includes a two-car garage.
The property sits on a 0.16-acre lot and is located at 1001 Merlin Dr in Norman, OK 73072, with the duplex also including 1003 Merlin Drive. HOA coverage is listed for yard maintenance, supporting low-maintenance living.
This is a two-unit duplex configuration with both units designed similarly, making it well suited for investors or owner-occupants seeking a manageable, updated rental property.
The property sits on a 0.16-acre lot and is located at 1001 Merlin Dr in Norman, OK 73072, with the duplex also including 1003 Merlin Drive. HOA coverage is listed for yard maintenance, supporting low-maintenance living.
This is a two-unit duplex configuration with both units designed similarly, making it well suited for investors or owner-occupants seeking a manageable, updated rental property.
Key Highlights
- Each unit features three bedrooms and two bathrooms
- Two‑car garages for each unit
- Natural gas heat with electric central air
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$25,778
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
6.14%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$515,560
$515.6K
Cap Rate 7%
$368,257
$368.3K
Cap Rate 9%
$286,422
$286.4K
Market Conditions
NOI Build-Up for 2,844 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$39.2K $13.80/SF
− Vacancy
−$2.4K −$0.85/SF
EGI
$36.8K $12.95/SF
− OpEx
−$11.0K −$3.88/SF
NOI
$25.8K $9.06/SF
Area
Norman, OK
Vacancy
6.17%
Lease Rate
$13.80 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$515,560
Cap Rate 7%
$368,257
Cap Rate 9%
$286,422
Alternative Uses
Best Use
Multifamily LT 5
$368.3K
$322.2K – $429.6K
NOI $25,778 @ 7.0% cap · market cap 6.14%
Second Best
Apartment 5plus
$338.5K
$296.2K – $394.9K
NOI $23,693 @ 7.0% cap · market cap 5.64%
Theoretical Best
Specialty Retail
$491.4K
$430.0K – $573.4K
NOI $34,401 @ 7.0% cap · market cap 8.19%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
120
Businesses Nearby
Explore this area
Business Placement
Demographics for 73072, OK
51,062
Population
20,915
Households
2.4
Avg Household Size
30
Median Age
53%
College-Educated
95%
High-School Grad
52.2 sq mi
ZIP Area
978
Density / Sq Mi
$76,933
Median Household Income
$32,892
Median Earnings
$1,102
Median Rent
$291,400
Median Home Value
Market
Vacancy Rate% for Multifamily in South region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Duplex - Updated 2018 duplex with central air, natural gas heat, and a 2022 water heater, each unit featuring 3 beds and 2 baths.
Where is this duplex located?
The property is located at 1001 Merlin dr Norman, OK.
What is the asking price?
The asking price for this property is $420,000.
What are key features of this property?
This property features: Each unit features three bedrooms and two bathrooms; Two‑car garages for each unit; Natural gas heat with electric central air
