Updated Duplex with Expansion
For Sale
$350,000
1615 NW 1st Street, Oklahoma City, OK 73106
Residential Income, Oklahoma City, OK
Property Size1,926 SF
Lot Size0.16 Acres
Price / SF$181.72
Days on Market157
Property Features for 1615 NW 1st Street
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Bedrooms
4
Bathrooms
3
Full bathrooms
3
Rooms
Bedroom 1, Bathroom 2, Bathroom 3, Bedroom 4, Bedroom 2, Bedroom 3, Bathroom 1
Parking
4
Appliances
Dishwasher, Dryer, Refrigerator, Washer
Elementary school
Mark Twain ES
Middle school
Taft MS
High school
Northeast HS
Elementary school district
Oklahoma City
Middle school district
Oklahoma City
High school district
Oklahoma City
Directions
From NW 10th St & Penn Ave, head south on Penn ave. Turn left onto NW 1st st, Property will be on the right.
Standard status
Active
APN
1615NW1stA&B73106
Size
1,926 SF
Lot size
0.16 Acres
Utilities
Heating system
Electric (Heating)
Cooling system
Electric, Central Air
Amenities
in-unit laundry
private entrances
Building Details
Year built
1906
Floors in Building
2
Building materials
Frame
Roof type
Shingle
Architectural style
Craftsman
Listing Agency:
405 Home Store
(405) 627-5236
Listed By:
April Cossey
(405) 318-0494
Added: Mar 26
Changed: Aug 21
Last Checked: Aug 29 at 7:06PM
MLS# 1220623
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.
This 1,926-square-foot duplex occupies a 0.1607-acre lot and was built in 1906 in the Craftsman style. The lower residence has 2 bedrooms and 2 bathrooms, while the upper residence contains 2 bedrooms and 1 bathroom. Both units have been updated and include separate entrances and in-unit laundry. Appliances include dishwashers, dryers, refrigerators, and washers. The property also features frame construction, shingle roofing, electric heating, and electric central air conditioning.
Both residences are leased, with tenants in place. SPUD approval supports the addition of a single-family home on the property. The address is near Downtown Oklahoma City, the Historic Farmers Market District, major highways, dining, and entertainment. Showings are by appointment, and the property is tenant occupied.
Both residences are leased, with tenants in place. SPUD approval supports the addition of a single-family home on the property. The address is near Downtown Oklahoma City, the Historic Farmers Market District, major highways, dining, and entertainment. Showings are by appointment, and the property is tenant occupied.
Key Highlights
- 1,926‑square‑foot duplex on a 0.1607‑acre lot
- Lower unit: 2 bedrooms and 2 bathrooms; upper unit: 2 bedrooms and 1 bathroom
- SPUD approval for an additional single‑family home
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
$17,582
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
5.02%
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%
$351,640
$351.6K
Cap Rate 7%
$251,171
$251.2K
Cap Rate 9%
$195,356
$195.4K
Market Conditions
NOI Build-Up for 1,926 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
$26.6K $13.80/SF
− Vacancy
−$1.5K −$0.76/SF
EGI
$25.1K $13.04/SF
− OpEx
−$7.5K −$3.91/SF
NOI
$17.6K $9.13/SF
Area
Oklahoma City, OK
Vacancy
5.50%
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%
$351,640
Cap Rate 7%
$251,171
Cap Rate 9%
$195,356
Alternative Uses
Best Use
Multifamily LT 5
$251.2K
$219.8K – $293.0K
NOI $17,582 @ 7.0% cap · market cap 5.02%
Second Best
Apartment 5plus
$232.4K
$203.4K – $271.1K
NOI $16,268 @ 7.0% cap · market cap 4.65%
Theoretical Best
Specialty Retail
$658.7K
$576.4K – $768.5K
NOI $46,108 @ 7.0% cap · market cap 13.17%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
100%
Occupancy
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
946
Businesses Nearby
Explore this area
Business Placement
Demographics for 73106, OK
12,956
Population
6,069
Households
2.1
Avg Household Size
32
Median Age
40%
College-Educated
85%
High-School Grad
3.0 sq mi
ZIP Area
4,319
Density / Sq Mi
$51,934
Median Household Income
$32,145
Median Earnings
$1,050
Median Rent
$262,500
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 - Fully leased duplex with two-bedroom units, private entrances, and in-unit laundry.
Where is this duplex located?
The property is located at 1615 NW 1st Street Oklahoma City, OK.
What is the asking price?
The asking price for this property is $350,000.
What are key features of this property?
This property features: 1,926‑square‑foot duplex on a 0.1607‑acre lot; Lower unit: 2 bedrooms and 2 bathrooms; upper unit: 2 bedrooms and 1 bathroom; SPUD approval for an additional single‑family home
