16-Unit Multifamily Apartment
For Sale
$1,190,000
Pending
1731 NW 32nd Street, Oklahoma City, OK 73118
Commercial Sale, Oklahoma City, OK
Property Size11,948 SF
Lot Size0.45 Acres
Days on Market438
Property Features for 1731 NW 32nd Street
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning
Multi-Family
Directions
Penn and Classen in Military Park, 1731 NW 32nd
Standard status
Pending
APN
1731NW32nd73118
Size
11,948 SF
Lot size
0.45 Acres
Building Details
Year built
1964
Floors in Building
2
Listing Agency:
LIME Realty
(405) 254-6310
Listed By:
Kelly Heaton
(405) 808-5265
Added: Jun 13, 2025
Changed: Aug 20
Last Checked: Aug 24 at 2:06AM
MLS# 1175629
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 16-unit apartment property contains nine two-bedroom units, six one-bedroom units, and one three-bedroom unit within a 11,948-square-foot building constructed in 1964. The electrical systems have been fully upgraded, and the property is currently 85% occupied. On-site laundry machines are present but not currently operating.
Located at 1731 NW 32nd Street in Oklahoma City, the property is positioned near major commuter routes, a college, and employment centers. Multi-Family zoning supports its apartment use. A pre-inspection report and roof report are available upon request, providing additional documentation for property review.
Located at 1731 NW 32nd Street in Oklahoma City, the property is positioned near major commuter routes, a college, and employment centers. Multi-Family zoning supports its apartment use. A pre-inspection report and roof report are available upon request, providing additional documentation for property review.
Key Highlights
- 16‑unit apartment property with 9 two‑bedroom, 6 one‑bedroom, and 1 three‑bedroom unit
- 11,948‑square‑foot building on 0.4545 acres
- 85% occupancy
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
$100,921
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
8.48%
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%
$2,018,420
$2.0M
Cap Rate 7%
$1,441,729
$1.4M
Cap Rate 9%
$1,121,344
$1.1M
Market Conditions
NOI Build-Up for 11,948 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
$193.6K $16.20/SF
− Vacancy
−$10.1K −$0.84/SF
EGI
$183.5K $15.36/SF
− OpEx
−$82.6K −$6.91/SF
NOI
$100.9K $8.45/SF
Area
Oklahoma City, OK
Vacancy
5.20%
Lease Rate
$16.20 /SF/Yr
Expense Ratio
45.00%
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%
$2,018,420
Cap Rate 7%
$1,441,729
Cap Rate 9%
$1,121,344
Alternative Uses
Best Use
Apartment 5plus
$1.44M
$1.26M – $1.68M
NOI $100,921 @ 7.0% cap · market cap 8.48%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$4.09M
$3.58M – $4.77M
NOI $286,035 @ 7.0% cap · market cap 24.04%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
16
Residential units
85%
Occupancy
Location Intelligence
Trade Area within ½ mile
825
Businesses Nearby
Explore this area
Business Placement
Demographics for 73118, OK
13,521
Population
7,856
Households
1.7
Avg Household Size
37
Median Age
49%
College-Educated
92%
High-School Grad
4.8 sq mi
ZIP Area
2,817
Density / Sq Mi
$69,321
Median Household Income
$45,494
Median Earnings
$1,064
Median Rent
$252,500
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?
Apartment building - Multifamily property with upgraded electrical systems, on-site laundry equipment, and a Multi-Family zoning designation.
Where is this apartment building located?
The property is located at 1731 NW 32nd Street Oklahoma City, OK.
What is the asking price?
The asking price for this property is $1,190,000.
What are key features of this property?
This property features: 16‑unit apartment property with 9 two‑bedroom, 6 one‑bedroom, and 1 three‑bedroom unit; 11,948‑square‑foot building on 0.4545 acres; 85% occupancy
