Bungalow Redevelopment
For Sale
$364,500
224 N Blackwelder Avenue, Edmond, OK 73034
Residential Income, Edmond, OK
Property Size1,754 SF
Lot Size0.32 Acres
Price / SF$207.81
Days on Market77
Property Features for 224 N Blackwelder Avenue
General Information
Property type
Residential Multi Family
Property subtype
Other
Lot features
Corner Lot, Interior Lot
Elementary school
Northern Hills ES
Middle school
Sequoyah MS
High school
North HS
Elementary school district
Edmond
Middle school district
Edmond
High school district
Edmond
Directions
From Blackwelder Ave and Ayers go S on Blackwelder to Campbell. Property is on the SE side of the street.
Standard status
Active
APN
224NBlackwelder73034
Size
1,754 SF
Lot size
0.32 Acres
Building Details
Year built
1962
Building materials
Frame
Roof type
Composition
Architectural style
Bungalow
Listing Agency:
OK Flat Fee Realty
(405) 759-8448
Listed By:
Chance Daggs · License #177744
(405) 517-0094
Added: Jun 19
Changed: Aug 26
Last Checked: Sep 3 at 10:06PM
MLS# 1235597
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 listing offers two properties being sold together: 222 and 224 N Blackwelder Avenue, each currently improved with a single-family structure. The site totals approximately 0.32 acres (about 14,000 square feet) and includes two existing bungalows with sizes of 1,034 square feet and 720 square feet. The property is described as level and infrastructure-ready with major utilities currently present.
The assembly is reported as strategically zoned C-2 (Neighborhood Commercial) and part of Edmond’s PUD, providing flexibility compared to standard residential lots. The location is stated to be near University of Central Oklahoma (UCO) and the Downtown Edmond district, with access mentioned to the Railyard, local shopping, and the Edmond Farmers Market.
All major details are subject to buyer verification. Buyer is instructed to confirm zoning ordinances, school districts, and specific building requirements with the City of Edmond.
The assembly is reported as strategically zoned C-2 (Neighborhood Commercial) and part of Edmond’s PUD, providing flexibility compared to standard residential lots. The location is stated to be near University of Central Oklahoma (UCO) and the Downtown Edmond district, with access mentioned to the Railyard, local shopping, and the Edmond Farmers Market.
All major details are subject to buyer verification. Buyer is instructed to confirm zoning ordinances, school districts, and specific building requirements with the City of Edmond.
Key Highlights
- Two properties included: 222 and 224 N Blackwelder Ave, offered together for $379,900
- Total site size of approx. 0.32 acres (about 14,000 SF) with level terrain
- Zoned C‑2 (Neighborhood Commercial) and part of Edmond’s PUD for redevelopment flexibility
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
$11,160
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
3.06%
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%
$223,200
$223.2K
Cap Rate 7%
$159,429
$159.4K
Cap Rate 9%
$124,000
$124.0K
Market Conditions
NOI Build-Up for 1,754 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
$22.5K $12.84/SF
− Vacancy
−$2.2K −$1.27/SF
EGI
$20.3K $11.57/SF
− OpEx
−$9.1K −$5.21/SF
NOI
$11.2K $6.36/SF
Area
Oklahoma County, OK
Vacancy
9.90%
Lease Rate
$12.84 /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%
$223,200
Cap Rate 7%
$159,429
Cap Rate 9%
$124,000
Alternative Uses
Best Use
Apartment 5plus
$159.4K
$139.5K – $186.0K
NOI $11,160 @ 7.0% cap · market cap 3.06%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$365.3K
$319.7K – $426.2K
NOI $25,573 @ 7.0% cap · market cap 7.02%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
1,157
Businesses Nearby
Explore this area
Business Placement
Demographics for 73034, OK
47,553
Population
18,727
Households
2.5
Avg Household Size
37
Median Age
59%
College-Educated
96%
High-School Grad
51.7 sq mi
ZIP Area
920
Density / Sq Mi
$113,296
Median Household Income
$52,163
Median Earnings
$1,203
Median Rent
$368,000
Median Home Value
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Commercial land - Two assembled bungalow properties totaling about 0.32 acres are listed together at 222 and 224 N Blackwelder Ave.
Where is this commercial land located?
The property is located at 224 N Blackwelder Avenue Edmond, OK.
What is the asking price?
The asking price for this property is $364,500.
What are key features of this property?
This property features: Two properties included: 222 and 224 N Blackwelder Ave, offered together for $379,900; Total site size of approx. 0.32 acres (about 14,000 SF) with level terrain; Zoned C‑2 (Neighborhood Commercial) and part of Edmond’s PUD for redevelopment flexibility
