Two-Bedroom Half Duplex
For Sale
$222,750
231 N Kelly Avenue, Edmond, OK 73003
SINGLE_FAMILY - Other - Edmond, OK
Property Size1,400 SF
Lot Size0.04 Acres
Price / SF$159.11
Days on Market101
Property Features for 231 N Kelly Avenue
General Information
Property type
Residential
Property subtype
Duplex
Bedrooms
2
Bathrooms
2
Full bathrooms
2
Rooms
Bathroom 1, Bathroom 2, Bedroom 2, Bedroom 1
Patio and Porch features
Patio
Interior features
Ceiling Fan(s), Laundry Room, Stained Wood, Window Treatments
Exterior features
Patio - Open, Rain Gutters
Fireplace
1
Appliances
Dishwasher, Disposal, Water Heater
Lot features
Cul-De-Sac, Greenbelt
Elementary school
Ida Freeman ES
Middle school
Cheyenne MS
High school
North HS
Elementary school district
Edmond
Middle school district
Edmond
High school district
Edmond
Directions
From 2nd & Kelly, go north on Kelly, last left info Chateau, last duplex at end of the road.
Standard status
Active
APN
231NKelly73003
Size
1,400 SF
Lot size
0.04 Acres
Taxes and HOA fees
HOA Fee
$1,020 Annually
Utilities
Utilities
Cable Available
Heating system
Natural Gas
Cooling system
Central Air, Electric
Building Details
Year built
1999
Flooring type
Carpet, Combo, Tile
Building materials
Brick, Brick & Frame, Frame
Roof type
Composition
Architectural style
Other
Listing Agency:
Castles & Homes Real Estate
(405) 806-0003
Listed By:
Sharon Castles · License #160042
(405) 483-0003
Added: May 4
Changed: Aug 7
Last Checked: Aug 12 at 2:06PM
MLS# 1227322
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 half duplex offers two bedrooms, two full bathrooms, and a two-car garage, built in 1999. The interior features an open floor plan with a spacious living room and a cozy fireplace that flows into the dining area and kitchen. The kitchen includes a breakfast bar and ample counter space. The primary suite includes a soaking tub, separate shower, vanity, and an oversized walk-in closet, while the secondary bedroom is near an interior utility room and the second full bathroom with a tub/shower combination.
Outside, enjoy a fenced backyard with an open patio and rain gutters. The home sits next to a greenbelt and backs to undeveloped land with mature trees, with no adjacent neighbors to the north or west.
The property is brick with brick & frame and frame construction elements, with central air and electric cooling, natural gas heating, and a composition roof. HOA dues include mowing front and back yard, water for the sprinklers at the home and sprinkler repair, perimeter HOA fence repair (not individual), front entrance lights, and maintenance of HOA common areas. Cable is available.
With approximately 1,400 square feet on a 0.0441-acre lot, this home is equipped with a dishwasher, disposal, and water heater.
Outside, enjoy a fenced backyard with an open patio and rain gutters. The home sits next to a greenbelt and backs to undeveloped land with mature trees, with no adjacent neighbors to the north or west.
The property is brick with brick & frame and frame construction elements, with central air and electric cooling, natural gas heating, and a composition roof. HOA dues include mowing front and back yard, water for the sprinklers at the home and sprinkler repair, perimeter HOA fence repair (not individual), front entrance lights, and maintenance of HOA common areas. Cable is available.
With approximately 1,400 square feet on a 0.0441-acre lot, this home is equipped with a dishwasher, disposal, and water heater.
Key Highlights
- 1,400 SF half duplex with two bedrooms, two bathrooms, and a two‑car garage
- Built in 1999 with brick and brick & frame/frame construction and a composition roof
- Open floor plan with living room fireplace and kitchen breakfast bar
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
$8,908
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
4.00%
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%
$178,160
$178.2K
Cap Rate 7%
$127,257
$127.3K
Cap Rate 9%
$98,978
$99.0K
Market Conditions
NOI Build-Up for 1,400 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
$18.0K $12.84/SF
− Vacancy
−$1.8K −$1.27/SF
EGI
$16.2K $11.57/SF
− OpEx
−$7.3K −$5.21/SF
NOI
$8.9K $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%
$178,160
Cap Rate 7%
$127,257
Cap Rate 9%
$98,978
Alternative Uses
Best Use
Apartment 5plus
$127.3K
$111.4K – $148.5K
NOI $8,908 @ 7.0% cap · market cap 4.00%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$291.6K
$255.2K – $340.2K
NOI $20,412 @ 7.0% cap · market cap 9.16%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
1
Residential units
Location Intelligence
Trade Area within ½ mile
511
Businesses Nearby
Explore this area
Business Placement
Demographics for 73003, OK
22,648
Population
9,760
Households
2.3
Avg Household Size
36
Median Age
42%
College-Educated
93%
High-School Grad
7.4 sq mi
ZIP Area
3,061
Density / Sq Mi
$76,957
Median Household Income
$45,176
Median Earnings
$1,338
Median Rent
$230,000
Median Home Value
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Residential income property - Half duplex with open floor plan, fireplace, and fenced backyard patio, plus HOA landscaping and perimeter fence maintenance.
Where is this residential income property located?
The property is located at 231 N Kelly Avenue Edmond, OK.
What is the asking price?
The asking price for this property is $222,750.
What are key features of this property?
This property features: 1,400 SF half duplex with two bedrooms, two bathrooms, and a two‑car garage; Built in 1999 with brick and brick & frame/frame construction and a composition roof; Open floor plan with living room fireplace and kitchen breakfast bar
