Updated Multifamily Property with
For Sale
$484,000
2641 NW 35th Street, Oklahoma City, OK 73112
Residential Income, Oklahoma City, OK
Property Size3,485 SF
Lot Size0.28 Acres
Price / SF$138.88
Days on Market125
Property Features for 2641 NW 35th Street
General Information
Property type
Residential Multi Family
Property subtype
Other
Bedrooms
5
Bathrooms
3
Full bathrooms
3
Rooms
Bedroom 2, Bathroom 3, Bedroom 1, Bedroom 3, Bathroom 2, Bathroom 1, Bedroom 5, Bedroom 4
Parking
6
Lot features
Corner Lot
Elementary school
John Rex Charter,Nichols Hills ES
Middle school
Taft MS
High school
Northwest Classen HS
Elementary school district
Oklahoma City
Middle school district
Oklahoma City
High school district
Oklahoma City
Directions
From NW 36th and N May go south on may to NW 35th, East to property.
Standard status
Active
APN
2641NW35th73112
Size
3,485 SF
Lot size
0.28 Acres
Amenities
pool
covered patios
storm shelter
Building Details
Year built
1948
Floors in Building
1
Building materials
Brick & Frame
Roof type
Composition
Architectural style
Other
Listing Agency:
Dean Lemons & Associates
(405) 682-9505
Listed By:
Patricia Martinez-Chavez · License #147174
(405) 816-3870
Added: May 20
Changed: Sep 12
Last Checked: Sep 21 at 10:06AM
MLS# 1230637
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 3,485-square-foot multifamily property, built in 1948, combines a remodeled primary residence with a separate apartment. The main home contains 2,405 square feet, three bedrooms, two full bathrooms, a renovated kitchen with granite countertops and a large island, spacious dining and family rooms, substantial closet storage, and an 8-by-10-foot storm shelter accessed from the primary bathroom. The 1,080-square-foot apartment includes two bedrooms plus an updated kitchen and bathroom.
Set on 0.2801 acres, the property includes covered patios, additional storage, and an inground swimming pool. Construction is brick and frame with a composition roof. The property is in Oklahoma City near downtown, Thunder Alley, the Paseo District, and the airport.
Set on 0.2801 acres, the property includes covered patios, additional storage, and an inground swimming pool. Construction is brick and frame with a composition roof. The property is in Oklahoma City near downtown, Thunder Alley, the Paseo District, and the airport.
Key Highlights
- 3,485 SF multifamily property with a 2,405 SF primary residence and 1,080 SF apartment
- Primary home offers 3 bedrooms, 2 full bathrooms, remodeled kitchen, granite countertops, and large island
- Separate 1,080‑square‑foot apartment includes 2 bedrooms, updated kitchen, and updated bathroom
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
$31,814
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
6.57%
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%
$636,280
$636.3K
Cap Rate 7%
$454,486
$454.5K
Cap Rate 9%
$353,489
$353.5K
Market Conditions
NOI Build-Up for 3,485 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
$48.1K $13.80/SF
− Vacancy
−$2.6K −$0.76/SF
EGI
$45.4K $13.04/SF
− OpEx
−$13.6K −$3.91/SF
NOI
$31.8K $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%
$636,280
Cap Rate 7%
$454,486
Cap Rate 9%
$353,489
Alternative Uses
Best Use
Multifamily LT 5
$454.5K
$397.7K – $530.2K
NOI $31,814 @ 7.0% cap · market cap 6.57%
Second Best
Apartment 5plus
$420.5K
$368.0K – $490.6K
NOI $29,437 @ 7.0% cap · market cap 6.08%
Theoretical Best
Specialty Retail
$1.19M
$1.04M – $1.39M
NOI $83,431 @ 7.0% cap · market cap 17.24%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
612
Businesses Nearby
Explore this area
Business Placement
Demographics for 73112, OK
31,113
Population
16,413
Households
1.9
Avg Household Size
37
Median Age
35%
College-Educated
91%
High-School Grad
7.6 sq mi
ZIP Area
4,094
Density / Sq Mi
$57,833
Median Household Income
$39,641
Median Earnings
$1,030
Median Rent
$173,100
Median Home Value
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Market
Vacancy Rate% for Multifamily in South region
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Frequently Asked Questions
What type of property is this?
Multifamily property - Remodeled primary residence and separate apartment offer flexible living arrangements with an inground pool and covered patios.
Where is this multifamily property located?
The property is located at 2641 NW 35th Street Oklahoma City, OK.
What is the asking price?
The asking price for this property is $484,000.
What are key features of this property?
This property features: 3,485 SF multifamily property with a 2,405 SF primary residence and 1,080 SF apartment; Primary home offers 3 bedrooms, 2 full bathrooms, remodeled kitchen, granite countertops, and large island; Separate 1,080‑square‑foot apartment includes 2 bedrooms, updated kitchen, and updated bathroom
