Duplex with Recent Roof
For Sale
$325,000
Pending
316 Town Park Road, Norman, OK 73072
Residential Income, Norman, OK
Property Size2,296 SF
Lot Size0.20 Acres
Days on Market90
Property Features for 316 Town Park Road
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Bedrooms
4
Bathrooms
4
Full bathrooms
4
Rooms
Bedroom 3, Bathroom 2, Bathroom 3, Bedroom 4, Bedroom 2, Bathroom 4, Bathroom 1, Bedroom 1
Parking
4
Fireplace
1
Appliances
Dishwasher, Refrigerator, Washer/Dryer, Water Heater
Lot features
Cul-De-Sac
Elementary school
Truman ES
Middle school
Whittier MS
High school
Norman HS
Elementary school district
Norman
Middle school district
Norman
High school district
Norman
Directions
From Main ST and NW 36th Ave, travel west to Lamp Post Rd and turn North. Turn right on Heritage Place Dr then left on Town Park Rd, Duplex will be on your left at the curve.
Standard status
Pending
APN
316NONETownPark73072
Size
2,296 SF
Lot size
0.20 Acres
Utilities
Heating system
Natural Gas
Cooling system
Electric, Central Air
Building Details
Year built
1985
Floors in Building
1
Building materials
Brick & Frame
Roof type
Composition
Architectural style
Other
Listing Agency:
The Sterling Group, LLC
(405) 606-5791
Listed By:
David Sterling · License #174987
(405) 606-5791
Added: Jun 1
Changed: Aug 25
Last Checked: Aug 29 at 3:06PM
MLS# 1232264
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 2,296-square-foot duplex contains four bedrooms and four bathrooms within a brick-and-frame structure built in 1985. Unit 316 features updated flooring, interior paint, a range, refrigerator, countertops, and a replacement toilet in the primary bathroom, while its other bathrooms retain their original finishes. Unit 318 has been occupied by a long-term tenant and includes a newer range. Both units are served by central air and natural-gas heating, with electric cooling, composition roofing, and a fireplace.
The property occupies 0.2 acres in Norman, approximately a 12-minute drive from the University of Oklahoma campus. Sooner Mall, restaurants, and shops are located minutes away. The duplex received a new roof and skylight replacements in 2021.
The property occupies 0.2 acres in Norman, approximately a 12-minute drive from the University of Oklahoma campus. Sooner Mall, restaurants, and shops are located minutes away. The duplex received a new roof and skylight replacements in 2021.
Key Highlights
- 2,296‑square‑foot duplex with 4 bedrooms and 4 bathrooms
- New roof and skylight replacements completed in 2021
- Unit 316 includes updated flooring, paint, range, refrigerator, and countertops
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
$20,811
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
6.40%
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%
$416,220
$416.2K
Cap Rate 7%
$297,300
$297.3K
Cap Rate 9%
$231,233
$231.2K
Market Conditions
NOI Build-Up for 2,296 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
$31.7K $13.80/SF
− Vacancy
−$2.0K −$0.85/SF
EGI
$29.7K $12.95/SF
− OpEx
−$8.9K −$3.88/SF
NOI
$20.8K $9.06/SF
Area
Norman, OK
Vacancy
6.17%
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%
$416,220
Cap Rate 7%
$297,300
Cap Rate 9%
$231,233
Alternative Uses
Best Use
Multifamily LT 5
$297.3K
$260.1K – $346.9K
NOI $20,811 @ 7.0% cap · market cap 6.40%
Second Best
Apartment 5plus
$273.3K
$239.1K – $318.8K
NOI $19,128 @ 7.0% cap · market cap 5.89%
Theoretical Best
Specialty Retail
$396.7K
$347.2K – $462.9K
NOI $27,772 @ 7.0% cap · market cap 8.55%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
472
Businesses Nearby
Explore this area
Business Placement
Demographics for 73072, OK
51,062
Population
20,915
Households
2.4
Avg Household Size
30
Median Age
53%
College-Educated
95%
High-School Grad
52.2 sq mi
ZIP Area
978
Density / Sq Mi
$76,933
Median Household Income
$32,892
Median Earnings
$1,102
Median Rent
$291,400
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 - Two-unit residential property with one refreshed unit and an existing long-term tenant in the other.
Where is this duplex located?
The property is located at 316 Town Park Road Norman, OK.
What is the asking price?
The asking price for this property is $325,000.
What are key features of this property?
This property features: 2,296‑square‑foot duplex with 4 bedrooms and 4 bathrooms; New roof and skylight replacements completed in 2021; Unit 316 includes updated flooring, paint, range, refrigerator, and countertops
