Renovated Tenant-Occupied
For Sale
$385,000
508 N Davis Avenue, Oklahoma City, OK 73127
Residential Income, Oklahoma City, OK
Property Size2,993 SF
Lot Size0.22 Acres
Price / SF$128.63
Days on Market183
Property Features for 508 N Davis Avenue
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Bedrooms
6
Bathrooms
6
Full bathrooms
4
Half bathrooms
2
Rooms
Bedroom 1, Bathroom 3, Bedroom 5, Bedroom 4, Bedroom 3, Bathroom 5, Bathroom 4, Bathroom 2, Bathroom 1, Bedroom 2, Bedroom 6, Bathroom 6
Parking
2
Appliances
Dishwasher, Microwave, Refrigerator
Lot features
Interior Lot
Elementary school
Council Grove ES
Middle school
Western Heights MS
High school
Western Heights HS
Elementary school district
Western Heights
Middle school district
Western Heights
High school district
Western Heights
Directions
From Council Rd, turn right onto Melrose Lane, then right onto N. Davis. Property will be on the right-hand side.
Standard status
Active
APN
508NDavis73127
Size
2,993 SF
Lot size
0.22 Acres
Building Details
Year built
1978
Floors in Building
2
Building materials
Brick & Frame
Roof type
Composition
Architectural style
Other
Listing Agency:
Copper Creek Real Estate
(405) 888-9902
Listed By:
Marcela Guerrero Garcia
(918) 955-8266
Added: Mar 30
Changed: Sep 19
Last Checked: Sep 28 at 7:06AM
MLS# 1220905
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 duplex contains two units totaling 2,993 square feet, with each residence offering three bedrooms, 2.5 bathrooms, a two-car garage, and a spacious backyard. The property was originally built in 1978 and has brick-and-frame construction with a composition roof. Both units are included in the sale and are currently tenant occupied.
Renovation work addressed the roof, siding, windows, HVAC, electrical, plumbing, insulation, kitchens, bathrooms, and flooring. The roof was replaced in 2022, and the improvements were completed with permits and to city code. Dishwashers, microwaves, and refrigerators are included. The property occupies 0.2213 acres near shopping, dining, and everyday amenities.
Renovation work addressed the roof, siding, windows, HVAC, electrical, plumbing, insulation, kitchens, bathrooms, and flooring. The roof was replaced in 2022, and the improvements were completed with permits and to city code. Dishwashers, microwaves, and refrigerators are included. The property occupies 0.2213 acres near shopping, dining, and everyday amenities.
Key Highlights
- Two‑unit duplex totaling 2,993 square feet
- Each unit includes 3 bedrooms, 2.5 bathrooms, a 2‑car garage, and a spacious backyard
- Both units included in the sale and currently tenant occupied
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
$27,322
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
7.10%
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%
$546,440
$546.4K
Cap Rate 7%
$390,314
$390.3K
Cap Rate 9%
$303,578
$303.6K
Market Conditions
NOI Build-Up for 2,993 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
$41.3K $13.80/SF
− Vacancy
−$2.3K −$0.76/SF
EGI
$39.0K $13.04/SF
− OpEx
−$11.7K −$3.91/SF
NOI
$27.3K $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%
$546,440
Cap Rate 7%
$390,314
Cap Rate 9%
$303,578
Alternative Uses
Best Use
Multifamily LT 5
$390.3K
$341.5K – $455.4K
NOI $27,322 @ 7.0% cap · market cap 7.10%
Second Best
Apartment 5plus
$361.2K
$316.0K – $421.4K
NOI $25,281 @ 7.0% cap · market cap 6.57%
Theoretical Best
Specialty Retail
$1.02M
$895.7K – $1.19M
NOI $71,652 @ 7.0% cap · market cap 18.61%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Unlock full access to Insights
Subscribe to Realmo Intelligence
Open Analytics
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
359
Businesses Nearby
Explore this area
Business Placement
Demographics for 73127, OK
27,007
Population
11,329
Households
2.4
Avg Household Size
32
Median Age
16%
College-Educated
76%
High-School Grad
11.3 sq mi
ZIP Area
2,390
Density / Sq Mi
$46,020
Median Household Income
$28,766
Median Earnings
$926
Median Rent
$139,200
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
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 three-bedroom units include private garages, updated interiors, and backyard space.
Where is this duplex located?
The property is located at 508 N Davis Avenue Oklahoma City, OK.
What is the asking price?
The asking price for this property is $385,000.
What are key features of this property?
This property features: Two‑unit duplex totaling 2,993 square feet; Each unit includes 3 bedrooms, 2.5 bathrooms, a 2‑car garage, and a spacious backyard; Both units included in the sale and currently tenant occupied
