Two-Unit Duplex with
New
For Sale
$240,000
511 W Hill Street, Oklahoma City, OK 73118
Residential Income, Oklahoma City, OK
Property Size1,635 SF
Lot Size0.16 Acres
Price / SF$146.79
Days on Market2
Property Features for 511 W Hill Street
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Bedrooms
2
Bathrooms
2
Full bathrooms
2
Rooms
Bathroom 2, Bedroom 1, Bedroom 2, Bathroom 1
Lot features
Interior Lot
Elementary school
Wilson ES
Middle school
Moon MS
High school
Douglass HS
Elementary school district
Oklahoma City
Middle school district
Oklahoma City
High school district
Oklahoma City
Directions
From NW 30th Street or NW 36th Street, turn south onto N Walker Avenue, go to W Hill Street, and turn right (west) to find the home on your north (right) side.
Standard status
Active
APN
511WHill73118
Size
1,635 SF
Lot size
0.16 Acres
Amenities
shared driveway
ample parking space
common backyard
Building Details
Year built
1928
Building materials
Frame
Roof type
Composition
Listing Agency:
LRE Realty, LLC
(405) 285-5750
Listed By:
Tara Levinson · License #145328
(405) 414-8750
Added: Sep 12
Last Checked: Sep 13 at 5:06AM
MLS# 1248815
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 two-unit duplex at 511 W Hill Street contains 1,635 square feet on a 0.1607-acre parcel. Built in 1928 with frame construction and a composition roof, the property features matching layouts with stained wood flooring, natural-light windows, decorative fireplaces, and built-in shelving. Both units include one bedroom and one bathroom.
Unit 509 is leased, while Unit 911 has fresh interior paint and is ready for occupancy. The property also includes a shared driveway, ample parking, and a common backyard. Its Oklahoma City setting places the duplex near the Paseo Arts District and Uptown 23rd, with nearby dining, shopping, and entertainment referenced in the property information.
Unit 509 is leased, while Unit 911 has fresh interior paint and is ready for occupancy. The property also includes a shared driveway, ample parking, and a common backyard. Its Oklahoma City setting places the duplex near the Paseo Arts District and Uptown 23rd, with nearby dining, shopping, and entertainment referenced in the property information.
Key Highlights
- Two‑unit duplex with 1,635 square feet on a 0.1607‑acre lot
- Built in 1928 with frame construction and a composition roof
- Unit 509 is currently leased
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
$14,925
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
6.22%
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%
$298,500
$298.5K
Cap Rate 7%
$213,214
$213.2K
Cap Rate 9%
$165,833
$165.8K
Market Conditions
NOI Build-Up for 1,635 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
$22.6K $13.80/SF
− Vacancy
−$1.2K −$0.76/SF
EGI
$21.3K $13.04/SF
− OpEx
−$6.4K −$3.91/SF
NOI
$14.9K $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%
$298,500
Cap Rate 7%
$213,214
Cap Rate 9%
$165,833
Alternative Uses
Best Use
Multifamily LT 5
$213.2K
$186.6K – $248.8K
NOI $14,925 @ 7.0% cap · market cap 6.22%
Second Best
Apartment 5plus
$197.3K
$172.6K – $230.2K
NOI $13,810 @ 7.0% cap · market cap 5.75%
Theoretical Best
Specialty Retail
$559.2K
$489.3K – $652.4K
NOI $39,142 @ 7.0% cap · market cap 16.31%
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
Single-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
650
Businesses Nearby
Explore this area
Business Placement
Demographics for 73118, OK
13,521
Population
7,856
Households
1.7
Avg Household Size
37
Median Age
49%
College-Educated
92%
High-School Grad
4.8 sq mi
ZIP Area
2,817
Density / Sq Mi
$69,321
Median Household Income
$45,494
Median Earnings
$1,064
Median Rent
$252,500
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 - 1928 duplex with one leased unit, one freshly painted unit, shared parking, and a common backyard.
Where is this duplex located?
The property is located at 511 W Hill Street Oklahoma City, OK.
What is the asking price?
The asking price for this property is $240,000.
What are key features of this property?
This property features: Two‑unit duplex with 1,635 square feet on a 0.1607‑acre lot; Built in 1928 with frame construction and a composition roof; Unit 509 is currently leased
