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    Well-Maintained Four-Unit Multifamily Property Title is generated by Realmo AI

    602 Welston Circle, Norman, OK 73071

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    Pending
    $550,000

    MULTI_FAMILY - Ranch - Norman, OK

    Type:Single Family Residence
    Property size:
    4,918 SF
    Lot size:
    0.44 Acres
    Added:
    Jan 16, 2026
    Days on Market:
    126
    Last Refresh:
    May 22 at 3:06 pm

    Property Features for 602 Welston Circle

    General Information

    Property type
    Residential Multi Family
    Property subtype
    Single Family Residence
    Bedrooms
    12
    Bathrooms
    8
    Rooms
    Bedroom 11, Bedroom 5, Bedroom 4, Bedroom 8, Bathroom 3, Bedroom 10, Bedroom 3, Bathroom 2, Bedroom 7, Bathroom 4, Bedroom 1, Bedroom 9, Bedroom 12, Bathroom 6, Bathroom 5, Bedroom 2, Bathroom 8, Bathroom 1, Bedroom 6, Bathroom 7
    Standard status
    Pending
    APN
    602NONEWelston60473071
    Size
    4,918 SF
    Lot size
    0.44 Acres

    Building Details

    Year built
    2003
    Floors in Building
    1
    Building materials
    Brick & Frame
    Roof type
    Composition
    Architectural style
    Ranch

    We can help!

    Listing Contact
    Jody Moore
    Jody Moore

    Listing agent Jody Moore

    Listing office Saxon Realty Group 3750 W Main Suite 160, Norman, OK

    Listing date Jan 16, 2026

    MLS# 1210188 Listing URL

    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.

    HighLights

    • Investment opportunity with two well‑maintained duplex buildings totaling four units.
    • Each unit features three bedrooms, two bathrooms, and a one‑car garage.
    • Two units are vacant, allowing for owner‑occupancy with FHA or VA loan eligibility and immediate rental income potential.
    • Located in a desirable area, minutes from OU, restaurants, shopping, and the Metro Area.
    • Each unit is designed for comfort and convenience, with kitchens equipped with essential appliances.
    • Built in 2003 with brick and frame construction and composition roof.

    Overview

    This multifamily property features two buildings with a total of four units. Each unit includes three bedrooms, two bathrooms, and a one-car garage. The kitchens are equipped with essential appliances. The property is located in a desirable area, providing convenient access to the University of Oklahoma, restaurants, shopping, and the metro area. This property is suitable for investors seeking to expand their portfolio or for those seeking rental income. Two of the units are currently leased, while the other two are vacant. The property is situated on a lot of 0.44 acres and the total building size is 4918 square feet.

    Financial Insights

    Value Estimation Calculated for Multifamily LT 5

    Conservative
    $495.3K
    NOI $44,577 @ 9.00% cap · cautious / downside scenario
    Moderate
    $636.8K
    NOI $44,577 @ 7.00% cap · market / base-case scenario
    Aggressive
    $891.5K
    NOI $44,577 @ 5.00% cap · optimistic / upside scenario

    NOI & Cap Rate Calculator

    NOI Build-Up
    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.
         Calculated for Multifamily LT 5

    Component $ $/SF
    Gross rent $67.9k $13.80
    − Vacancy −$4.2k −$0.85
    EGI $63.7k $12.95
    − OpEx −$19.1k −$3.88
    NOI $44.6k $9.06
    4,918 SF · lease $13.80/SF/yr · vacancy 6.17% · expense 30.00%

    Alternative Use Scenarios

    Best Use
    Multifamily LT 5
    $636.8K
    $557.2K – $743.0K (±1% cap)
    NOI $44,577 @ 7.0% cap · market cap 8.10%
    Second Best
    Apartment 5plus
    $585.3K
    $512.1K – $682.9K (±1% cap)
    NOI $40,971 @ 7.0% cap · market cap 7.45%
    Theoretical Best
    Specialty Retail
    $849.8K
    $743.6K – $991.5K (±1% cap)
    NOI $59,488 @ 7.0% cap · market cap 10.82%
    Zoning and permitted uses should be independently verified with local authorities.
    Property Profile Location Intelligence

    Current Use by Public Records

    Quadplexes

    Suggested Use

    Real Estate Agency Restaurant Spa & Massage Center Hair Salon Nail Salon Building Supply Gym & Fitness Center Daycare Center Auto Repair Shop Pharmacy

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Norman
    County
    Cleveland
    State
    Oklahoma
    Longitude
    -97.404031
    Latitude
    35.210952

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    FAQs

    What type of property is this?
    Quadplex - Four units, each with three bedrooms, two bathrooms, and garage.
    Where is this quadplex located?
    The property is located at 602 Welston Circle Norman, OK.
    What is the asking price?
    The asking price for this property is $550,000.
    What are key features of this property?
    This property features: Investment opportunity with two well‑maintained duplex buildings totaling four units.; Each unit features **three bedrooms, two bathrooms, and a one‑car garage**.; **Two units are vacant**, allowing for owner‑occupancy with FHA or VA loan eligibility and immediate rental income potential.
    (405) 512-7966
    We can help!
    Listing Contact
    Jody Moore
    Jody Moore
    Request Owner's contact information
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
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