Renovated Brick
New
For Sale
$339,900
940 East Drive, Oklahoma City, OK 73105
Residential Income, Oklahoma City, OK
Property Size2,050 SF
Lot Size0.16 Acres
Price / SF$165.80
Days on Market4
Property Features for 940 East Drive
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Bathrooms
2
Full bathrooms
2
Rooms
Bathroom 2, Bathroom 1
Parking
2
Fireplace
1
Lot features
Interior Lot
Elementary school
Eugene Field 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 NE 23rd turn South onto N Kelley Ave. About a half mile down turn West onto East Drive.
Standard status
Active
APN
940NONEEast73105
Size
2,050 SF
Lot size
0.16 Acres
Amenities
in-unit laundry hookups
Building Details
Year built
1927
Floors in Building
1
Building materials
Brick & Frame
Roof type
Shingle
Listing Agency:
Homestead + Co
(405) 509-0541
Listed By:
Brandon Just · License #179315
(405) 623-2021
Added: Aug 25
Changed: Aug 27
Last Checked: Aug 28 at 9:06PM
MLS# 1246128
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 1927 brick duplex contains two approximately 1,025-square-foot residences, each arranged with one bedroom and one bathroom. Renovated interiors include LVP flooring, quartz countertops, cabinetry, appliances, updated lighting, rebuilt bathrooms, storage or pantry areas, and in-unit laundry hookups. Both units have access to off-street parking, and the property includes a fireplace, shingle roof, and brick and frame construction.
Located at 940 East Drive in Oklahoma City’s Lincoln Terrace area, the property is steps from OU Medical Center and the OU Health Sciences campus. The State Capitol, Plaza District, and Midtown are also identified as nearby destinations. Major updates include plumbing, electrical, and windows, with the window work approved for historic preservation.
The property occupies 0.1553 acres and provides 2,050 square feet of total property area. Each side follows a one-bedroom, one-bathroom layout, creating a two-unit residential income configuration.
Located at 940 East Drive in Oklahoma City’s Lincoln Terrace area, the property is steps from OU Medical Center and the OU Health Sciences campus. The State Capitol, Plaza District, and Midtown are also identified as nearby destinations. Major updates include plumbing, electrical, and windows, with the window work approved for historic preservation.
The property occupies 0.1553 acres and provides 2,050 square feet of total property area. Each side follows a one-bedroom, one-bathroom layout, creating a two-unit residential income configuration.
Key Highlights
- Two‑unit duplex with 2,050 square feet on 0.1553 acres
- Built in 1927 with brick and frame construction
- Each residence measures approximately 1,025 square feet with 1BR/1BA
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
$18,714
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
5.51%
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%
$374,280
$374.3K
Cap Rate 7%
$267,343
$267.3K
Cap Rate 9%
$207,933
$207.9K
Market Conditions
NOI Build-Up for 2,050 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
$28.3K $13.80/SF
− Vacancy
−$1.6K −$0.76/SF
EGI
$26.7K $13.04/SF
− OpEx
−$8.0K −$3.91/SF
NOI
$18.7K $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%
$374,280
Cap Rate 7%
$267,343
Cap Rate 9%
$207,933
Alternative Uses
Best Use
Multifamily LT 5
$267.3K
$233.9K – $311.9K
NOI $18,714 @ 7.0% cap · market cap 5.51%
Second Best
Apartment 5plus
$247.4K
$216.5K – $288.6K
NOI $17,316 @ 7.0% cap · market cap 5.09%
Theoretical Best
Specialty Retail
$701.1K
$613.5K – $818.0K
NOI $49,077 @ 7.0% cap · market cap 14.44%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
2,930
Businesses Nearby
Explore this area
Business Placement
Demographics for 73105, OK
5,835
Population
3,416
Households
1.7
Avg Household Size
35
Median Age
39%
College-Educated
94%
High-School Grad
4.5 sq mi
ZIP Area
1,297
Density / Sq Mi
$48,314
Median Household Income
$32,614
Median Earnings
$1,091
Median Rent
$162,800
Median Home Value
Market
Vacancy Rate% for Multifamily in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Duplex - Two one-bedroom residences offer updated interiors, private laundry hookups, storage, and off-street parking in Oklahoma City.
Where is this duplex located?
The property is located at 940 East Drive Oklahoma City, OK.
What is the asking price?
The asking price for this property is $339,900.
What are key features of this property?
This property features: Two‑unit duplex with 2,050 square feet on 0.1553 acres; Built in 1927 with brick and frame construction; Each residence measures approximately 1,025 square feet with 1BR/1BA
