Duplex with Occupied
New
For Sale
$245,000
1004 N 5th Street #1006, Noble, OK 73068
Two residential units are leased and include practical storage, including walk-in closet space.
Property Size2,232 SF
Price / SF$109.77
Days on Market5
Property Features for 1004 N 5th Street #1006
General Information
Standard status
Active
Size
2,232 SF
Property subtype
Multi-Family
Occupancy
100%
Units
Unit Mix
2 x 2BR/1BA
Multifamily Units
2
Building Details
Year Built
1980
Buildings
1
Tenancy
Multi
Listing Agency:
Heather & Company Realty Group
Listed By:
Keli Foster-Nicks · License #OKC184976
(405) 204-5583
Source:
Hargroverealtygroup
Added: Sep 22
Last Checked: Sep 24 at 7:06AM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Heather & Company Realty Group
Investment Insights
Based on property information with market context.
This 1980-built duplex contains two residential units, each arranged with two bedrooms and one bathroom. Combined, the property offers four bedrooms and two bathrooms, with storage that includes two closets in each primary bedroom and a walk-in closet in each secondary bedroom. Unit 1004 has newer interior paint and flooring, while both units are currently occupied.
The property is located in the Meadowlake 2 Addition in Noble, near schools, shopping, dining, and everyday amenities. The address includes 1004 N 5th Street and #1006, corresponding to the two-unit configuration.
The property is located in the Meadowlake 2 Addition in Noble, near schools, shopping, dining, and everyday amenities. The address includes 1004 N 5th Street and #1006, corresponding to the two-unit configuration.
Key Highlights
- Two‑unit duplex with four bedrooms and two bathrooms combined
- Each unit offers a 2‑bedroom, 1‑bath layout
- Both units are currently 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
$20,861
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
8.51%
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%
$417,220
$417.2K
Cap Rate 7%
$298,014
$298.0K
Cap Rate 9%
$231,789
$231.8K
Market Conditions
NOI Build-Up for 2,232 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
$31.9K $14.28/SF
− Vacancy
−$2.1K −$0.93/SF
EGI
$29.8K $13.35/SF
− OpEx
−$8.9K −$4.01/SF
NOI
$20.9K $9.35/SF
Area
Cleveland County, OK
Vacancy
6.50%
Lease Rate
$14.28 /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%
$417,220
Cap Rate 7%
$298,014
Cap Rate 9%
$231,789
Alternative Uses
Best Use
Multifamily LT 5
$298.0K
$260.8K – $347.7K
NOI $20,861 @ 7.0% cap · market cap 8.51%
Second Best
Apartment 5plus
$275.8K
$241.3K – $321.7K
NOI $19,304 @ 7.0% cap · market cap 7.88%
Theoretical Best
Office A
$548.9K
$480.3K – $640.4K
NOI $38,421 @ 7.0% cap · market cap 15.68%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
2
Residential units
100%
Occupancy
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
158
Businesses Nearby
Explore this area
Business Placement
Demographics for 73068, OK
12,368
Population
5,115
Households
2.4
Avg Household Size
38
Median Age
22%
College-Educated
88%
High-School Grad
64.5 sq mi
ZIP Area
192
Density / Sq Mi
$78,727
Median Household Income
$43,050
Median Earnings
$958
Median Rent
$188,800
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 residential units are leased and include practical storage, including walk-in closet space.
Where is this duplex located?
The property is located at 1004 N 5th Street #1006 Noble, OK.
What is the asking price?
The asking price for this property is $245,000.
What are key features of this property?
This property features: Two‑unit duplex with four bedrooms and two bathrooms combined; Each unit offers a 2‑bedroom, 1‑bath layout; Both units are currently occupied
