Duplex with Two-Car
New
For Sale
$410,000
1007 Merlin Drive, Norman, OK 73072
Residential Income, Norman, OK
Property Size2,970 SF
Lot Size0.20 Acres
Price / SF$138.05
Days on Market5
Property Features for 1007 Merlin Drive
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Bedrooms
6
Bathrooms
4
Full bathrooms
4
Rooms
Bathroom 4, Bedroom 1, Bathroom 2, Bedroom 3, Bathroom 3, Bedroom 5, Bedroom 4, Bedroom 2, Bathroom 1, Bedroom 6
Parking
4
Lot features
Interior Lot
Elementary school
Madison ES
Middle school
Irving MS
High school
Norman HS
Elementary school district
Norman
Middle school district
Norman
High school district
Norman
Standard status
Active
APN
1007NONEMerlin73072
Size
2,970 SF
Lot size
0.20 Acres
Utilities
Heating system
Natural Gas
Cooling system
Electric
Building Details
Year built
2017
Floors in Building
1
Building materials
Brick & Frame
Roof type
Composition
Architectural style
Other
Listing Agency:
Flotilla Real Estate Partners
(405) 977-0207
Listed By:
Brandon Hart
(405) 990-4569
Added: Oct 1
Changed: Oct 5
Last Checked: Oct 5 at 10:06PM
MLS# 1251761
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.
The 2017 brick-and-frame duplex at 1005 and 1007 Merlin Drive contains 2,970 square feet across two units. Each side has three bedrooms, two bathrooms, a two-car garage, an open layout, tall ceilings, and a split floor plan with a separate primary suite. Interior updates include fresh paint, modern fixtures, granite countertops, and a 2022 water heater. The property occupies a 0.1975-acre lot, and the yards are maintained by the HOA.
The property is in Norman, near the University of Oklahoma, shopping, and dining. Heating is natural gas, and cooling is electric.
The property is in Norman, near the University of Oklahoma, shopping, and dining. Heating is natural gas, and cooling is electric.
Key Highlights
- Two‑unit duplex totaling 2,970 square feet on a 0.1975‑acre lot
- Each unit has 3 bedrooms, 2 bathrooms, and a 2‑car garage
- Built in 2017; brick‑and‑frame construction
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$26,920
Cap Rate
6.57%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$538,400
$538.4K
Cap Rate 7%
$384,571
$384.6K
Cap Rate 9%
$299,111
$299.1K
Market Conditions
NOI Build-Up for 2,970 SF
Gross rent
$41.0K $13.80/SF
− Vacancy
−$2.5K −$0.85/SF
EGI
$38.5K $12.95/SF
− OpEx
−$11.5K −$3.88/SF
NOI
$26.9K $9.06/SF
Area
Norman, OK
Vacancy
6.17%
Lease Rate
$13.80 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$538,400
Cap Rate 7%
$384,571
Cap Rate 9%
$299,111
Alternative Uses
Best Use
Multifamily LT 5
$384.6K
$336.5K – $448.7K
NOI $26,920 @ 7.0% cap · market cap 6.57%
Second Best
Apartment 5plus
$353.5K
$309.3K – $412.4K
NOI $24,743 @ 7.0% cap · market cap 6.03%
Theoretical Best
Specialty Retail
$513.2K
$449.1K – $598.8K
NOI $35,925 @ 7.0% cap · market cap 8.76%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
120
Businesses Nearby
Explore this area
Business Placement
Demographics for 73072, OK
51,062
Population
20,915
Households
2.4
Avg Household Size
30
Median Age
53%
College-Educated
95%
High-School Grad
52.2 sq mi
ZIP Area
978
Density / Sq Mi
$76,933
Median Household Income
$32,892
Median Earnings
$1,102
Median Rent
$291,400
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 - Both residences offer three bedrooms, two bathrooms, and HOA-maintained yards.
Where is this duplex located?
The property is located at 1007 Merlin Drive Norman, OK.
What is the asking price?
The asking price for this property is $410,000.
What are key features of this property?
This property features: Two‑unit duplex totaling 2,970 square feet on a 0.1975‑acre lot; Each unit has 3 bedrooms, 2 bathrooms, and a 2‑car garage; Built in 2017; brick‑and‑frame construction
