Residential Income Property with
For Sale
$162,500
1022 N Chowning Avenue, Edmond, OK 73034
Two-bedroom unit includes a fireplace, ceramic tile flooring, and a tankless water heater.
Property Size1,025 SF
Days on Market26
Property Features for 1022 N Chowning Avenue
General Information
Standard status
Active
Size
1,025 SF
Total Parking Spaces
1
Property subtype
Half Duplex
Taxes and HOA fees
Annual Taxes
$2,076
Amenities
fireplace
Building Details
Building Size
1,025 SF
Year Built
1980
Listing Agency:
Ong Realty Investment
Listed By:
Allen Ong · License #185378
(405) 314-8899
Source:
Stetsonbentley
Added: Sep 10
Changed: Oct 5
Last Checked: Oct 4 at 4:19PM
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 Ong Realty Investment
Investment Insights
Based on property information with market context.
This residential income property contains a 2-bedroom, 1-bath unit with a one-car garage, fireplace, extra-wide driveway, and front yard. Interior features include ceramic tile flooring, a tankless water heater, and a dishwasher installed in 2024. The building has vinyl siding and brick that was freshly painted in 2025. Constructed in 1980, the property offers a rental configuration that may also suit an owner-occupant.
The home is located at 1022 N Chowning Avenue in Edmond, within walking distance of the University of Central Oklahoma. Shopping, dining, and other Edmond amenities are also nearby. Schools and square footage are subject to buyer verification.
The home is located at 1022 N Chowning Avenue in Edmond, within walking distance of the University of Central Oklahoma. Shopping, dining, and other Edmond amenities are also nearby. Schools and square footage are subject to buyer verification.
Key Highlights
- 2‑bedroom, 1‑bath residential income unit
- One‑car garage, fireplace, and extra‑wide driveway
- Ceramic tile flooring and tankless water heater
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
$6,522
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
4.01%
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%
$130,440
$130.4K
Cap Rate 7%
$93,171
$93.2K
Cap Rate 9%
$72,467
$72.5K
Market Conditions
NOI Build-Up for 1,025 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
$13.2K $12.84/SF
− Vacancy
−$1.3K −$1.27/SF
EGI
$11.9K $11.57/SF
− OpEx
−$5.3K −$5.21/SF
NOI
$6.5K $6.36/SF
Area
Oklahoma County, OK
Vacancy
9.90%
Lease Rate
$12.84 /SF/Yr
Expense Ratio
45.00%
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%
$130,440
Cap Rate 7%
$93,171
Cap Rate 9%
$72,467
Alternative Uses
Best Use
Apartment 5plus
$93.2K
$81.5K – $108.7K
NOI $6,522 @ 7.0% cap · market cap 4.01%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$213.5K
$186.8K – $249.1K
NOI $14,944 @ 7.0% cap · market cap 9.20%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
476
Businesses Nearby
Explore this area
Business Placement
Demographics for 73034, OK
47,553
Population
18,727
Households
2.5
Avg Household Size
37
Median Age
59%
College-Educated
96%
High-School Grad
51.7 sq mi
ZIP Area
920
Density / Sq Mi
$113,296
Median Household Income
$52,163
Median Earnings
$1,203
Median Rent
$368,000
Median Home Value
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Residential income property - Two-bedroom unit includes a fireplace, ceramic tile flooring, and a tankless water heater.
Where is this residential income property located?
The property is located at 1022 N Chowning Avenue Edmond, OK.
What is the asking price?
The asking price for this property is $162,500.
What are key features of this property?
This property features: 2‑bedroom, 1‑bath residential income unit; One‑car garage, fireplace, and extra‑wide driveway; Ceramic tile flooring and tankless water heater
