Updated Duplex with
New
For Sale
$425,000
Pending
1101 Merlin Drive, Norman, OK 73072
MULTI_FAMILY - Other - Norman, OK
Property Size2,970 SF
Lot Size0.31 Acres
Days on Market6
Property Features for 1101 Merlin Drive
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Bedrooms
6
Bathrooms
4
Full bathrooms
4
Rooms
Bedroom 3, Bedroom 5, Bathroom 3, Bathroom 1, Bedroom 6, Bedroom 1, Bathroom 4, Bedroom 4, Bathroom 2, Bedroom 2
Parking
4
Appliances
Dishwasher, Disposal, Microwave, Refrigerator, Water Heater
Lot features
Corner 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
Pending
APN
1101NONEMerlin1101-110373072
Size
2,970 SF
Lot size
0.31 Acres
Building Details
Year built
2016
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: Aug 4
Changed: Aug 7
Last Checked: Aug 9 at 1:06AM
MLS# 1242726
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 2,970-square-foot duplex contains two residences, each with three bedrooms, two bathrooms, and a two-car garage. Built in 2016 with brick and frame construction, the property features tall ceilings, open living areas, split-bedroom layouts, spacious closets, and generous cabinet storage. Recent improvements include interior paint, contemporary fixtures, granite countertops, and a 2022 water heater. Dishwashers, disposals, microwaves, and refrigerators are included.
The duplex occupies 0.3062 acres at 1101 and 1103 Merlin Drive in Norman. HOA service covers yard maintenance. The property is located near the University of Oklahoma, shopping, dining, and everyday conveniences.
The duplex occupies 0.3062 acres at 1101 and 1103 Merlin Drive in Norman. HOA service covers yard maintenance. The property is located near the University of Oklahoma, shopping, dining, and everyday conveniences.
Key Highlights
- Two‑unit duplex with 2,970 square feet of total property size
- Each unit includes 3 bedrooms, 2 bathrooms, and a 2‑car garage
- Built in 2016 with brick & frame construction and a composition roof
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
$26,920
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
6.33%
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%
$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
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
$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 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%
$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 6.33%
Second Best
Apartment 5plus
$353.5K
$309.3K – $412.4K
NOI $24,743 @ 7.0% cap · market cap 5.82%
Theoretical Best
Specialty Retail
$513.2K
$449.1K – $598.8K
NOI $35,925 @ 7.0% cap · market cap 8.45%
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
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
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Duplex - Two three-bedroom units offer open layouts, private primary suites, storage, and HOA-maintained yards.
Where is this duplex located?
The property is located at 1101 Merlin Drive Norman, OK.
What is the asking price?
The asking price for this property is $425,000.
What are key features of this property?
This property features: Two‑unit duplex with 2,970 square feet of total property size; Each unit includes 3 bedrooms, 2 bathrooms, and a 2‑car garage; Built in 2016 with brick & frame construction and a composition roof
