Updated Three-Unit Multifamily
For Sale
$569,000
1108 W Park Pl, Oklahoma City, OK 73106
Occupied furnished rental property with a renovated duplex, detached rear unit, separate metering, and on-site parking.
Property Size2,635 SF
Price / SF$215.94
Days on Market37
Property Features for 1108 W Park Pl
General Information
Standard status
Active
Size
2,635 SF
Property subtype
Multi-Family
Building Details
Year Built
1915
Listing Agency:
Bailee & Co. Real Estate
(479) 883-2594
Listed By:
Kiera Underwood
Source:
Kathleenforrest
Added: Jul 27
Changed: Aug 30
Last Checked: Aug 31 at 7:27PM
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 Bailee & Co. Real Estate
Investment Insights
Based on property information with market context.
This Oklahoma City multifamily property combines a front duplex with a detached rear residence constructed new from the ground up. The three-unit configuration includes two- and three-bedroom layouts in the duplex and a one-bedroom rear unit. Interior improvements include refreshed kitchens with stone countertops, stainless steel appliances, gas ranges, tiled showers, modern vanities, updated flooring, paint, lighting, and hardware. Each residence has in-unit laundry with a washer and dryer, and the units are separately metered.
All three units are occupied and currently furnished for year-round mid-term rentals. Furniture for the residences is included in the sale. Exterior improvements include a concrete driveway, fencing, and a large parking area accommodating multiple vehicles. The property is located between SOSA and the Plaza District, with the address at 1108 W Park Pl in Oklahoma City.
All three units are occupied and currently furnished for year-round mid-term rentals. Furniture for the residences is included in the sale. Exterior improvements include a concrete driveway, fencing, and a large parking area accommodating multiple vehicles. The property is located between SOSA and the Plaza District, with the address at 1108 W Park Pl in Oklahoma City.
Key Highlights
- Three‑unit configuration: 3 bed 2 bath, 2 bed 1 bath, and 1 bed 1 bath
- Detached rear unit built new from the ground up
- All units occupied and operating as furnished mid term rentals rented year round
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
$22,257
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
3.91%
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%
$445,140
$445.1K
Cap Rate 7%
$317,957
$318.0K
Cap Rate 9%
$247,300
$247.3K
Market Conditions
NOI Build-Up for 2,635 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
$42.7K $16.20/SF
− Vacancy
−$2.2K −$0.84/SF
EGI
$40.5K $15.36/SF
− OpEx
−$18.2K −$6.91/SF
NOI
$22.3K $8.45/SF
Area
Oklahoma City, OK
Vacancy
5.20%
Lease Rate
$16.20 /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%
$445,140
Cap Rate 7%
$317,957
Cap Rate 9%
$247,300
Alternative Uses
Best Use
Apartment 5plus
$318.0K
$278.2K – $371.0K
NOI $22,257 @ 7.0% cap · market cap 3.91%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$901.2K
$788.5K – $1.05M
NOI $63,082 @ 7.0% cap · market cap 11.09%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
2,532
Businesses Nearby
Explore this area
Business Placement
Demographics for 73106, OK
12,956
Population
6,069
Households
2.1
Avg Household Size
32
Median Age
40%
College-Educated
85%
High-School Grad
3.0 sq mi
ZIP Area
4,319
Density / Sq Mi
$51,934
Median Household Income
$32,145
Median Earnings
$1,050
Median Rent
$262,500
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?
Multifamily property - Occupied furnished rental property with a renovated duplex, detached rear unit, separate metering, and on-site parking.
Where is this multifamily property located?
The property is located at 1108 W Park Pl Oklahoma City, OK.
What is the asking price?
The asking price for this property is $569,000.
What are key features of this property?
This property features: Three‑unit configuration: 3 bed 2 bath, 2 bed 1 bath, and 1 bed 1 bath; Detached rear unit built new from the ground up; All units occupied and operating as furnished mid term rentals rented year round
