Two-Unit Duplex with
For Sale
$315,000
116 NW 31st Street, Oklahoma City, OK 73118
Separate residences offer private entries, outdoor space, and flexible owner-occupancy or rental use.
Property Size1,968 SF
Days on Market16
Property Features for 116 NW 31st Street
General Information
Standard status
Active
Size
1,968 SF
Property subtype
Duplex
Site & Location
Highway Access
Yes
Road Access
Yes
Units
Unit Mix
2 x 2BR/1BA
Multifamily Units
2
Parking per Unit
1
Taxes and HOA fees
Annual Taxes
$4,718
Building Details
Building Size
1,968 SF
Year Built
1930
Listing Agency:
eXp Realty, LLC
(405) 208-2123
Listed By:
Hilary Miller
Source:
Stetsonbentley
Added: Aug 14
Changed: Aug 22
Last Checked: Aug 28 at 5:53PM
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 eXp Realty, LLC
Investment Insights
Based on property information with market context.
Built in 1930, this duplex includes two distinct residences at 116 and 118 NW 31st Street. Each unit contains 2 bedrooms and 1 full bathroom, with a private entrance, outdoor space, and 1 garage space per unit. The configuration supports living in one side while leasing the other, leasing both units, or accommodating multi-generational living.
The property is in Edgemere Park in central Oklahoma City, near the Health Science Center, State Capitol campus, Uptown 23rd, Plaza District, Asian District, Midtown, and Downtown OKC. Restaurants, coffee shops, nightlife, sporting events, shopping, medical centers, universities, and major employers are identified nearby. Access to I-235, I-44, and I-40 further connects the property with surrounding employment and activity centers.
The property is in Edgemere Park in central Oklahoma City, near the Health Science Center, State Capitol campus, Uptown 23rd, Plaza District, Asian District, Midtown, and Downtown OKC. Restaurants, coffee shops, nightlife, sporting events, shopping, medical centers, universities, and major employers are identified nearby. Access to I-235, I-44, and I-40 further connects the property with surrounding employment and activity centers.
Key Highlights
- Two‑unit duplex at 116 and 118 NW 31st Street
- Each unit includes 2 bedrooms and 1 full bathroom
- Private entrance for each residence
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
$17,965
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
5.70%
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%
$359,300
$359.3K
Cap Rate 7%
$256,643
$256.6K
Cap Rate 9%
$199,611
$199.6K
Market Conditions
NOI Build-Up for 1,968 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
$27.2K $13.80/SF
− Vacancy
−$1.5K −$0.76/SF
EGI
$25.7K $13.04/SF
− OpEx
−$7.7K −$3.91/SF
NOI
$18.0K $9.13/SF
Area
Oklahoma City, OK
Vacancy
5.50%
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%
$359,300
Cap Rate 7%
$256,643
Cap Rate 9%
$199,611
Alternative Uses
Best Use
Multifamily LT 5
$256.6K
$224.6K – $299.4K
NOI $17,965 @ 7.0% cap · market cap 5.70%
Second Best
Apartment 5plus
$237.5K
$207.8K – $277.1K
NOI $16,623 @ 7.0% cap · market cap 5.28%
Theoretical Best
Specialty Retail
$673.1K
$588.9K – $785.2K
NOI $47,114 @ 7.0% cap · market cap 14.96%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Yes
Highway access
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
916
Businesses Nearby
Explore this area
Business Placement
Demographics for 73118, OK
13,521
Population
7,856
Households
1.7
Avg Household Size
37
Median Age
49%
College-Educated
92%
High-School Grad
4.8 sq mi
ZIP Area
2,817
Density / Sq Mi
$69,321
Median Household Income
$45,494
Median Earnings
$1,064
Median Rent
$252,500
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?
Duplex - Separate residences offer private entries, outdoor space, and flexible owner-occupancy or rental use.
Where is this duplex located?
The property is located at 116 NW 31st Street Oklahoma City, OK.
What is the asking price?
The asking price for this property is $315,000.
What are key features of this property?
This property features: Two‑unit duplex at 116 and 118 NW 31st Street; Each unit includes 2 bedrooms and 1 full bathroom; Private entrance for each residence
