Duplex with Private
For Sale
$315,000
116 NW 31st Street, Oklahoma City, OK 73118
Residential Income, Oklahoma City, OK
Property Size1,968 SF
Lot Size0.16 Acres
Price / SF$160.06
Days on Market16
Property Features for 116 NW 31st Street
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Bedrooms
4
Bathrooms
2
Full bathrooms
2
Rooms
Bathroom 1, Bedroom 3, Bedroom 4, Bedroom 1, Bathroom 2, Bedroom 2
Parking
4
Fireplace
1
Lot features
Cul-De-Sac
Elementary school
Wilson ES
Middle school
Moon MS
High school
Douglass HS
Elementary school district
Oklahoma City
Middle school district
Oklahoma City
High school district
Oklahoma City
Directions
Go N on Robinson from NW 23rd St. At NW 31st Turn Right Duplex is the next to the last house on the right.
Standard status
Active
APN
116NW31st73118
Size
1,968 SF
Lot size
0.16 Acres
Utilities
Heating system
Natural Gas
Cooling system
Electric, Central Air
Building Details
Year built
1930
Floors in Building
1
Building materials
Brick & Frame
Roof type
Composition
Architectural style
Other
Listing Agency:
eXp Realty, LLC
(888) 560-3964
Listed By:
Hilary Miller
(405) 208-2123
Added: Aug 14
Changed: Aug 28
Last Checked: Aug 29 at 3:06AM
MLS# 1244510
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 duplex at 116 NW 31st Street in Oklahoma City contains 1,968 square feet across two residential units. Each side provides two bedrooms and one full bathroom, with separate entrances and one garage space per unit. The property was built in 1930 and features brick and frame construction, composition roofing, natural-gas heat, electric central air, and a fireplace. Outdoor space is also included.
The 0.1607-acre property is located in the 73118 ZIP Code, with access to I-235, I-44, and I-40. Its central Oklahoma City setting places the duplex near the Health Science Center, State Capitol campus, Uptown 23rd, Plaza District, Asian District, Midtown, and Downtown OKC. Restaurants, medical centers, universities, shopping, sporting venues, and major employers are identified in the surrounding area.
The 0.1607-acre property is located in the 73118 ZIP Code, with access to I-235, I-44, and I-40. Its central Oklahoma City setting places the duplex near the Health Science Center, State Capitol campus, Uptown 23rd, Plaza District, Asian District, Midtown, and Downtown OKC. Restaurants, medical centers, universities, shopping, sporting venues, and major employers are identified in the surrounding area.
Key Highlights
- Two‑unit duplex totaling 1,968 square feet
- Each unit includes 2 bedrooms and 1 full bathroom
- Separate entrance for each side
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 - Two-bedroom units with individual access, garage parking, and central Oklahoma City positioning.
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 totaling 1,968 square feet; Each unit includes 2 bedrooms and 1 full bathroom; Separate entrance for each side
