Multifamily Property with Development
For Sale
$735,000
3204 S Portland Avenue Oklahoma, Oklahoma City, OK 73119
Eleven-unit property with vacant lot, development opportunity.
Property Size6,600 SF
Days on Market536
Property Features for 3204 S Portland Avenue Oklahoma
General Information
Standard status
Active
Size
6,600 SF
Property subtype
Multi-Family
Amenities
Floor Furnace
Window Unit(s)
Architecural Shingle
Building Details
Building Size
6,600 SF
Year Built
1950
Stories
1
Listing Agency:
Lionshead Property Management
Listed By:
Alan Larsen · License #206378
Source:
Kw
Added: Apr 29, 2025
Changed: Oct 13
Last Checked: Oct 16 at 6:11AM
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 Lionshead Property Management
Ask AI about this property
Review the available facts, identify missing information and prepare questions for the agent.
Investment Insights
Based on property information with market context.
This property features an eleven-unit complex situated on three separate lots. Each unit includes two bedrooms and one bathroom. Two of the lots are improved with buildings, while the third lot is vacant land previously occupied by another multifamily structure. The property is currently generating approximately $8,360 per month in gross income. The lots are zoned R-4, presenting an opportunity for constructing additional units and enhancing the area's value.
Key Highlights
- Opportunity to build additional units on vacant lot due to R‑4 zoning.
- 11 units, each with 2 beds and 1 bath.
- Three separate lots included in the sale.
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$55,748
Cap Rate
7.58%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,114,960
$1.1M
Cap Rate 7%
$796,400
$796.4K
Cap Rate 9%
$619,422
$619.4K
Market Conditions
NOI Build-Up for 6,600 SF
Gross rent
$106.9K $16.20/SF
− Vacancy
−$5.6K −$0.84/SF
EGI
$101.4K $15.36/SF
− OpEx
−$45.6K −$6.91/SF
NOI
$55.7K $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 Rate 5%
$1,114,960
Cap Rate 7%
$796,400
Cap Rate 9%
$619,422
Alternative Uses
Best Use
Apartment 5plus
$796.4K
$696.9K – $929.1K
NOI $55,748 @ 7.0% cap · market cap 7.58%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$2.26M
$1.98M – $2.63M
NOI $158,004 @ 7.0% cap · market cap 21.50%
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
Property Analytics
Unlock full access to Insights
Subscribe to Realmo Intelligence
Open Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
296
Businesses Nearby
Explore this area
Business Placement
Demographics for 73119, OK
31,216
Population
12,008
Households
2.6
Avg Household Size
31
Median Age
6%
College-Educated
61%
High-School Grad
6.8 sq mi
ZIP Area
4,591
Density / Sq Mi
$42,936
Median Household Income
$29,529
Median Earnings
$923
Median Rent
$93,600
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Multifamily in South region
Frequently Asked Questions
What type of property is this?
Apartment building - Eleven-unit property with vacant lot, development opportunity.
Where is this apartment building located?
The property is located at 3204 S Portland Avenue Oklahoma Oklahoma City, OK.
What is the asking price?
The asking price for this property is $735,000.
What are key features of this property?
This property features: Opportunity to build additional units on vacant lot due to R‑4 zoning.; 11 units, each with **2 beds and 1 bath**.; Three separate lots included in the sale.
