Residential Income
For Sale
$748,000
1303 NW 22nd Street, Oklahoma City, OK 73106
Property includes central air, electric service, and natural gas.
Property Size5,984 SF
Price / SF$125
Days on Market46
Property Features for 1303 NW 22nd Street
General Information
Standard status
Active
Size
5,984 SF
Property subtype
Residential Income
Amenities
Central Air, Electric
Natural Gas
Mid-Century Modern, Traditional
Building Details
Year Built
1910
Stories
2
Listing Agency:
Metro First Realty LLC
(405) 202-8808
Listed By:
Steve Wood
(405) 202-8808
Source:
Evrealestate
Added: Jul 18
Changed: Aug 31
Last Checked: Aug 31 at 1:04PM
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 Metro First Realty LLC
Investment Insights
Based on property information with market context.
This residential income property contains 5,984 square feet and was built in 1910. Interior features include central air and electric service, with natural gas also available.
The property occupies the northwest corner of NW 22nd Street and Ellison in Oklahoma City, with access from Classen Boulevard via NW 22nd Street. Exterior design elements include Mid-Century Modern and Traditional influences.
The property occupies the northwest corner of NW 22nd Street and Ellison in Oklahoma City, with access from Classen Boulevard via NW 22nd Street. Exterior design elements include Mid-Century Modern and Traditional influences.
Key Highlights
- 5,984 square feet of residential income property
- Built in 1910
- Central air and electric interior features
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
$50,545
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
6.76%
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%
$1,010,900
$1.0M
Cap Rate 7%
$722,071
$722.1K
Cap Rate 9%
$561,611
$561.6K
Market Conditions
NOI Build-Up for 5,984 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
$96.9K $16.20/SF
− Vacancy
−$5.0K −$0.84/SF
EGI
$91.9K $15.36/SF
− OpEx
−$41.4K −$6.91/SF
NOI
$50.5K $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%
$1,010,900
Cap Rate 7%
$722,071
Cap Rate 9%
$561,611
Alternative Uses
Best Use
Apartment 5plus
$722.1K
$631.8K – $842.4K
NOI $50,545 @ 7.0% cap · market cap 6.76%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$2.05M
$1.79M – $2.39M
NOI $143,257 @ 7.0% cap · market cap 19.15%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
195
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
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Residential income property - Property includes central air, electric service, and natural gas.
Where is this residential income property located?
The property is located at 1303 NW 22nd Street Oklahoma City, OK.
What is the asking price?
The asking price for this property is $748,000.
What are key features of this property?
This property features: 5,984 square feet of residential income property; Built in 1910; Central air and electric interior features
