Six-Unit Courtyard Multifamily
For Sale
$748,000
1303 NW 22nd Street, Oklahoma City, OK 73106
Residential Income, Oklahoma City, OK
Property Size5,984 SF
Lot Size0.16 Acres
Price / SF$125
Days on Market49
Property Features for 1303 NW 22nd Street
General Information
Property type
Residential Multi Family
Property subtype
Other
Bedrooms
8
Bathrooms
7
Full bathrooms
6
Half bathrooms
1
Rooms
Bathroom 3, Bathroom 2, Bathroom 7, Bedroom 3, Bathroom 4, Bathroom 5, Bathroom 1, Bedroom 4, Bedroom 2, Bedroom 7, Bedroom 1, Bedroom 8, Bathroom 6, Bedroom 5, Bedroom 6
Lot features
Corner Lot
Elementary school
Eugene Field 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
Turn west off Classen Blvd., on NW 22nd St. Property is on the NW corner of 22nd St and Ellison
Standard status
Active
APN
1303NW22nd73106
Size
5,984 SF
Lot size
0.16 Acres
Utilities
Heating system
Natural Gas
Cooling system
Central Air, Electric
Amenities
common courtyard
in-unit washer/dryer
Building Details
Year built
1910
Floors in Building
2
Building materials
Brick & Frame
Roof type
Composition
Architectural style
Modern
Listing Agency:
Metro First Realty
(405) 242-4004
Listed By:
Steve Wood
(405) 202-8808
Added: Jul 15
Changed: Aug 21
Last Checked: Sep 1 at 12:06AM
MLS# 1239180
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 Oklahoma City multifamily property includes 2 buildings totaling 5,984 square feet on 0.1607 acres. The configuration combines a duplex with a separate 4-unit building arranged around a common courtyard. The duplex contains a 2-bedroom, 1.5-bath unit and a 1-bedroom, 1-bath unit. The second building includes a 2-bedroom, 1-bath unit with an attached 2-car garage, plus a 1-bedroom, 1-bath unit and 2 lofts.
All 6 units are currently rented. Washer and dryer appliances are present in every unit except the lofts, while tenants pay utilities other than water and trash. The property was built in 1910 with brick and frame construction, composition roofing, natural gas heat, and electric central air conditioning.
All 6 units are currently rented. Washer and dryer appliances are present in every unit except the lofts, while tenants pay utilities other than water and trash. The property was built in 1910 with brick and frame construction, composition roofing, natural gas heat, and electric central air conditioning.
Key Highlights
- 2 buildings with 6 total units around a common courtyard
- 5,984 square feet on 0.1607 acres
- Unit mix includes a duplex, 4‑unit building, and 2 lofts
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
$54,626
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
7.30%
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%
$1,092,520
$1.1M
Cap Rate 7%
$780,371
$780.4K
Cap Rate 9%
$606,956
$607.0K
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
$82.6K $13.80/SF
− Vacancy
−$4.5K −$0.76/SF
EGI
$78.0K $13.04/SF
− OpEx
−$23.4K −$3.91/SF
NOI
$54.6K $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%
$1,092,520
Cap Rate 7%
$780,371
Cap Rate 9%
$606,956
Alternative Uses
Best Use
Multifamily LT 5
$780.4K
$682.8K – $910.4K
NOI $54,626 @ 7.0% cap · market cap 7.30%
Second Best
Apartment 5plus
$722.1K
$631.8K – $842.4K
NOI $50,545 @ 7.0% cap · market cap 6.76%
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
Lease Details
6
Residential units
100%
Occupancy
Location Intelligence
Trade Area within ½ mile
1,277
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 - Two buildings offer a mix of apartments and loft residences arranged around a shared courtyard.
Where is this multifamily 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: 2 buildings with 6 total units around a common courtyard; 5,984 square feet on 0.1607 acres; Unit mix includes a duplex, 4‑unit building, and 2 lofts
