4-Unit Multifamily
For Sale
$215,000
598 2nd St, Healdton, OK 73438
Corner-lot rental package with updated units, established occupancy, and year-long leases in place.
Property Size2,304 SF
Price / SF$93.32
Days on Market36
Property Features for 598 2nd St
General Information
Standard status
Active
Size
2,304 SF
Property subtype
Multi-Family
Occupancy
100%
Units
Unit Mix
2 x 1BR/1BA, 2 x 2BR/1BA
Multifamily Units
4
Additional Details
Gross Income
$30,600
Building Details
Year Built
1945
Listing Agency:
Ardmore Realty, Inc
Listed By:
Hannah Lewis · License #181598
(940) 353-8014
Source:
Initialpointrealtyok
Added: Aug 1
Changed: Sep 2
Last Checked: Sep 4 at 9:27AM
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 Ardmore Realty, Inc
Investment Insights
Based on property information with market context.
This multifamily package comprises four rental units on a corner lot in Healdton. The mix includes two one-bedroom, one-bath residences and two two-bedroom, one-bath residences. Updates have been completed in each unit, and the driveway was recently redone.
All four residences are currently rented, with year leases in place. The property is located at 598 2nd St in Healdton, Oklahoma, and was built in 1945. The four-unit configuration and existing leases provide an established rental setup for a multifamily owner.
All four residences are currently rented, with year leases in place. The property is located at 598 2nd St in Healdton, Oklahoma, and was built in 1945. The four-unit configuration and existing leases provide an established rental setup for a multifamily owner.
Key Highlights
- Four rental units at 598 2nd St, Healdton, OK 73438
- Unit mix includes two 1‑bed/1‑bath and two 2‑bed/1‑bath residences
- All four units are currently rented with year leases in place
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
$16,431
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
7.64%
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%
$328,620
$328.6K
Cap Rate 7%
$234,729
$234.7K
Cap Rate 9%
$182,567
$182.6K
Market Conditions
NOI Build-Up for 2,304 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
$33.5K $14.52/SF
− Vacancy
−$3.6K −$1.55/SF
EGI
$29.9K $12.97/SF
− OpEx
−$13.4K −$5.83/SF
NOI
$16.4K $7.13/SF
Area
Carter County, OK
Vacancy
10.70%
Lease Rate
$14.52 /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%
$328,620
Cap Rate 7%
$234,729
Cap Rate 9%
$182,567
Alternative Uses
Best Use
Apartment 5plus
$234.7K
$205.4K – $273.9K
NOI $16,431 @ 7.0% cap · market cap 7.64%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$590.9K
$517.0K – $689.4K
NOI $41,361 @ 7.0% cap · market cap 19.24%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
4
Residential units
100%
Occupancy
Location Intelligence
Trade Area within ½ mile
188
Businesses Nearby
Explore this area
Business Placement
Demographics for 73438, OK
2,888
Population
1,562
Households
1.8
Avg Household Size
42
Median Age
15%
College-Educated
83%
High-School Grad
70.4 sq mi
ZIP Area
41
Density / Sq Mi
$50,542
Median Household Income
$34,254
Median Earnings
$845
Median Rent
$70,900
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 - Corner-lot rental package with updated units, established occupancy, and year-long leases in place.
Where is this multifamily property located?
The property is located at 598 2nd St Healdton, OK.
What is the asking price?
The asking price for this property is $215,000.
What are key features of this property?
This property features: Four rental units at 598 2nd St, Healdton, OK 73438; Unit mix includes two 1‑bed/1‑bath and two 2‑bed/1‑bath residences; All four units are currently rented with year leases in place
