Updated Duplex with
For Sale
$484,000
2641 NW 35th St, Oklahoma City, OK 73112
Remodeled primary residence paired with a move-in-ready apartment and outdoor entertaining space.
Property Size3,485 SF
Price / SF$138.88
Days on Market35
Property Features for 2641 NW 35th St
General Information
Standard status
Active
Size
3,485 SF
Property subtype
Multi-Family
Additional Details
Multifamily Units
2
Amenities
pool
covered patios
storm shelter
Building Details
Year Built
1948
Listing Agency:
Dean Lemons & Associates
Listed By:
Patricia Martinez-Chavez · License #147174
(405) 816-3870
Source:
Oklahomerealestate
Added: Aug 8
Changed: Sep 8
Last Checked: Sep 11 at 12:40PM
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 Dean Lemons & Associates
Investment Insights
Based on property information with market context.
This updated duplex combines a 2,405-square-foot main residence with a separate 1,080-square-foot apartment. The primary home offers three bedrooms, two full baths, a renovated kitchen with granite countertops and a large island, generous dining and family areas, extensive closet storage, and access to an 8x10 storm shelter from the primary bathroom. The apartment includes two bedrooms, an updated kitchen, and an updated bathroom.
Outdoor features include a covered patio, an in-ground swimming pool, and substantial storage across the large lot. Located at 2641 NW 35th St in Oklahoma City, the property is near downtown, Thunder Alley, the Paseo District, and the airport. The separate apartment can support guest accommodations or rental use, subject to applicable requirements.
Outdoor features include a covered patio, an in-ground swimming pool, and substantial storage across the large lot. Located at 2641 NW 35th St in Oklahoma City, the property is near downtown, Thunder Alley, the Paseo District, and the airport. The separate apartment can support guest accommodations or rental use, subject to applicable requirements.
Key Highlights
- 2,405‑square‑foot main residence with 3 bedrooms and 2 full baths
- Separate 1,080‑square‑foot apartment with 2 bedrooms and updated kitchen and bathroom
- Renovated primary kitchen with granite countertops, large island, and modern flooring
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
$31,814
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
6.57%
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%
$636,280
$636.3K
Cap Rate 7%
$454,486
$454.5K
Cap Rate 9%
$353,489
$353.5K
Market Conditions
NOI Build-Up for 3,485 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
$48.1K $13.80/SF
− Vacancy
−$2.6K −$0.76/SF
EGI
$45.4K $13.04/SF
− OpEx
−$13.6K −$3.91/SF
NOI
$31.8K $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%
$636,280
Cap Rate 7%
$454,486
Cap Rate 9%
$353,489
Alternative Uses
Best Use
Multifamily LT 5
$454.5K
$397.7K – $530.2K
NOI $31,814 @ 7.0% cap · market cap 6.57%
Second Best
Apartment 5plus
$420.5K
$368.0K – $490.6K
NOI $29,437 @ 7.0% cap · market cap 6.08%
Theoretical Best
Specialty Retail
$1.19M
$1.04M – $1.39M
NOI $83,431 @ 7.0% cap · market cap 17.24%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
612
Businesses Nearby
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Business Placement
Demographics for 73112, OK
31,113
Population
16,413
Households
1.9
Avg Household Size
37
Median Age
35%
College-Educated
91%
High-School Grad
7.6 sq mi
ZIP Area
4,094
Density / Sq Mi
$57,833
Median Household Income
$39,641
Median Earnings
$1,030
Median Rent
$173,100
Median Home Value
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Market
Vacancy Rate% for Multifamily in South region
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Frequently Asked Questions
What type of property is this?
Duplex - Remodeled primary residence paired with a move-in-ready apartment and outdoor entertaining space.
Where is this duplex located?
The property is located at 2641 NW 35th St Oklahoma City, OK.
What is the asking price?
The asking price for this property is $484,000.
What are key features of this property?
This property features: 2,405‑square‑foot main residence with 3 bedrooms and 2 full baths; Separate 1,080‑square‑foot apartment with 2 bedrooms and updated kitchen and bathroom; Renovated primary kitchen with granite countertops, large island, and modern flooring
