Two-Unit Duplex with
For Sale
$250,000
1509 N Hartford St, Stillwater, OK 74075
Both residences are leased and include two bedrooms, one bathroom, and shared garage access.
Property Size1,946 SF
Price / SF$128.47
Days on Market46
Property Features for 1509 N Hartford St
General Information
Standard status
Active
Size
1,946 SF
Property subtype
Multi-Family
Occupancy
100%
Units
Unit Mix
2 x 2BR/1BA
Multifamily Units
2
Building Details
Year Built
1972
Buildings
1
Tenancy
Multi
Listing Agency:
Lime Realty
(405) 400-0789
Listed By:
Breann Green
(405) 400-0789
Source:
Oklahomarealestate
Added: Jul 15
Changed: Aug 28
Last Checked: Aug 28 at 10:55AM
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 Lime Realty
Investment Insights
Based on property information with market context.
This 1,946-square-foot duplex contains two leased residential units, each configured with two bedrooms and one bathroom. The property includes living space, a kitchen, bedrooms, and a shared garage, with recent updates noted in the property information. Built in 1972, the building is located at 1509 N Hartford St in Stillwater, Oklahoma.
Shopping, restaurants, schools, and Oklahoma State University are identified as nearby destinations, providing established local context for the property.
Shopping, restaurants, schools, and Oklahoma State University are identified as nearby destinations, providing established local context for the property.
Key Highlights
- Two leased units, each with 2 bedrooms and 1 bathroom
- 1,946 SF duplex built in 1972
- Shared garage serving both units
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
$14,979
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
5.99%
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%
$299,580
$299.6K
Cap Rate 7%
$213,986
$214.0K
Cap Rate 9%
$166,433
$166.4K
Market Conditions
NOI Build-Up for 1,946 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
$23.8K $12.24/SF
− Vacancy
−$2.4K −$1.24/SF
EGI
$21.4K $11.00/SF
− OpEx
−$6.4K −$3.30/SF
NOI
$15.0K $7.70/SF
Area
Payne County, OK
Vacancy
10.16%
Lease Rate
$12.24 /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%
$299,580
Cap Rate 7%
$213,986
Cap Rate 9%
$166,433
Alternative Uses
Best Use
Multifamily LT 5
$214.0K
$187.2K – $249.7K
NOI $14,979 @ 7.0% cap · market cap 5.99%
Second Best
Apartment 5plus
$198.3K
$173.5K – $231.3K
NOI $13,878 @ 7.0% cap · market cap 5.55%
Theoretical Best
Office A
$478.5K
$418.7K – $558.3K
NOI $33,498 @ 7.0% cap · market cap 13.40%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
100%
Occupancy
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
401
Businesses Nearby
Explore this area
Business Placement
Demographics for 74075, OK
25,033
Population
12,255
Households
2
Avg Household Size
28
Median Age
50%
College-Educated
95%
High-School Grad
94.8 sq mi
ZIP Area
264
Density / Sq Mi
$45,540
Median Household Income
$23,292
Median Earnings
$933
Median Rent
$220,900
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?
Duplex - Both residences are leased and include two bedrooms, one bathroom, and shared garage access.
Where is this duplex located?
The property is located at 1509 N Hartford St Stillwater, OK.
What is the asking price?
The asking price for this property is $250,000.
What are key features of this property?
This property features: Two leased units, each with 2 bedrooms and 1 bathroom; 1,946 SF duplex built in 1972; Shared garage serving both units
