Updated Duplex with SPUD
For Sale
$350,000
1615 NW 1st Street A & B, Oklahoma City, OK 73106
Fully leased two-unit property with separate entrances, in-unit laundry, and approved potential for an additional single-family residence.
Property Size1,926 SF
Price / SF$181.72
Days on Market33
Property Features for 1615 NW 1st Street A & B
General Information
Standard status
Active
Size
1,926 SF
Property subtype
Multi-Family
Occupancy
100%
Units
Unit Mix
1 x 2BR/2BA, 1 x 2BR/1BA
Multifamily Units
2
Additional Details
Highway Access
Yes
Amenities
private entrances
in-unit laundry
Building Details
Year Built
1906
Listing Agency:
405 Home Store
(405) 318-0494
Listed By:
April Cossey
Source:
Alloverok
Added: Jul 28
Changed: Aug 28
Last Checked: Aug 29 at 12:20PM
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 405 Home Store
Investment Insights
Based on property information with market context.
This 1,926-square-foot duplex, built in 1906, contains two updated residential units with private entrances and laundry facilities within each unit. The lower residence has 2 bedrooms and 2 bathrooms, while the upper residence offers 2 bedrooms and 1 bathroom. The property is tenant occupied and fully leased, providing an established rental setup.
SPUD approval supports the potential addition of a single-family home on the property. Located at 1615 NW 1st Street A & B in Oklahoma City, the duplex is near Downtown Oklahoma City, the Historic Farmers Market District, major highways, dining, and entertainment. Showings are available by appointment, and tenants should not be disturbed.
SPUD approval supports the potential addition of a single-family home on the property. Located at 1615 NW 1st Street A & B in Oklahoma City, the duplex is near Downtown Oklahoma City, the Historic Farmers Market District, major highways, dining, and entertainment. Showings are available by appointment, and tenants should not be disturbed.
Key Highlights
- 1,926‑square‑foot duplex at 1615 NW 1st Street A & B
- Two updated units: lower 2BR/2BA and upper 2BR/1BA
- Fully leased with established tenants 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
$17,582
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
5.02%
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%
$351,640
$351.6K
Cap Rate 7%
$251,171
$251.2K
Cap Rate 9%
$195,356
$195.4K
Market Conditions
NOI Build-Up for 1,926 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
$26.6K $13.80/SF
− Vacancy
−$1.5K −$0.76/SF
EGI
$25.1K $13.04/SF
− OpEx
−$7.5K −$3.91/SF
NOI
$17.6K $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%
$351,640
Cap Rate 7%
$251,171
Cap Rate 9%
$195,356
Alternative Uses
Best Use
Multifamily LT 5
$251.2K
$219.8K – $293.0K
NOI $17,582 @ 7.0% cap · market cap 5.02%
Second Best
Apartment 5plus
$232.4K
$203.4K – $271.1K
NOI $16,268 @ 7.0% cap · market cap 4.65%
Theoretical Best
Specialty Retail
$658.7K
$576.4K – $768.5K
NOI $46,108 @ 7.0% cap · market cap 13.17%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
100%
Occupancy
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
808
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
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Duplex - Fully leased two-unit property with separate entrances, in-unit laundry, and approved potential for an additional single-family residence.
Where is this duplex located?
The property is located at 1615 NW 1st Street A & B Oklahoma City, OK.
What is the asking price?
The asking price for this property is $350,000.
What are key features of this property?
This property features: 1,926‑square‑foot duplex at 1615 NW 1st Street A & B; Two updated units: lower 2BR/2BA and upper 2BR/1BA; Fully leased with established tenants in place
