Updated Two-Story
For Sale
$290,000
Pending
3231 N Utah Ave, Oklahoma City, OK 73112
Both units are leased and feature refreshed interiors, private garages, fenced yards, and separate utility hookups.
Property Size2,326 SF
Days on Market39
Property Features for 3231 N Utah Ave
General Information
Standard status
Pending
Size
2,326 SF
Total Parking Spaces
2
Property subtype
Multi-Family
Occupancy
100%
Units
Unit Mix
2 x 2BR/1.5BA
Multifamily Units
2
Additional Details
Average Monthly Rent
$1,321
Utilities to Site
Yes
Amenities
in-unit laundry
washer/dryer
fenced backyard
balcony
wood-burning fireplace
stainless steel appliances
Building Details
Year Built
1969
Buildings
1
Stories
2
Tenancy
Multi
Listing Agency:
Bailee & Co. Real Estate
(479) 883-2594
Listed By:
Kiera Underwood
Source:
Kathleenforrest
Added: Jul 25
Changed: Aug 31
Last Checked: Aug 31 at 6:46PM
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 Bailee & Co. Real Estate
Investment Insights
Based on property information with market context.
This updated duplex contains approximately 2,326 square feet across two two-story units, each with 2 bedrooms and 1.5 bathrooms. Both residences include a downstairs living area, half bath, garage, upstairs living space, built-in shelving, and a wood-burning fireplace. Kitchens connect to dining areas and balconies, with stainless steel appliances, expanded cabinet storage, refreshed lighting, paint, and flooring. Each unit also has in-unit laundry, while one includes a washer and dryer. Single-car garages provide utility hookups, and separate fenced backyards offer direct access from the primary bedrooms.
Located at 3231 N Utah Avenue in Oklahoma City, the property occupies an interior lot with a concrete drive. Both units are leased, with terms extending through December 31, 2026, and September 6, 2026. Water is shared-metered and billed back to tenants; tenants pay other utilities, while lawn care is included.
Located at 3231 N Utah Avenue in Oklahoma City, the property occupies an interior lot with a concrete drive. Both units are leased, with terms extending through December 31, 2026, and September 6, 2026. Water is shared-metered and billed back to tenants; tenants pay other utilities, while lawn care is included.
Key Highlights
- Two‑unit duplex with approximately 2,326 square feet total
- Each unit includes 2 bedrooms, 1.5 bathrooms, and a two‑story layout
- Leases extend through December 31, 2026, and September 6, 2026
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
$21,233
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
7.32%
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%
$424,660
$424.7K
Cap Rate 7%
$303,329
$303.3K
Cap Rate 9%
$235,922
$235.9K
Market Conditions
NOI Build-Up for 2,326 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
$32.1K $13.80/SF
− Vacancy
−$1.8K −$0.76/SF
EGI
$30.3K $13.04/SF
− OpEx
−$9.1K −$3.91/SF
NOI
$21.2K $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%
$424,660
Cap Rate 7%
$303,329
Cap Rate 9%
$235,922
Alternative Uses
Best Use
Multifamily LT 5
$303.3K
$265.4K – $353.9K
NOI $21,233 @ 7.0% cap · market cap 7.32%
Second Best
Apartment 5plus
$280.7K
$245.6K – $327.5K
NOI $19,647 @ 7.0% cap · market cap 6.77%
Theoretical Best
Specialty Retail
$795.5K
$696.1K – $928.1K
NOI $55,684 @ 7.0% cap · market cap 19.20%
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
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
561
Businesses Nearby
Explore this area
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
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 units are leased and feature refreshed interiors, private garages, fenced yards, and separate utility hookups.
Where is this duplex located?
The property is located at 3231 N Utah Ave Oklahoma City, OK.
What is the asking price?
The asking price for this property is $290,000.
What are key features of this property?
This property features: Two‑unit duplex with approximately 2,326 square feet total; Each unit includes 2 bedrooms, 1.5 bathrooms, and a two‑story layout; Leases extend through December 31, 2026, and September 6, 2026
