Two-Unit Duplex with Updated
For Sale
$267,900
1424 NW 33rd Street, Oklahoma City, OK 73118
Two-story residential income property with separate electric metering and an R-2 zoning designation.
Property Size1,595 SF
Days on Market125
Property Features for 1424 NW 33rd Street
General Information
Standard status
Active
Size
1,595 SF
Property subtype
Duplex
Zoning
R-2
Units
Unit Mix
1 x 2BR/1BA, 1 x 1BR/1BA
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$2,111
Building Details
Building Size
1,595 SF
Year Built
1905
Buildings
1
Stories
2
Listing Agency:
Spearhead Realty Group LLC
(405) 514-0930
Listed By:
Thao Nguyen-Pham · License #200060
Source:
Stetsonbentley
Added: Apr 21
Changed: Aug 11
Last Checked: Aug 22 at 11:55AM
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 Spearhead Realty Group LLC
Investment Insights
Based on property information with market context.
This two-story duplex contains two separate residential units. The lower unit has 2 bedrooms and 1 full bathroom, while the upper unit includes 1 bedroom and 1 bathroom. Property features include an updated kitchen with granite countertops, substantial storage, and separate electric meters serving each unit. The building dates to 1905 and is offered in as-is condition.
Located at 1424 NW 33rd Street in Oklahoma City, the property is in the Military Park addition near Oklahoma City University, with shopping, dining, and local businesses in the surrounding area. R-2 residential zoning supports the property's duplex configuration.
Located at 1424 NW 33rd Street in Oklahoma City, the property is in the Military Park addition near Oklahoma City University, with shopping, dining, and local businesses in the surrounding area. R-2 residential zoning supports the property's duplex configuration.
Key Highlights
- Two‑story duplex with two separate residential units
- Lower unit includes 2 bedrooms and 1 full bathroom
- Upper unit includes 1 bedroom and 1 bathroom
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
$14,560
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
5.43%
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%
$291,200
$291.2K
Cap Rate 7%
$208,000
$208.0K
Cap Rate 9%
$161,778
$161.8K
Market Conditions
NOI Build-Up for 1,595 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
$22.0K $13.80/SF
− Vacancy
−$1.2K −$0.76/SF
EGI
$20.8K $13.04/SF
− OpEx
−$6.2K −$3.91/SF
NOI
$14.6K $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%
$291,200
Cap Rate 7%
$208,000
Cap Rate 9%
$161,778
Alternative Uses
Best Use
Multifamily LT 5
$208.0K
$182.0K – $242.7K
NOI $14,560 @ 7.0% cap · market cap 5.43%
Second Best
Apartment 5plus
$192.5K
$168.4K – $224.5K
NOI $13,472 @ 7.0% cap · market cap 5.03%
Theoretical Best
Specialty Retail
$545.5K
$477.3K – $636.4K
NOI $38,184 @ 7.0% cap · market cap 14.25%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
772
Businesses Nearby
Explore this area
Business Placement
Demographics for 73118, OK
13,521
Population
7,856
Households
1.7
Avg Household Size
37
Median Age
49%
College-Educated
92%
High-School Grad
4.8 sq mi
ZIP Area
2,817
Density / Sq Mi
$69,321
Median Household Income
$45,494
Median Earnings
$1,064
Median Rent
$252,500
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 - Two-story residential income property with separate electric metering and an R-2 zoning designation.
Where is this duplex located?
The property is located at 1424 NW 33rd Street Oklahoma City, OK.
What is the asking price?
The asking price for this property is $267,900.
What are key features of this property?
This property features: Two‑story duplex with two separate residential units; Lower unit includes 2 bedrooms and 1 full bathroom; Upper unit includes 1 bedroom and 1 bathroom
