Renovated Two-Unit
For Sale
$190,000
1508 NW 8th Street, Oklahoma City, OK 73106
Central Oklahoma City property with two updated one-bedroom residences and flexible occupancy options.
Property Size1,224 SF
Days on Market10
Property Features for 1508 NW 8th Street
General Information
Standard status
Active
Size
1,224 SF
Property subtype
Duplex
Units
Unit Mix
2 x 1BR/1BA
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$1,737
Building Details
Building Size
1,224 SF
Year Built
1915
Listing Agency:
Copper Creek Real Estate
(405) 488-5944
Listed By:
Timothy Back · License #202018
Source:
Stetsonbentley
Added: Aug 20
Changed: Aug 28
Last Checked: Aug 28 at 8:55PM
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 Copper Creek Real Estate
Investment Insights
Based on property information with market context.
This duplex, built in 1915, contains two separate one-bedroom, one-bathroom units. Both residences have undergone renovation with refreshed kitchens, modern cabinetry, updated countertops and fixtures, appliances, durable flooring, and improved interior finishes. Property upgrades also include electrical and plumbing improvements, newer Mr. Cool mini-split HVAC systems and condensers, a newer roof, replacement windows, exterior paint, and updated appliances.
The property is located at 1508 NW 8th Street in Oklahoma City, near Midtown and the Paseo District. Dining, shopping, entertainment, and other nearby amenities are identified in the surrounding area. The two-unit layout supports use as a rental property, a multigenerational arrangement, or an owner-occupied residence with the second unit available for income.
The property is located at 1508 NW 8th Street in Oklahoma City, near Midtown and the Paseo District. Dining, shopping, entertainment, and other nearby amenities are identified in the surrounding area. The two-unit layout supports use as a rental property, a multigenerational arrangement, or an owner-occupied residence with the second unit available for income.
Key Highlights
- Two separate 1‑bedroom, 1‑bathroom units
- Renovated kitchens with updated cabinetry, countertops, fixtures, and appliances
- Updated electrical and plumbing systems
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
$11,174
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
5.88%
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%
$223,480
$223.5K
Cap Rate 7%
$159,629
$159.6K
Cap Rate 9%
$124,156
$124.2K
Market Conditions
NOI Build-Up for 1,224 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
$16.9K $13.80/SF
− Vacancy
−$929 −$0.76/SF
EGI
$16.0K $13.04/SF
− OpEx
−$4.8K −$3.91/SF
NOI
$11.2K $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%
$223,480
Cap Rate 7%
$159,629
Cap Rate 9%
$124,156
Alternative Uses
Best Use
Multifamily LT 5
$159.6K
$139.7K – $186.2K
NOI $11,174 @ 7.0% cap · market cap 5.88%
Second Best
Apartment 5plus
$147.7K
$129.2K – $172.3K
NOI $10,339 @ 7.0% cap · market cap 5.44%
Theoretical Best
Specialty Retail
$418.6K
$366.3K – $488.4K
NOI $29,303 @ 7.0% cap · market cap 15.42%
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
181
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
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Frequently Asked Questions
What type of property is this?
Duplex - Central Oklahoma City property with two updated one-bedroom residences and flexible occupancy options.
Where is this duplex located?
The property is located at 1508 NW 8th Street Oklahoma City, OK.
What is the asking price?
The asking price for this property is $190,000.
What are key features of this property?
This property features: Two separate 1‑bedroom, 1‑bathroom units; Renovated kitchens with updated cabinetry, countertops, fixtures, and appliances; Updated electrical and plumbing systems
