Remodeled Residential Income
For Sale
$167,000
151-3000 Chautauqua Ave, Norman, OK 73069
Corner condo with a private patio, fireplace, pool access, and two designated parking spaces.
Property Size991 SF
Price / SF$168.52
Days on Market9
Property Features for 151-3000 Chautauqua Ave
General Information
Standard status
Active
Size
991 SF
Property subtype
Residential Income
Listing Agency:
Musgrave Real Estate
(405) 830-1317
Listed By:
Donelda Ellis
(405) 830-1317
Source:
Exprealty
Added: Aug 1
Changed: Aug 7
Last Checked: Aug 8 at 9:17AM
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 Musgrave Real Estate
Investment Insights
Based on property information with market context.
This 991 SF bottom-floor corner condo includes 2 bedrooms and 2 bathrooms, with a private patio, fireplace, and in-unit laundry hookups with washer and dryer. The interior remodel includes new windows, vinyl flooring, cabinetry, countertops, backsplash, appliances, lighting, fixtures, blinds, toilets, paint, baseboards, a patio door, and fireplace updates.
The community provides access to a pool and includes two designated parking spaces, one of which is covered. HOA services cover exterior maintenance, water, sewer, trash, the pool, and common areas. The property is located on Chautauqua Ave in Norman, minutes from OU and Highway 9. The complex also received a new roof, siding, and gutters this past spring.
The community provides access to a pool and includes two designated parking spaces, one of which is covered. HOA services cover exterior maintenance, water, sewer, trash, the pool, and common areas. The property is located on Chautauqua Ave in Norman, minutes from OU and Highway 9. The complex also received a new roof, siding, and gutters this past spring.
Key Highlights
- 991 SF bottom‑floor corner condo with 2 bedrooms and 2 bathrooms
- Interior remodeled with new windows, flooring, cabinets, countertops, appliances, fixtures, and paint
- Private patio, fireplace, and in‑unit laundry hookups with washer and dryer
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
$8,256
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
4.94%
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%
$165,120
$165.1K
Cap Rate 7%
$117,943
$117.9K
Cap Rate 9%
$91,733
$91.7K
Market Conditions
NOI Build-Up for 991 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
$16.1K $16.20/SF
− Vacancy
−$1.0K −$1.05/SF
EGI
$15.0K $15.15/SF
− OpEx
−$6.8K −$6.82/SF
NOI
$8.3K $8.33/SF
Area
Norman, OK
Vacancy
6.50%
Lease Rate
$16.20 /SF/Yr
Expense Ratio
45.00%
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%
$165,120
Cap Rate 7%
$117,943
Cap Rate 9%
$91,733
Alternative Uses
Best Use
Apartment 5plus
$117.9K
$103.2K – $137.6K
NOI $8,256 @ 7.0% cap · market cap 4.94%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$171.2K
$149.8K – $199.8K
NOI $11,987 @ 7.0% cap · market cap 7.18%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
1,791
Businesses Nearby
Explore this area
Business Placement
Demographics for 73069, OK
26,464
Population
12,719
Households
2.1
Avg Household Size
32
Median Age
45%
College-Educated
93%
High-School Grad
15.7 sq mi
ZIP Area
1,686
Density / Sq Mi
$55,699
Median Household Income
$34,151
Median Earnings
$1,031
Median Rent
$212,400
Median Home Value
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Residential income property - Corner condo with a private patio, fireplace, pool access, and two designated parking spaces.
Where is this residential income property located?
The property is located at 151-3000 Chautauqua Ave Norman, OK.
What is the asking price?
The asking price for this property is $167,000.
What are key features of this property?
This property features: 991 SF bottom‑floor corner condo with 2 bedrooms and 2 bathrooms; Interior remodeled with new windows, flooring, cabinets, countertops, appliances, fixtures, and paint; Private patio, fireplace, and in‑unit laundry hookups with washer and dryer
