16-Unit Multifamily
For Sale
$1,190,000
1731 32nd Street, Oklahoma City, OK 73118
16-unit multifamily property with upgraded electrical systems and a mix of 2-, 1-, and 3-bedroom apartments.
Property Size11,948 SF
Price / SF$99.60
Days on Market448
Property Features for 1731 32nd Street
General Information
Standard status
Active
Size
11,948 SF
Property subtype
Investment
Occupancy
85%
Additional Details
Multifamily Units
16
Taxes and HOA fees
Annual Taxes
$11,804
Amenities
on-site laundry
3
Building Details
Year Built
1964
Listing Agency:
LIME Realty
(405) 808-5265
Listed By:
Kelly Heaton
(405) 808-5265
Source:
Xome
Added: Jun 11, 2025
Changed: Aug 31
Last Checked: Aug 31 at 2:32PM
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 LIME Realty
Investment Insights
Based on property information with market context.
This 16-unit multifamily property offers a mix of apartment unit types, including nine two-bedroom units, six one-bedroom units, and one three-bedroom unit. The current ownership has fully upgraded the electrical systems, supporting a low-maintenance operating foundation. The property also has on-site laundry machines that are currently not in use. Documentation available upon request includes a clean pre-inspection report and a roof report.
The property is located near major commuter routes, a popular college, and employment centers, supporting steady local rental demand. The listing indicates occupancy at 85%.
As presented, the building’s unit mix and recent electrical upgrades provide a straightforward setup for income-focused ownership, with additional value opportunities tied to bringing the laundry equipment into use and completing light unit refreshes.
The property is located near major commuter routes, a popular college, and employment centers, supporting steady local rental demand. The listing indicates occupancy at 85%.
As presented, the building’s unit mix and recent electrical upgrades provide a straightforward setup for income-focused ownership, with additional value opportunities tied to bringing the laundry equipment into use and completing light unit refreshes.
Key Highlights
- 16‑unit multifamily property in Oklahoma City with a unit mix of 9 two‑bedroom, 6 one‑bedroom, and 1 three‑bedroom units
- 85% occupancy reported, with the property described as cash‑flowing
- Electrical systems have been fully upgraded by current ownership
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
$100,921
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
8.48%
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%
$2,018,420
$2.0M
Cap Rate 7%
$1,441,729
$1.4M
Cap Rate 9%
$1,121,344
$1.1M
Market Conditions
NOI Build-Up for 11,948 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
$193.6K $16.20/SF
− Vacancy
−$10.1K −$0.84/SF
EGI
$183.5K $15.36/SF
− OpEx
−$82.6K −$6.91/SF
NOI
$100.9K $8.45/SF
Area
Oklahoma City, OK
Vacancy
5.20%
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%
$2,018,420
Cap Rate 7%
$1,441,729
Cap Rate 9%
$1,121,344
Alternative Uses
Best Use
Apartment 5plus
$1.44M
$1.26M – $1.68M
NOI $100,921 @ 7.0% cap · market cap 8.48%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$4.09M
$3.58M – $4.77M
NOI $286,035 @ 7.0% cap · market cap 24.04%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
16
Residential units
85%
Occupancy
Location Intelligence
Trade Area within ½ mile
825
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?
Apartment building - 16-unit multifamily property with upgraded electrical systems and a mix of 2-, 1-, and 3-bedroom apartments.
Where is this apartment building located?
The property is located at 1731 32nd Street Oklahoma City, OK.
What is the asking price?
The asking price for this property is $1,190,000.
What are key features of this property?
This property features: 16‑unit multifamily property in Oklahoma City with a unit mix of 9 two‑bedroom, 6 one‑bedroom, and 1 three‑bedroom units; 85% occupancy reported, with the property described as cash‑flowing; Electrical systems have been fully upgraded by current ownership
