Remodeled Apartment
For Sale
$554,000
1818 NW 29th Street, Oklahoma City, OK 73106
Residential Income, Oklahoma City, OK
Property Size4,616 SF
Lot Size0.16 Acres
Price / SF$120.02
Days on Market189
Property Features for 1818 NW 29th Street
General Information
Property type
Residential Multi Family
Property subtype
Other
Bedrooms
8
Bathrooms
8
Full bathrooms
8
Rooms
Bathroom 3, Bathroom 2, Bathroom 7, Bedroom 3, Bathroom 4, Bathroom 5, Bathroom 1, Bedroom 4, Bedroom 2, Bedroom 7, Bedroom 1, Bedroom 8, Bathroom 6, Bathroom 8, Bedroom 5, Bedroom 6
Parking
8
Appliances
Water Heater
Lot features
Interior Lot
Elementary school
Capitol Hill ES
Middle school
Classen MS Of Advanced Studies
High school
Capitol Hill HS
Elementary school district
Oklahoma City
Middle school district
Oklahoma City
High school district
Oklahoma City
Directions
Nw. 29th and Classen go West to the property(please don't disturb tenants no signs on property)
Standard status
Active
APN
1818NW29th73106
Size
4,616 SF
Lot size
0.16 Acres
Utilities
Heating system
Natural Gas
Cooling system
Central Air, Electric
Amenities
individual washer/dryer hookups
Building Details
Year built
1933
Floors in Building
2
Building materials
Brick & Frame, Stone
Roof type
Composition
Architectural style
Craftsman
Listing Agency:
RE/MAX Preferred · RE/MAX International
(405) 751-4848
Listed By:
Paul Brooks · License #116430
(405) 990-0548
Added: Feb 21
Changed: Aug 21
Last Checked: Aug 29 at 4:06AM
MLS# 1215446
Copyright © 2026 MLSOK, Inc. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This Craftsman-style apartment building contains 5 fully remodeled units across 4,616 square feet, with 8 bedrooms and 8 bathrooms. Renovation work completed in 2023 included a new composition roof and updated mechanical systems. Each unit has individual washer and dryer hookups, while the building includes brick and frame construction with stone, natural gas heating, and central electric air conditioning.
The property occupies 0.1607 acres at 1818 NW 29th Street in Oklahoma City, Oklahoma. Oklahoma City University is within walking distance, with Midtown and The Paseo described as minutes away. The building is fully leased and reported at an 8.54% cap rate.
The property occupies 0.1607 acres at 1818 NW 29th Street in Oklahoma City, Oklahoma. Oklahoma City University is within walking distance, with Midtown and The Paseo described as minutes away. The building is fully leased and reported at an 8.54% cap rate.
Key Highlights
- 5 fully remodeled apartment units
- 4,616 square feet with 8 bedrooms and 8 bathrooms
- 2023 renovations included a new roof and updated mechanicals
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
$38,990
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
7.04%
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%
$779,800
$779.8K
Cap Rate 7%
$557,000
$557.0K
Cap Rate 9%
$433,222
$433.2K
Market Conditions
NOI Build-Up for 4,616 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
$74.8K $16.20/SF
− Vacancy
−$3.9K −$0.84/SF
EGI
$70.9K $15.36/SF
− OpEx
−$31.9K −$6.91/SF
NOI
$39.0K $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%
$779,800
Cap Rate 7%
$557,000
Cap Rate 9%
$433,222
Alternative Uses
Best Use
Apartment 5plus
$557.0K
$487.4K – $649.8K
NOI $38,990 @ 7.0% cap · market cap 7.04%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$1.58M
$1.38M – $1.84M
NOI $110,507 @ 7.0% cap · market cap 19.95%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
100%
Occupancy
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
948
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
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Apartment building - Five updated units offer individual washer and dryer hookups within a fully leased multifamily property.
Where is this apartment building located?
The property is located at 1818 NW 29th Street Oklahoma City, OK.
What is the asking price?
The asking price for this property is $554,000.
What are key features of this property?
This property features: 5 fully remodeled apartment units; 4,616 square feet with 8 bedrooms and 8 bathrooms; 2023 renovations included a new roof and updated mechanicals
