Two-Unit Duplex with
For Sale
$195,000
2009 E 2nd St, Tulsa, OK 74104
Fully leased two-story duplex with updated kitchens, separate laundry areas, and tenant-paid utilities.
Property Size1,432 SF
Price / SF$136.17
Days on Market17
Property Features for 2009 E 2nd St
General Information
Standard status
Active
Size
1,432 SF
Property subtype
Multi-Family
Occupancy
100%
Net Operating Income
$16,500
Financials
Asking Price
$195,000
Cap Rate
8.5%
Units
Unit Mix
2 x 1BR/1.5BA
Multifamily Units
2
Building Details
Year Built
1930
Listing Agency:
Fox And Associates
(918) 456-5288
Listed By:
Century 21 Wright Real Estate
(918) 456-5288
Source:
Century21wright
Added: Aug 16
Changed: Aug 31
Last Checked: Aug 31 at 2:54PM
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 Fox And Associates
Investment Insights
Based on property information with market context.
Built in 1930, this two-story duplex contains two 1-bedroom, 1.5-bath residences, each with an updated kitchen, private backyard, and separate laundry area. The property is fully leased, with tenants responsible for all utilities. Current leases extend through March 2027 and June 2027, providing staggered contractual income across the two units. The building measures 1,432 square feet.
The property is located in Tulsa’s Kendall-Whittier district, six blocks from Circle Cinema and two blocks from Heirloom Rustic Ales. Mother Road Market is 1.1 miles away, while the University of Tulsa is 1.3 miles from the property. Drive-by viewing is permitted, with tenant privacy requested.
The property is located in Tulsa’s Kendall-Whittier district, six blocks from Circle Cinema and two blocks from Heirloom Rustic Ales. Mother Road Market is 1.1 miles away, while the University of Tulsa is 1.3 miles from the property. Drive-by viewing is permitted, with tenant privacy requested.
Key Highlights
- Two‑unit duplex with two 1‑bedroom, 1.5‑bath residences
- 1,432 square feet; built in 1930
- Each unit includes an updated kitchen, private backyard, and individual laundry area
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
$13,950
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
7.15%
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%
$279,000
$279.0K
Cap Rate 7%
$199,286
$199.3K
Cap Rate 9%
$155,000
$155.0K
Market Conditions
NOI Build-Up for 1,432 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 $15.36/SF
− Vacancy
−$2.1K −$1.44/SF
EGI
$19.9K $13.92/SF
− OpEx
−$6.0K −$4.17/SF
NOI
$13.9K $9.74/SF
Area
Tulsa, OK
Vacancy
9.40%
Lease Rate
$15.36 /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%
$279,000
Cap Rate 7%
$199,286
Cap Rate 9%
$155,000
Alternative Uses
Best Use
Multifamily LT 5
$199.3K
$174.4K – $232.5K
NOI $13,950 @ 7.0% cap · market cap 7.15%
Second Best
Apartment 5plus
$182.5K
$159.7K – $212.9K
NOI $12,773 @ 7.0% cap · market cap 6.55%
Theoretical Best
Office A
$305.4K
$267.3K – $356.3K
NOI $21,380 @ 7.0% cap · market cap 10.96%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
100%
Occupancy
Location Intelligence
Trade Area within ½ mile
742
Businesses Nearby
Explore this area
Business Placement
Demographics for 74104, OK
12,395
Population
6,367
Households
1.9
Avg Household Size
31
Median Age
46%
College-Educated
90%
High-School Grad
2.7 sq mi
ZIP Area
4,591
Density / Sq Mi
$51,886
Median Household Income
$30,951
Median Earnings
$1,109
Median Rent
$224,500
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 - Fully leased two-story duplex with updated kitchens, separate laundry areas, and tenant-paid utilities.
Where is this duplex located?
The property is located at 2009 E 2nd St Tulsa, OK.
What is the asking price?
The asking price for this property is $195,000.
What are key features of this property?
This property features: Two‑unit duplex with two 1‑bedroom, 1.5‑bath residences; 1,432 square feet; built in 1930; Each unit includes an updated kitchen, private backyard, and individual laundry area
