For Sale
$300,000
208 W Watts Street, El Reno, OK 73036
Residential Income, El Reno, OK
Property Size4,422 SF
Lot Size0.14 Acres
Price / SF$67.84
Days on Market12
Property Features for 208 W Watts Street
General Information
Property type
Residential Multi Family
Property subtype
Other
Bedrooms
9
Bathrooms
8
Full bathrooms
8
Rooms
Bedroom 6, Bathroom 2, Bathroom 3, Bathroom 1, Bathroom 4, Bathroom 7, Bedroom 5, Bedroom 4, Bedroom 7, Bedroom 2, Bathroom 6, Bathroom 5, Bathroom 8, Bedroom 1, Bedroom 8, Bedroom 3, Bedroom 9
Lot features
Corner Lot
Elementary school
Hillcrest ES
Middle school
Etta Dale JHS
High school
El Reno HS
Elementary school district
El Reno
Middle school district
El Reno
High school district
El Reno
Directions
NW corner of Choctaw and Watts
Standard status
Active
APN
208WWatts73036
Size
4,422 SF
Lot size
0.14 Acres
Utilities
Heating system
Electric (Heating)
Cooling system
Electric
Building Details
Year built
1920
Floors in Building
2
Building materials
Brick & Frame
Roof type
Composition
Architectural style
Other
Listing Agency:
Homestead + Co
(405) 509-0541
Listed By:
Tyler Weinrich · License #170512
(405) 641-7659
Added: Sep 17
Changed: Sep 23
Last Checked: Sep 28 at 5:06AM
MLS# 1249741
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.
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
$24,165
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
8.06%
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%
$483,300
$483.3K
Cap Rate 7%
$345,214
$345.2K
Cap Rate 9%
$268,500
$268.5K
Market Conditions
NOI Build-Up for 4,422 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
$48.8K $11.04/SF
− Vacancy
−$4.9K −$1.10/SF
EGI
$43.9K $9.94/SF
− OpEx
−$19.8K −$4.47/SF
NOI
$24.2K $5.46/SF
Area
Canadian County, OK
Vacancy
10.00%
Lease Rate
$11.04 /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%
$483,300
Cap Rate 7%
$345,214
Cap Rate 9%
$268,500
Alternative Uses
Best Use
Apartment 5plus
$345.2K
$302.1K – $402.8K
NOI $24,165 @ 7.0% cap · market cap 8.06%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$962.8K
$842.5K – $1.12M
NOI $67,399 @ 7.0% cap · market cap 22.47%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
522
Businesses Nearby
Explore this area
Business Placement
Demographics for 73036, OK
19,602
Population
7,790
Households
2.5
Avg Household Size
37
Median Age
19%
College-Educated
87%
High-School Grad
183.8 sq mi
ZIP Area
107
Density / Sq Mi
$59,617
Median Household Income
$35,660
Median Earnings
$912
Median Rent
$162,900
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in South region
Questions? Ask Rey
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Frequently Asked Questions
Where is this apartment building located?
The property is located at 208 W Watts Street El Reno, OK.
What is the asking price?
The asking price for this property is $300,000.
