Six-Unit Remodeled Apartment
For Sale
$840,000
Pending
214 W Maple Ave, Stillwater, OK 74074
Fully occupied multifamily property with updated interiors, in-unit laundry, gated courtyard, and on-site parking near Oklahoma State University.
Property Size5,824 SF
Days on Market12
Property Features for 214 W Maple Ave
General Information
Standard status
Pending
Size
5,824 SF
Property subtype
Residential Income
Occupancy
100%
Taxes and HOA fees
Annual Taxes
$7,341
Amenities
gated front courtyard
in-unit washer and dryer
Building Details
Year Renovated
2021
Stories
2
Tenancy
Multi
Listing Agency:
RE/MAX Signature
(405) 533-3000
Listed By:
Vicky Jerome · License #115489
(405) 747-7239
Source:
Exprealty
Added: Sep 2
Changed: Sep 12
Last Checked: Sep 12 at 2:37PM
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 RE/MAX Signature
Investment Insights
Based on property information with market context.
This six-unit apartment building contains three upper-level and three lower-level residences, each measuring approximately 970 square feet. Every unit includes two bedrooms, one bathroom, an open living and kitchen area, and a stackable washer and dryer. Granite countertops and luxury vinyl plank flooring are installed throughout, and all six apartments underwent complete remodeling in Fall 2020/Spring 2021. A gated front courtyard and on-site parking serve the property.
Located three blocks from Oklahoma State University in Stillwater, the property is currently 100% occupied. Existing leases extend through May or June 2027, giving the next owner established tenancy at closing. The owner currently pays utilities other than tenant internet and/or cable. Beginning in May 2027, the planned arrangement calls for the owner to pay water, with tenants responsible for other applicable utilities because the property has a single water meter.
Located three blocks from Oklahoma State University in Stillwater, the property is currently 100% occupied. Existing leases extend through May or June 2027, giving the next owner established tenancy at closing. The owner currently pays utilities other than tenant internet and/or cable. Beginning in May 2027, the planned arrangement calls for the owner to pay water, with tenants responsible for other applicable utilities because the property has a single water meter.
Key Highlights
- Six apartment units totaling 5,824 square feet
- 100% occupied with leases extending through May or June 2027
- Each unit offers approximately 970 sq. ft., 2 bedrooms, and 1 bathroom
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
$41,534
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%
$830,680
$830.7K
Cap Rate 7%
$593,343
$593.3K
Cap Rate 9%
$461,489
$461.5K
Market Conditions
NOI Build-Up for 5,824 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
$84.6K $14.52/SF
− Vacancy
−$9.0K −$1.55/SF
EGI
$75.5K $12.97/SF
− OpEx
−$34.0K −$5.83/SF
NOI
$41.5K $7.13/SF
Area
Payne County, OK
Vacancy
10.70%
Lease Rate
$14.52 /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%
$830,680
Cap Rate 7%
$593,343
Cap Rate 9%
$461,489
Alternative Uses
Best Use
Apartment 5plus
$593.3K
$519.2K – $692.2K
NOI $41,534 @ 7.0% cap · market cap 4.94%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.43M
$1.25M – $1.67M
NOI $100,253 @ 7.0% cap · market cap 11.93%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
100%
Occupancy
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
1,898
Businesses Nearby
Explore this area
Business Placement
Demographics for 74074, OK
32,326
Population
14,328
Households
2.3
Avg Household Size
29
Median Age
51%
College-Educated
96%
High-School Grad
127.4 sq mi
ZIP Area
254
Density / Sq Mi
$50,245
Median Household Income
$26,971
Median Earnings
$965
Median Rent
$247,300
Median Home Value
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in South region
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Frequently Asked Questions
What type of property is this?
Apartment building - Fully occupied multifamily property with updated interiors, in-unit laundry, gated courtyard, and on-site parking near Oklahoma State University.
Where is this apartment building located?
The property is located at 214 W Maple Ave Stillwater, OK.
What is the asking price?
The asking price for this property is $840,000.
What are key features of this property?
This property features: Six apartment units totaling 5,824 square feet; 100% occupied with leases extending through May or June 2027; Each unit offers approximately 970 sq. ft., 2 bedrooms, and 1 bathroom
