Remodeled Duplex with Privacy
For Sale
$129,000
219 Park Place, Midwest City, OK 73110
Updated interiors and new HVAC systems support a two-unit property near Tinker Air Force Base.
Property Size1,267 SF
Days on Market12
Property Features for 219 Park Place
General Information
Standard status
Active
Size
1,267 SF
Property subtype
Half Duplex
Additional Details
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$1,193
Building Details
Building Size
1,267 SF
Year Built
1979
Listing Agency:
KING Real Estate Group
Listed By:
Karen King · License #122366
(405) 834-1057
Source:
Stetsonbentley
Added: Sep 15
Changed: Sep 25
Last Checked: Sep 24 at 5:19PM
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 KING Real Estate Group
Investment Insights
Based on property information with market context.
This duplex, built in 1979, has undergone recent remodeling with fresh paint, updated flooring, and new HVAC systems. Privacy fencing adds separation around the property, which sits on a cul-de-sac lot. The 1,267-square-foot property offers a compact residential income configuration with refreshed interior finishes and updated mechanical systems.
The property is near Tinker Air Force Base, Downtown OKC, a park, and shopping. Several nearby destinations are within walking distance, adding convenience to the surrounding residential setting.
The property is near Tinker Air Force Base, Downtown OKC, a park, and shopping. Several nearby destinations are within walking distance, adding convenience to the surrounding residential setting.
Key Highlights
- Recent remodeling with fresh paint and updated flooring
- New HVAC systems
- Privacy fencing around the property
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
$8,062
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
6.25%
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%
$161,240
$161.2K
Cap Rate 7%
$115,171
$115.2K
Cap Rate 9%
$89,578
$89.6K
Market Conditions
NOI Build-Up for 1,267 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
$16.3K $12.84/SF
− Vacancy
−$1.6K −$1.27/SF
EGI
$14.7K $11.57/SF
− OpEx
−$6.6K −$5.21/SF
NOI
$8.1K $6.36/SF
Area
Oklahoma County, OK
Vacancy
9.90%
Lease Rate
$12.84 /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%
$161,240
Cap Rate 7%
$115,171
Cap Rate 9%
$89,578
Alternative Uses
Best Use
Apartment 5plus
$115.2K
$100.8K – $134.4K
NOI $8,062 @ 7.0% cap · market cap 6.25%
Second Best
Multifamily LT 5
$110.0K
$96.2K – $128.3K
NOI $7,698 @ 7.0% cap · market cap 5.97%
Theoretical Best
Office A
$263.9K
$230.9K – $307.9K
NOI $18,472 @ 7.0% cap · market cap 14.32%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
393
Businesses Nearby
Explore this area
Business Placement
Demographics for 73110, OK
33,156
Population
15,826
Households
2.1
Avg Household Size
35
Median Age
20%
College-Educated
91%
High-School Grad
15.5 sq mi
ZIP Area
2,139
Density / Sq Mi
$50,436
Median Household Income
$35,043
Median Earnings
$1,007
Median Rent
$119,900
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 - Updated interiors and new HVAC systems support a two-unit property near Tinker Air Force Base.
Where is this duplex located?
The property is located at 219 Park Place Midwest City, OK.
What is the asking price?
The asking price for this property is $129,000.
What are key features of this property?
This property features: Recent remodeling with fresh paint and updated flooring; New HVAC systems; Privacy fencing around the property
