Five-Unit Apartment
For Sale
$440,000
220 E Springer Ave, Guthrie, OK 73044
Remodeled rental property with separate entrances and tenant-paid electric, gas, and water utilities.
Property Size3,885 SF
Price / SF$113.26
Days on Market35
Property Features for 220 E Springer Ave
General Information
Standard status
Active
Size
3,885 SF
Property subtype
Multi-Family
Occupancy
80%
Units
Unit Mix
1 x 2BR/1BA, 4 x 1BR/1BA
Multifamily Units
5
Additional Details
Gross Income
$47,640
Utilities to Site
Yes
Amenities
stainless appliances
refrigerator
Building Details
Year Built
1930
Year Renovated
2021
Tenancy
Multi
Listing Agency:
Lime Realty
(405) 400-0789
Listed By:
Breann Green
(405) 400-0789
Source:
Oklahomarealestate
Added: Jul 26
Changed: Aug 28
Last Checked: Aug 28 at 8:14AM
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 Lime Realty
Investment Insights
Based on property information with market context.
This five-unit apartment property contains 3885 square feet across a stand-alone two-bedroom, one-bath house and a larger structure with four individual units. Each of those units has one bedroom, one bath, and a private entrance; one also includes an office. The property was remodeled in 2021, with all units rehabilitated and gutted, and the roofs and HVAC systems replaced that year. Stainless appliances and a refrigerator are provided in each unit.
Four of the five units are occupied and leased. Tenants pay their own electric, gas, and water expenses. The property includes two separate lots and two tax IDs, with parking along Springer Avenue. It is located one block from the Guthrie High School baseball field and 0.4 miles from historic downtown Guthrie. The package includes the properties associated with 220, 222, 222.5, and 224 E. Springer and 323 Broad.
Four of the five units are occupied and leased. Tenants pay their own electric, gas, and water expenses. The property includes two separate lots and two tax IDs, with parking along Springer Avenue. It is located one block from the Guthrie High School baseball field and 0.4 miles from historic downtown Guthrie. The package includes the properties associated with 220, 222, 222.5, and 224 E. Springer and 323 Broad.
Key Highlights
- Five‑unit property totaling 3885 square feet
- Four of 5 units occupied and leased
- Unit mix includes a 2‑bedroom house plus four 1‑bedroom units
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
$33,600
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
7.64%
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%
$672,000
$672.0K
Cap Rate 7%
$480,000
$480.0K
Cap Rate 9%
$373,333
$373.3K
Market Conditions
NOI Build-Up for 3,885 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
$65.3K $16.80/SF
− Vacancy
−$4.2K −$1.08/SF
EGI
$61.1K $15.72/SF
− OpEx
−$27.5K −$7.08/SF
NOI
$33.6K $8.65/SF
Area
Logan County, OK
Vacancy
6.40%
Lease Rate
$16.80 /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%
$672,000
Cap Rate 7%
$480,000
Cap Rate 9%
$373,333
Alternative Uses
Best Use
Apartment 5plus
$480.0K
$420.0K – $560.0K
NOI $33,600 @ 7.0% cap · market cap 7.64%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$939.1K
$821.7K – $1.10M
NOI $65,734 @ 7.0% cap · market cap 14.94%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
5
Residential units
80%
Occupancy
Multi-tenant
Tenancy
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
631
Businesses Nearby
Explore this area
Business Placement
Demographics for 73044, OK
24,603
Population
10,050
Households
2.4
Avg Household Size
39
Median Age
24%
College-Educated
91%
High-School Grad
264.7 sq mi
ZIP Area
93
Density / Sq Mi
$71,442
Median Household Income
$39,284
Median Earnings
$890
Median Rent
$200,100
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?
Apartment building - Remodeled rental property with separate entrances and tenant-paid electric, gas, and water utilities.
Where is this apartment building located?
The property is located at 220 E Springer Ave Guthrie, OK.
What is the asking price?
The asking price for this property is $440,000.
What are key features of this property?
This property features: Five‑unit property totaling 3885 square feet; Four of 5 units occupied and leased; Unit mix includes a 2‑bedroom house plus four 1‑bedroom units
