5-Unit Renovated Apartment
For Sale
$434,999
220 E Springer Avenue, Guthrie, OK 73044
Residential Income, Guthrie, OK
Property Size3,885 SF
Lot Size0.08 Acres
Price / SF$111.97
Days on Market194
Property Features for 220 E Springer Avenue
General Information
Property type
Residential Multi Family
Property subtype
Other
Bedrooms
6
Bathrooms
5
Full bathrooms
5
Rooms
Bathroom 3, Bathroom 2, Bedroom 3, Bathroom 4, Bathroom 5, Bathroom 1, Bedroom 4, Bedroom 2, Bedroom 1, Bedroom 5, Bedroom 6
Appliances
Water Heater
Lot features
Corner Lot
Elementary school
Central ES
Middle school
Guthrie JHS
High school
Guthrie HS
Elementary school district
Guthrie
Middle school district
Guthrie
High school district
Guthrie
Directions
Take I-35 North. Exit Hwy 33/Noble Ave . Go approx 2 miles west on Hwy 33/Noble Ave. Turn south on Broad & go 5 blocks. Five unit Multiplex sits on NW corner of Broad/Springer.
Standard status
Active
APN
220ESpringer73044
Size
3,885 SF
Lot size
0.08 Acres
Amenities
stainless appliances
Building Details
Year built
1930
Floors in Building
2
Building materials
Frame
Roof type
Composition
Architectural style
Victorian
Listing Agency:
eXp Realty, LLC
(888) 560-3964
Listed By:
Kathy Parker
(405) 642-1929
Added: Feb 10
Changed: Aug 21
Last Checked: Aug 23 at 7:06AM
MLS# 1211287
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.
Investment Insights
Based on property information with market context.
This 5-unit apartment property includes a detached 2-bedroom, 1-bath house and a larger building with four separately entered apartments. Four units offer 1 bedroom and 1 bath, while one includes an office. The improvements were remodeled and gutted in 2021, with roof replacement and HVAC updates completed the same year. Stainless appliances and a refrigerator are provided in each unit.
The property contains 3885 square feet across two separate lots and two tax IDs, with parking along Springer Avenue. Guthrie High School’s baseball field is one block away, and historic downtown Guthrie is approximately 0.4 miles from the property. All five units are occupied, with leases renewed through 2027. Residents pay their own electric, gas, and water expenses.
The property contains 3885 square feet across two separate lots and two tax IDs, with parking along Springer Avenue. Guthrie High School’s baseball field is one block away, and historic downtown Guthrie is approximately 0.4 miles from the property. All five units are occupied, with leases renewed through 2027. Residents pay their own electric, gas, and water expenses.
Key Highlights
- 5 units totaling 3885 square feet
- All 5 units occupied with leases renewed through 2027
- Units remodeled, rehabbed, and gutted in 2021
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
7.72%
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 7.72%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$939.1K
$821.7K – $1.10M
NOI $65,734 @ 7.0% cap · market cap 15.11%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
5
Residential units
100%
Occupancy
Multi-tenant
Tenancy
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
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Apartment building - Renovated multifamily package with occupied units and leases extending through 2027.
Where is this apartment building located?
The property is located at 220 E Springer Avenue Guthrie, OK.
What is the asking price?
The asking price for this property is $434,999.
What are key features of this property?
This property features: 5 units totaling 3885 square feet; All 5 units occupied with leases renewed through 2027; Units remodeled, rehabbed, and gutted in 2021
