Redevelopment Parcel with Two
For Sale
$364,500
222 N Blackwelder Avenue, Edmond, OK 73034
MULTI_FAMILY - Edmond, OK
Property Size1,754 SF
Lot Size0.16 Acres
Price / SF$207.81
Days on Market56
Property Features for 222 N Blackwelder Avenue
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
Commercial
Directions
From Blackwelder Ave and Ayers go S on Blackwelder to Campbell. Property is on the SE side of the street.
Standard status
Active
APN
222NBlackwelder73034
Size
1,754 SF
Lot size
0.16 Acres
Building Details
Year built
1962
Floors in Building
1
Building materials
Frame
Listing Agency:
OK Flat Fee Realty
(405) 759-8448
Listed By:
Chance Daggs · License #177744
(405) 759-8448
Added: Jun 19
Changed: Aug 10
Last Checked: Aug 12 at 11:06PM
MLS# 1235600
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.
Two separate properties offered together for one price: 222 and 224 N Blackwelder Avenue in Edmond, Oklahoma. The assembly includes two single-family structures and is described as totaling approximately 0.32 acres on a level site.
The property is positioned for redevelopment within Edmond’s commercial planning framework, with the remarks citing C-2 (Neighborhood Commercial) zoning and inclusion in the Edmond PUD. The location is presented as being near University of Central Oklahoma (UCO) and the Downtown Edmond area, with convenient access to the Railyard, local shopping, and the Edmond Farmers Market. Utilities are described as currently present, intended to reduce initial site preparation hurdles for new development.
Prospective buyers should verify zoning ordinances, specific building requirements, and any school district considerations with the City of Edmond.
The property is positioned for redevelopment within Edmond’s commercial planning framework, with the remarks citing C-2 (Neighborhood Commercial) zoning and inclusion in the Edmond PUD. The location is presented as being near University of Central Oklahoma (UCO) and the Downtown Edmond area, with convenient access to the Railyard, local shopping, and the Edmond Farmers Market. Utilities are described as currently present, intended to reduce initial site preparation hurdles for new development.
Prospective buyers should verify zoning ordinances, specific building requirements, and any school district considerations with the City of Edmond.
Key Highlights
- Two properties sold for one price: 222 & 224 N Blackwelder Ave in central Edmond
- Approximately 0.32 acres (14,000 SF) with two existing single‑family structures (1,034 SF and 720 SF)
- Zoned C‑2 (Neighborhood Commercial) and part of Edmond’s PUD
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
$15,859
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
4.35%
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%
$317,180
$317.2K
Cap Rate 7%
$226,557
$226.6K
Cap Rate 9%
$176,211
$176.2K
Market Conditions
NOI Build-Up for 1,754 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
$28.4K $16.20/SF
− Vacancy
−$3.0K −$1.73/SF
EGI
$25.4K $14.47/SF
− OpEx
−$9.5K −$5.42/SF
NOI
$15.9K $9.04/SF
Area
Oklahoma County, OK
Vacancy
10.70%
Lease Rate
$16.20 /SF/Yr
Expense Ratio
37.50%
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%
$317,180
Cap Rate 7%
$226,557
Cap Rate 9%
$176,211
Alternative Uses
Best Use
Mixed Use
$226.6K
$198.2K – $264.3K
NOI $15,859 @ 7.0% cap · market cap 4.35%
Second Best
Apartment 5plus
$159.4K
$139.5K – $186.0K
NOI $11,160 @ 7.0% cap · market cap 3.06%
Theoretical Best
Office A
$365.3K
$319.7K – $426.2K
NOI $25,573 @ 7.0% cap · market cap 7.02%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
402
Businesses Nearby
Explore this area
Business Placement
Demographics for 73034, OK
47,553
Population
18,727
Households
2.5
Avg Household Size
37
Median Age
59%
College-Educated
96%
High-School Grad
51.7 sq mi
ZIP Area
920
Density / Sq Mi
$113,296
Median Household Income
$52,163
Median Earnings
$1,203
Median Rent
$368,000
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?
Commercial land - Two single-family structures on a level commercial-zoned parcel, totaling approximately 0.32 acres in Edmond, OK.
Where is this commercial land located?
The property is located at 222 N Blackwelder Avenue Edmond, OK.
What is the asking price?
The asking price for this property is $364,500.
What are key features of this property?
This property features: Two properties sold for one price: 222 & 224 N Blackwelder Ave in central Edmond; Approximately 0.32 acres (14,000 SF) with two existing single‑family structures (1,034 SF and 720 SF); Zoned C‑2 (Neighborhood Commercial) and part of Edmond’s PUD
