Triplex with Central
2224 NW 16th Street, Oklahoma City, OK 73107
For Sale
$399,000
Three apartments offer a two-bedroom, two-bedroom, and one-bedroom configuration in Oklahoma City's Plaza District.
Property Size2,655 SF
Price / SF$150.28
Days on Market129
Property Features for 2224 NW 16th Street
General Information
Standard status
Size
Property subtype
Units
Unit Mix
Multifamily Units
Building Details
Building Size
Year Built
Buildings
Construction
Listing Agency:
Real Broker LLC
Listed By:
Steven Spencer
(405) 203-0154
Source:
Lwrealtygroupllc
Added: Jul 4
Changed: Nov 9
Last Checked: Nov 9 at 7:29PM
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 Real Broker LLC
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Investment Insights
Based on property information with market context.
Built in 1921, this triplex contains 2,655 square feet across three apartments: a two-bedroom unit on the ground floor and two upper-level units, one with two bedrooms and one with a single bedroom. The brick-and-frame building has central HVAC in all three units, installed in 2021. Foundation work included wall reinforcement and stabilization, and the basement has been waterproofed.
The property is at 2224 NW 16th Street in Oklahoma City's Plaza District, a few blocks from a commercial corridor. Off-street parking is located at the rear of the building.
The property is at 2224 NW 16th Street in Oklahoma City's Plaza District, a few blocks from a commercial corridor. Off-street parking is located at the rear of the building.
Key Highlights
- Three‑unit layout: two 2‑bedroom apartments and one 1‑bedroom apartment
- 2,655 square feet in a building constructed in 1921
- Central HVAC serving all units, installed in 2021
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$24,237
Cap Rate
6.07%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$484,740
$484.7K
Cap Rate 7%
$346,243
$346.2K
Cap Rate 9%
$269,300
$269.3K
Market Conditions
NOI Build-Up for 2,655 SF
Gross rent
$36.6K $13.80/SF
− Vacancy
−$2.0K −$0.76/SF
EGI
$34.6K $13.04/SF
− OpEx
−$10.4K −$3.91/SF
NOI
$24.2K $9.13/SF
Area
Oklahoma City, OK
Vacancy
5.50%
Lease Rate
$13.80 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$484,740
Cap Rate 7%
$346,243
Cap Rate 9%
$269,300
Alternative Uses
Best Use
Multifamily LT 5
$346.2K
$303.0K – $404.0K
NOI $24,237 @ 7.0% cap · market cap 6.07%
Second Best
Apartment 5plus
$320.4K
$280.3K – $373.8K
NOI $22,426 @ 7.0% cap · market cap 5.62%
Theoretical Best
Specialty Retail
$908.0K
$794.5K – $1.06M
NOI $63,561 @ 7.0% cap · market cap 15.93%
Zoning and permitted uses should be independently verified with authorities.
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Lease Details
3
Residential units
Location Intelligence
Trade Area within ½ mile
465
Businesses Nearby
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Business Placement
Demographics for 73107, OK
26,318
Population
12,621
Households
2.1
Avg Household Size
34
Median Age
31%
College-Educated
80%
High-School Grad
7.6 sq mi
ZIP Area
3,463
Density / Sq Mi
$58,428
Median Household Income
$38,753
Median Earnings
$1,014
Median Rent
$143,000
Median Home Value
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Market
Vacancy Rate% for Multifamily in South region
Frequently Asked Questions
What type of property is this?
Triplex - Three apartments offer a two-bedroom, two-bedroom, and one-bedroom configuration in Oklahoma City's Plaza District.
Where is this triplex located?
The property is located at 2224 NW 16th Street Oklahoma City, OK.
What is the asking price?
The asking price for this property is $399,000.
What are key features of this property?
This property features: Three‑unit layout: two 2‑bedroom apartments and one 1‑bedroom apartment; 2,655 square feet in a building constructed in 1921; Central HVAC serving all units, installed in 2021
