Duplex with Detached
New
For Sale
$400,000
2229 N Gatewood Ave, Oklahoma City, OK 73106
Tenant-occupied duplex with wood flooring, in-unit appliances, covered porch, and additional storage space.
Property Size2,816 SF
Price / SF$142.05
Days on Market2
Property Features for 2229 N Gatewood Ave
General Information
Standard status
Active
Size
2,816 SF
Property subtype
Multi-Family
Additional Details
Multifamily Units
2
Amenities
wood floors
built-in dining table
electric stove
refrigerator
mud room
stackable washer/dryer
minisplit air conditioner
covered porch
detached garage
Building Details
Year Built
1946
Buildings
1
Listing Agency:
McGraw Davisson Stewart LLC(BO
Listed By:
Jennifer Elliston
(405) 746-0040
Source:
Oklahomerealestate
Added: Sep 6
Last Checked: Sep 7 at 12:04PM
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 McGraw Davisson Stewart LLC(BO
Investment Insights
Based on property information with market context.
Built in 1946, this 2,816-square-foot duplex combines wood flooring with practical residential features, including a built-in dining table, electric stove, refrigerator, mud room, and stackable washer and dryer. A mini-split air conditioner provides cooling, while the covered porch adds an outdoor area. The property also includes a detached garage for tenant use.
Located at 2229 N Gatewood Ave in Oklahoma City’s Gatewood addition, the duplex is currently tenant-occupied. Showings require one full day of advance notice.
Located at 2229 N Gatewood Ave in Oklahoma City’s Gatewood addition, the duplex is currently tenant-occupied. Showings require one full day of advance notice.
Key Highlights
- 2,816‑square‑foot duplex built in 1946
- Currently occupied by tenants
- Detached garage included for tenant use
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
$25,706
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
6.43%
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%
$514,120
$514.1K
Cap Rate 7%
$367,229
$367.2K
Cap Rate 9%
$285,622
$285.6K
Market Conditions
NOI Build-Up for 2,816 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
$38.9K $13.80/SF
− Vacancy
−$2.1K −$0.76/SF
EGI
$36.7K $13.04/SF
− OpEx
−$11.0K −$3.91/SF
NOI
$25.7K $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 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%
$514,120
Cap Rate 7%
$367,229
Cap Rate 9%
$285,622
Alternative Uses
Best Use
Multifamily LT 5
$367.2K
$321.3K – $428.4K
NOI $25,706 @ 7.0% cap · market cap 6.43%
Second Best
Apartment 5plus
$339.8K
$297.3K – $396.4K
NOI $23,786 @ 7.0% cap · market cap 5.95%
Theoretical Best
Specialty Retail
$963.1K
$842.7K – $1.12M
NOI $67,415 @ 7.0% cap · market cap 16.85%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
1,001
Businesses Nearby
Explore this area
Business Placement
Demographics for 73106, OK
12,956
Population
6,069
Households
2.1
Avg Household Size
32
Median Age
40%
College-Educated
85%
High-School Grad
3.0 sq mi
ZIP Area
4,319
Density / Sq Mi
$51,934
Median Household Income
$32,145
Median Earnings
$1,050
Median Rent
$262,500
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 - Tenant-occupied duplex with wood flooring, in-unit appliances, covered porch, and additional storage space.
Where is this duplex located?
The property is located at 2229 N Gatewood Ave Oklahoma City, OK.
What is the asking price?
The asking price for this property is $400,000.
What are key features of this property?
This property features: 2,816‑square‑foot duplex built in 1946; Currently occupied by tenants; Detached garage included for tenant use
