Tenant-Occupied
New
For Sale
$400,000
2229 N Gatewood Avenue, Oklahoma City, OK 73106
Residential Income, Oklahoma City, OK
Property Size2,816 SF
Lot Size0.16 Acres
Price / SF$142.05
Days on Market2
Property Features for 2229 N Gatewood Avenue
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Bathrooms
3
Full bathrooms
2
Half bathrooms
1
Rooms
Bathroom 1, Bathroom 2, Bathroom 3
Lot features
Interior Lot
Elementary school
Eugene Field ES
Middle school
Moon MS
High school
Douglass HS
Elementary school district
Oklahoma City
Middle school district
Oklahoma City
High school district
Oklahoma City
Standard status
Active
APN
2229NGatewood73106
Size
2,816 SF
Lot size
0.16 Acres
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
Building materials
Brick & Frame
Roof type
Composition
Architectural style
Other
Listing Agency:
McGraw Davisson Stewart LLC(BO
(405) 735-3977
Listed By:
Jennifer Elliston
(405) 746-0040
Added: Sep 1
Last Checked: Sep 2 at 12:06AM
MLS# 1246508
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 2,816-square-foot duplex was constructed in 1946 with brick and frame construction and a composition roof. Interior features include wood flooring, a built-in dining table, an electric range, refrigerator, mud room, stackable washer and dryer, and mini-split air conditioning. The property also includes a covered porch and detached garage.
Situated on a 0.1578-acre lot at 2229 N Gatewood Avenue in Oklahoma City, the property is currently occupied by tenants. The residence includes three listed bathrooms and provides a duplex configuration suited to residential income ownership.
Situated on a 0.1578-acre lot at 2229 N Gatewood Avenue in Oklahoma City, the property is currently occupied by tenants. The residence includes three listed bathrooms and provides a duplex configuration suited to residential income ownership.
Key Highlights
- 2,816‑square‑foot duplex on a 0.1578‑acre lot
- Built in 1946 with brick and frame construction
- Current tenant occupancy
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 - Two-unit residential property with wood flooring, covered porch, detached garage, and current occupants.
Where is this duplex located?
The property is located at 2229 N Gatewood Avenue 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 on a 0.1578‑acre lot; Built in 1946 with brick and frame construction; Current tenant occupancy
