Occupied Duplex with
For Sale
$240,000
2240 Donna Drive #2238 and 2240, Norman, OK 73071
Both units are leased and include updated appliances, with established tenants in place.
Property Size2,024 SF
Price / SF$118.58
Days on Market47
Property Features for 2240 Donna Drive #2238 and 2240
General Information
Standard status
Active
Size
2,024 SF
Total Parking Spaces
2
Property subtype
Residential Income
Occupancy
100%
Units
Unit Mix
2 x 2BR/1BA
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$2,736
Building Details
Building Size
2,024 SF
Year Built
1978
Buildings
1
Stories
1
Units
2
Tenancy
Multi
Listing Agency:
Keller Williams Realty-Mulinix
(661) 414-3928
Listed By:
Bella Queirolo
(661) 414-3928
Source:
Jarmanrealtyok
Added: Jun 26
Changed: Aug 6
Last Checked: Aug 10 at 12:15PM
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 Keller Williams Realty-Mulinix
Investment Insights
Based on property information with market context.
This duplex contains two separate residential units within a 2,024-square-foot property built in 1978. Each side offers two bedrooms, one full bathroom, and a one-car garage. The property is fully occupied, with tenants currently residing in both units. Appliance improvements include newer stoves and dishwashers in each unit, while one side also has a new washer, dryer, and water heater.
Located at 2240 Donna Drive in Norman, Oklahoma, the property is near the University of Oklahoma. Its two-unit configuration, existing occupancy, and dedicated garage space provide a straightforward residential rental setup for an owner seeking a duplex property.
Located at 2240 Donna Drive in Norman, Oklahoma, the property is near the University of Oklahoma. Its two-unit configuration, existing occupancy, and dedicated garage space provide a straightforward residential rental setup for an owner seeking a duplex property.
Key Highlights
- Fully occupied duplex with tenants in both units
- 2,024 square feet across two residential units
- Each unit includes 2 bedrooms and 1 full bathroom
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
$18,345
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
7.64%
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%
$366,900
$366.9K
Cap Rate 7%
$262,071
$262.1K
Cap Rate 9%
$203,833
$203.8K
Market Conditions
NOI Build-Up for 2,024 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
$27.9K $13.80/SF
− Vacancy
−$1.7K −$0.85/SF
EGI
$26.2K $12.95/SF
− OpEx
−$7.9K −$3.88/SF
NOI
$18.3K $9.06/SF
Area
Norman, OK
Vacancy
6.17%
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%
$366,900
Cap Rate 7%
$262,071
Cap Rate 9%
$203,833
Alternative Uses
Best Use
Multifamily LT 5
$262.1K
$229.3K – $305.8K
NOI $18,345 @ 7.0% cap · market cap 7.64%
Second Best
Apartment 5plus
$240.9K
$210.8K – $281.0K
NOI $16,862 @ 7.0% cap · market cap 7.03%
Theoretical Best
Specialty Retail
$349.7K
$306.0K – $408.0K
NOI $24,482 @ 7.0% cap · market cap 10.20%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
2
Residential units
100%
Occupancy
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
6
Businesses Nearby
Explore this area
Business Placement
Demographics for 73071, OK
43,379
Population
19,192
Households
2.3
Avg Household Size
31
Median Age
42%
College-Educated
94%
High-School Grad
23.3 sq mi
ZIP Area
1,862
Density / Sq Mi
$59,258
Median Household Income
$32,830
Median Earnings
$1,059
Median Rent
$206,600
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 - Both units are leased and include updated appliances, with established tenants in place.
Where is this duplex located?
The property is located at 2240 Donna Drive #2238 and 2240 Norman, OK.
What is the asking price?
The asking price for this property is $240,000.
What are key features of this property?
This property features: Fully occupied duplex with tenants in both units; 2,024 square feet across two residential units; Each unit includes 2 bedrooms and 1 full bathroom
