Duplex with Two-Bedroom
For Sale
$240,000
2240 Donna Drive, Norman, OK 73071
MULTI_FAMILY - Other - Norman, OK
Property Size2,024 SF
Lot Size0.20 Acres
Price / SF$118.58
Days on Market47
Property Features for 2240 Donna Drive
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Bedrooms
4
Bathrooms
2
Full bathrooms
2
Rooms
Bedroom 3, Bathroom 2, Bedroom 4, Bathroom 1, Bedroom 1, Bedroom 2
Lot features
Campus Area, Interior Lot
Elementary school
Madison ES
Middle school
Irving MS
High school
Norman HS
Elementary school district
Norman
Middle school district
Norman
High school district
Norman
Directions
From east Highway 9, go north on Classen, east on Drake drive, then make the first right onto Donna drive.
Standard status
Active
APN
2240NONEDonna2238and224073071
Size
2,024 SF
Lot size
0.20 Acres
Utilities
Heating system
Natural Gas
Cooling system
Central Air, Electric
Building Details
Year built
1978
Floors in Building
1
Building materials
Brick
Roof type
Composition
Architectural style
Other
Listing Agency:
Keller Williams Realty-Mulinix
(405) 329-6976
Listed By:
Bella Queirolo
(661) 414-3928
Added: Jun 26
Changed: Aug 1
Last Checked: Aug 11 at 5:06PM
MLS# 1236501
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.
Duplex property at 2240 Donna Drive, Norman, OK 73071, built in 1978. The property totals 2,024 SF on a 0.2-acre lot and is constructed of brick with a composition roof. Heating is natural gas and cooling is electric central air.
The duplex is fully occupied on both sides. Each unit features two bedrooms, one full bathroom, and a one-car garage. Recent updates include newer stoves and dishwashers in both units, and a new washer, dryer, and water heater in one of the units.
Set up for straightforward rental operation, this duplex offers two separately leased units with similar layouts and established tenant occupancy.
The duplex is fully occupied on both sides. Each unit features two bedrooms, one full bathroom, and a one-car garage. Recent updates include newer stoves and dishwashers in both units, and a new washer, dryer, and water heater in one of the units.
Set up for straightforward rental operation, this duplex offers two separately leased units with similar layouts and established tenant occupancy.
Key Highlights
- Fully occupied duplex on both sides near the University of Oklahoma
- Brick duplex built in 1978 with a composition roof
- 2,024 SF total on a 0.2‑acre lot
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
Property Profile
Current Use
Lease Details
100%
Occupancy
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
285
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 - Fully occupied brick duplex near the University of Oklahoma, with updated appliances and two-bedroom units plus one-car garages.
Where is this duplex located?
The property is located at 2240 Donna Drive 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 on both sides near the University of Oklahoma; Brick duplex built in 1978 with a composition roof; 2,024 SF total on a 0.2‑acre lot
