4-Unit Quadplex with New
For Sale
$475,000
229 Chalmette Drive, Norman, OK 73071
Four residential units offer two-bedroom layouts with central heating and air, fireplaces, appliances, and washer/dryer hookups.
Property Size3,792 SF
Days on Market33
Property Features for 229 Chalmette Drive
General Information
Standard status
Active
Size
3,792 SF
Total Parking Spaces
8
Property subtype
Residential Income
Units
Unit Mix
4 x 2BR/1BA
Multifamily Units
4
Taxes and HOA fees
Annual Taxes
$2,768
Building Details
Building Size
3,792 SF
Year Built
1982
Buildings
1
Stories
2
Units
4
Listing Agency:
RJH Realty Investments Inc
(405) 409-4465
Listed By:
Rudy Hymer · License #71687
(405) 409-4465
Source:
Jarmanrealtyok
Added: Jul 22
Changed: Aug 22
Last Checked: Aug 22 at 5:29AM
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 RJH Realty Investments Inc
Investment Insights
Based on property information with market context.
Built in 1982, this four-unit residential income property contains approximately 975 square feet per unit. Each apartment includes two bedrooms, one bathroom, central heat and air, a fireplace, kitchen appliances, and washer/dryer hookups, creating a consistent unit configuration across the property.
The property is approximately 2 miles from the University of Oklahoma campus. Improvements include a class 4 hail-resistant roof installed in 2025 and replacement windows completed in 2017. The four-unit layout provides a straightforward multifamily configuration for ownership and management.
The property is approximately 2 miles from the University of Oklahoma campus. Improvements include a class 4 hail-resistant roof installed in 2025 and replacement windows completed in 2017. The four-unit layout provides a straightforward multifamily configuration for ownership and management.
Key Highlights
- Four‑unit property with approximately 975 square feet per unit
- Each unit includes 2 bedrooms and 1 bathroom
- Central heat and air, fireplace, kitchen appliances, and washer/dryer hookups in every unit
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
$34,371
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
7.24%
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%
$687,420
$687.4K
Cap Rate 7%
$491,014
$491.0K
Cap Rate 9%
$381,900
$381.9K
Market Conditions
NOI Build-Up for 3,792 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
$52.3K $13.80/SF
− Vacancy
−$3.2K −$0.85/SF
EGI
$49.1K $12.95/SF
− OpEx
−$14.7K −$3.88/SF
NOI
$34.4K $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%
$687,420
Cap Rate 7%
$491,014
Cap Rate 9%
$381,900
Alternative Uses
Best Use
Multifamily LT 5
$491.0K
$429.6K – $572.9K
NOI $34,371 @ 7.0% cap · market cap 7.24%
Second Best
Apartment 5plus
$451.3K
$394.9K – $526.5K
NOI $31,591 @ 7.0% cap · market cap 6.65%
Theoretical Best
Specialty Retail
$655.3K
$573.4K – $764.5K
NOI $45,868 @ 7.0% cap · market cap 9.66%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
4
Residential units
Location Intelligence
Trade Area within ½ mile
376
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?
Quadplex - Four residential units offer two-bedroom layouts with central heating and air, fireplaces, appliances, and washer/dryer hookups.
Where is this quadplex located?
The property is located at 229 Chalmette Drive Norman, OK.
What is the asking price?
The asking price for this property is $475,000.
What are key features of this property?
This property features: Four‑unit property with approximately 975 square feet per unit; Each unit includes 2 bedrooms and 1 bathroom; Central heat and air, fireplace, kitchen appliances, and washer/dryer hookups in every unit
