Updated Duplex with Fenced
New
For Sale
$349,900
2308 Heatherfield Lane, Norman, OK 73071
Residential Income, Norman, OK
Property Size2,648 SF
Lot Size0.18 Acres
Price / SF$132.14
Days on Market2
Property Features for 2308 Heatherfield Lane
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Bedrooms
8
Bathrooms
4
Full bathrooms
4
Rooms
Bedroom 7, Bedroom 1, Bathroom 2, Bedroom 5, Bathroom 4, Bathroom 3, Bedroom 4, Bedroom 2, Bedroom 3, Bedroom 6, Bathroom 1, Bedroom 8
Parking
4
Lot features
Cul-De-Sac, Greenbelt
Elementary school
Ronald Reagan ES
Middle school
Irving MS
High school
Norman HS
Elementary school district
Norman
Middle school district
Norman
High school district
Norman
Directions
Head West on Heatherfield Lane from 24th Ave SE.
Standard status
Active
APN
2308NONEHeatherfield73071
Size
2,648 SF
Lot size
0.18 Acres
Utilities
Heating system
Natural Gas
Cooling system
Electric, Central Air
Building Details
Year built
2002
Floors in Building
1
Building materials
Brick & Frame
Roof type
Shingle
Architectural style
Cape Cod
Listing Agency:
828 Real Estate LLC
(405) 701-8881
Listed By:
Matthew Hogan
(405) 568-9652
Added: Aug 21
Last Checked: Aug 22 at 6:06PM
MLS# 1245665
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 duplex contains two matching residences with a combined property size of 2,648 square feet. Each side includes four bedrooms, two full bathrooms, a living room, kitchen, dining area, and full-size laundry space. Interior updates include wood-look flooring, fresh paint, and granite countertops, while each unit also has a fenced backyard. The property was built in 2002 with brick and frame construction, shingle roofing, natural gas heat, and electric central air conditioning.
Located in Norman near Highway 9 and the university, the property sits on a 0.18-acre lot. Parking accommodates four vehicles comfortably and can support up to eight when needed. The 2308 Heatherfield unit is leased through March 2027; showings are arranged through the 2312 side to maintain tenant privacy.
Located in Norman near Highway 9 and the university, the property sits on a 0.18-acre lot. Parking accommodates four vehicles comfortably and can support up to eight when needed. The 2308 Heatherfield unit is leased through March 2027; showings are arranged through the 2312 side to maintain tenant privacy.
Key Highlights
- Two‑unit duplex with 4 bedrooms and 2 full baths in each residence
- 2,648 square feet on a 0.18‑acre lot
- Both units include full‑size laundry areas, living rooms, kitchens, and dining spaces
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
$24,001
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
6.86%
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%
$480,020
$480.0K
Cap Rate 7%
$342,871
$342.9K
Cap Rate 9%
$266,678
$266.7K
Market Conditions
NOI Build-Up for 2,648 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
$36.5K $13.80/SF
− Vacancy
−$2.3K −$0.85/SF
EGI
$34.3K $12.95/SF
− OpEx
−$10.3K −$3.88/SF
NOI
$24.0K $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%
$480,020
Cap Rate 7%
$342,871
Cap Rate 9%
$266,678
Alternative Uses
Best Use
Multifamily LT 5
$342.9K
$300.0K – $400.0K
NOI $24,001 @ 7.0% cap · market cap 6.86%
Second Best
Apartment 5plus
$315.1K
$275.8K – $367.7K
NOI $22,060 @ 7.0% cap · market cap 6.30%
Theoretical Best
Specialty Retail
$457.6K
$400.4K – $533.8K
NOI $32,030 @ 7.0% cap · market cap 9.15%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
139
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 - Two matching residences provide spacious layouts, private outdoor areas, and refreshed interior finishes.
Where is this duplex located?
The property is located at 2308 Heatherfield Lane Norman, OK.
What is the asking price?
The asking price for this property is $349,900.
What are key features of this property?
This property features: Two‑unit duplex with 4 bedrooms and 2 full baths in each residence; 2,648 square feet on a 0.18‑acre lot; Both units include full‑size laundry areas, living rooms, kitchens, and dining spaces
