Updated Duplex Near
For Sale
$349,900
2308 Heatherfield Ln, Norman, OK 73071
Two matching residences provide four bedrooms, two full baths, private laundry areas, and fenced backyards on each side.
Property Size2,648 SF
Price / SF$132.14
Days on Market13
Property Features for 2308 Heatherfield Ln
General Information
Standard status
Active
Size
2,648 SF
Property subtype
Residential Income
Units
Unit Mix
2 x 4BR/2BA
Multifamily Units
2
Additional Details
Highway Access
Yes
Amenities
fenced in backyard
full size laundry space
Listing Agency:
828 Real Estate LLC
(405) 701-8881
Listed By:
Matthew Hogan
(405) 568-9652
Source:
Exprealty
Added: Aug 21
Changed: Sep 1
Last Checked: Sep 1 at 9:32PM
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 828 Real Estate LLC
Investment Insights
Based on property information with market context.
This 2,648-square-foot duplex contains two matching residences at 2308 and 2312 Heatherfield. Each side includes four bedrooms, two full bathrooms, a full-size laundry area, and connected living, kitchen, and dining spaces. Both residences also have fenced backyards and have received cosmetic updates, including wood-look flooring, fresh paint, and granite countertops.
The property is in Norman near Highway 9 and the university. Parking accommodates four vehicles comfortably and can hold up to eight when needed. One residence is owner-occupied, while the other is leased through March 2027. The two sides share the same floor plan, with only minor cosmetic differences between them.
The property is in Norman near Highway 9 and the university. Parking accommodates four vehicles comfortably and can hold up to eight when needed. One residence is owner-occupied, while the other is leased through March 2027. The two sides share the same floor plan, with only minor cosmetic differences between them.
Key Highlights
- Two‑unit duplex totaling 2,648 square feet
- Each residence has 4 bedrooms and 2 full baths
- 2308 and 2312 Heatherfield share the same floor plan
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 four bedrooms, two full baths, private laundry areas, and fenced backyards on each side.
Where is this duplex located?
The property is located at 2308 Heatherfield Ln 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 totaling 2,648 square feet; Each residence has 4 bedrooms and 2 full baths; 2308 and 2312 Heatherfield share the same floor plan
