Two-Bedroom Half Duplex with Greenbelt
For Sale
$222,750
231 N Kelly Avenue, Edmond, OK 73003
Residential, Edmond, OK
Property Size1,400 SF
Lot Size0.04 Acres
Price / SF$159.11
Days on Market118
Property Features for 231 N Kelly Avenue
General Information
Property type
Residential
Property subtype
Duplex
Bedrooms
2
Bathrooms
2
Full bathrooms
2
Rooms
Bathroom 2, Bedroom 1, Bathroom 1, Bedroom 2
Patio and Porch features
Patio
Interior features
Ceiling Fan(s), Laundry Room, Stained Wood, Window Treatments
Exterior features
Patio - Open, Rain Gutters
Fireplace
1
Appliances
Dishwasher, Disposal, Water Heater
Lot features
Cul-De-Sac, Greenbelt
Elementary school
Ida Freeman ES
Middle school
Cheyenne MS
High school
North HS
Elementary school district
Edmond
Middle school district
Edmond
High school district
Edmond
Directions
From 2nd & Kelly, go north on Kelly, last left info Chateau, last duplex at end of the road.
Standard status
Active
APN
231NKelly73003
Size
1,400 SF
Lot size
0.04 Acres
Taxes and HOA fees
HOA Fee
$1,020 Annually
Utilities
Utilities
Cable Available
Heating system
Natural Gas
Cooling system
Central Air, Electric
Amenities
fireplace
breakfast bar
soaking tub
separate shower
walk-in closet
fenced backyard
patio
Building Details
Year built
1999
Flooring type
Carpet, Combo, Tile
Building materials
Brick, Brick & Frame, Frame
Roof type
Composition
Architectural style
Other
Listing Agency:
Castles & Homes Real Estate
(405) 806-0003
Listed By:
Sharon Castles · License #160042
(405) 483-0003
Added: May 4
Changed: Aug 21
Last Checked: Aug 29 at 12:06PM
MLS# 1227322
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 half duplex, built in 1999, provides 1,400 square feet with two bedrooms, two full bathrooms, and a two-car garage. The interior centers on an open living, dining, and kitchen arrangement with a fireplace and breakfast bar. The primary suite includes a soaking tub, separate shower, vanity, and oversized walk-in closet, while the second bedroom is positioned near the utility room and additional bathroom. A fenced backyard, open patio, rain gutters, central air, electric cooling, and natural gas heat complete the property.
The home is located at 231 N Kelly Avenue in Edmond, near Kelly and 2nd. It adjoins a greenbelt and undeveloped, tree-covered land, with no neighboring properties to the north or west. The setting also provides access to shopping, dining, highways, and the University of Central Oklahoma. HOA services include lawn mowing, sprinkler water and repairs, perimeter fence repairs, entrance lighting, and common-area maintenance.
The home is located at 231 N Kelly Avenue in Edmond, near Kelly and 2nd. It adjoins a greenbelt and undeveloped, tree-covered land, with no neighboring properties to the north or west. The setting also provides access to shopping, dining, highways, and the University of Central Oklahoma. HOA services include lawn mowing, sprinkler water and repairs, perimeter fence repairs, entrance lighting, and common-area maintenance.
Key Highlights
- 1,400‑square‑foot half duplex with 2 bedrooms, 2 full bathrooms, and a 2‑car garage
- Greenbelt adjacency and undeveloped land with mature trees to the north and west
- Open living, dining, and kitchen layout with fireplace and breakfast bar
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
$8,908
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
4.00%
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%
$178,160
$178.2K
Cap Rate 7%
$127,257
$127.3K
Cap Rate 9%
$98,978
$99.0K
Market Conditions
NOI Build-Up for 1,400 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
$18.0K $12.84/SF
− Vacancy
−$1.8K −$1.27/SF
EGI
$16.2K $11.57/SF
− OpEx
−$7.3K −$5.21/SF
NOI
$8.9K $6.36/SF
Area
Oklahoma County, OK
Vacancy
9.90%
Lease Rate
$12.84 /SF/Yr
Expense Ratio
45.00%
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%
$178,160
Cap Rate 7%
$127,257
Cap Rate 9%
$98,978
Alternative Uses
Best Use
Apartment 5plus
$127.3K
$111.4K – $148.5K
NOI $8,908 @ 7.0% cap · market cap 4.00%
Second Best
Multifamily LT 5
$121.5K
$106.3K – $141.8K
NOI $8,506 @ 7.0% cap · market cap 3.82%
Theoretical Best
Office A
$291.6K
$255.2K – $340.2K
NOI $20,412 @ 7.0% cap · market cap 9.16%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
1
Residential units
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
558
Businesses Nearby
Explore this area
Business Placement
Demographics for 73003, OK
22,648
Population
9,760
Households
2.3
Avg Household Size
36
Median Age
42%
College-Educated
93%
High-School Grad
7.4 sq mi
ZIP Area
3,061
Density / Sq Mi
$76,957
Median Household Income
$45,176
Median Earnings
$1,338
Median Rent
$230,000
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 - Open-concept residence with a fireplace, fenced backyard, patio, and attached garage.
Where is this duplex located?
The property is located at 231 N Kelly Avenue Edmond, OK.
What is the asking price?
The asking price for this property is $222,750.
What are key features of this property?
This property features: 1,400‑square‑foot half duplex with 2 bedrooms, 2 full bathrooms, and a 2‑car garage; Greenbelt adjacency and undeveloped land with mature trees to the north and west; Open living, dining, and kitchen layout with fireplace and breakfast bar
