Renovated Quadplex with
For Sale
$468,000
2321 NW 12th Street A, Oklahoma City, OK 73107
Four spacious residences feature central HVAC, individual water heaters, and shared basement laundry amenities.
Property Size3,496 SF
Price / SF$133.87
Days on Market45
Property Features for 2321 NW 12th Street A
General Information
Standard status
Active
Size
3,496 SF
Property subtype
Multi-Family
Occupancy
100%
Units
Unit Mix
4 x 2BR/1BA
Multifamily Units
4
Amenities
laundry facilities
emergency fire hydrant system
Building Details
Year Built
1932
Buildings
1
Listing Agency:
LIME Realty
(704) 609-1395
Listed By:
Debi Norris · License #129103
Source:
Bktoklahomacity
Added: Jul 19
Changed: Aug 31
Last Checked: Aug 31 at 7:12PM
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 LIME Realty
Investment Insights
Based on property information with market context.
This four-unit residential income property contains 3,496 square feet with a configuration of four two-bedroom, one-bath apartments. The building, originally constructed in 1932, has undergone a comprehensive interior and systems renovation, including replacement of the sewer line to the mainline. Each apartment includes central heat and air, updated windows throughout, and a dedicated water heater. Basement laundry equipment serves the residents, while an emergency fire hydrant system supports the property.
One apartment is located on the ground level and is accessible. Electric service is separately paid by residents, while water, trash, and sewer costs are shared equally among the units; ownership covers electricity for common areas. The property is reported as 100% occupied and is positioned near downtown Oklahoma City, shopping, the Plaza District, and Bricktown.
One apartment is located on the ground level and is accessible. Electric service is separately paid by residents, while water, trash, and sewer costs are shared equally among the units; ownership covers electricity for common areas. The property is reported as 100% occupied and is positioned near downtown Oklahoma City, shopping, the Plaza District, and Bricktown.
Key Highlights
- Four‑unit property with four 2‑bedroom, 1‑bath apartments
- 3,496 square feet; built in 1932
- Comprehensive renovation included sewer line replacement to the mainline
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
$31,914
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
6.82%
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%
$638,280
$638.3K
Cap Rate 7%
$455,914
$455.9K
Cap Rate 9%
$354,600
$354.6K
Market Conditions
NOI Build-Up for 3,496 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
$48.2K $13.80/SF
− Vacancy
−$2.7K −$0.76/SF
EGI
$45.6K $13.04/SF
− OpEx
−$13.7K −$3.91/SF
NOI
$31.9K $9.13/SF
Area
Oklahoma City, OK
Vacancy
5.50%
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%
$638,280
Cap Rate 7%
$455,914
Cap Rate 9%
$354,600
Alternative Uses
Best Use
Multifamily LT 5
$455.9K
$398.9K – $531.9K
NOI $31,914 @ 7.0% cap · market cap 6.82%
Second Best
Apartment 5plus
$421.9K
$369.1K – $492.2K
NOI $29,530 @ 7.0% cap · market cap 6.31%
Theoretical Best
Specialty Retail
$1.20M
$1.05M – $1.39M
NOI $83,694 @ 7.0% cap · market cap 17.88%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
4
Residential units
100%
Occupancy
Location Intelligence
Trade Area within ½ mile
214
Businesses Nearby
Explore this area
Business Placement
Demographics for 73107, OK
26,318
Population
12,621
Households
2.1
Avg Household Size
34
Median Age
31%
College-Educated
80%
High-School Grad
7.6 sq mi
ZIP Area
3,463
Density / Sq Mi
$58,428
Median Household Income
$38,753
Median Earnings
$1,014
Median Rent
$143,000
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?
Quadplex - Four spacious residences feature central HVAC, individual water heaters, and shared basement laundry amenities.
Where is this quadplex located?
The property is located at 2321 NW 12th Street A Oklahoma City, OK.
What is the asking price?
The asking price for this property is $468,000.
What are key features of this property?
This property features: Four‑unit property with four 2‑bedroom, 1‑bath apartments; 3,496 square feet; built in 1932; Comprehensive renovation included sewer line replacement to the mainline
