Updated Quadplex with Central
For Sale
$468,000
2321 NW 12th Street, Oklahoma City, OK 73107
Residential Income, Oklahoma City, OK
Property Size3,496 SF
Lot Size0.17 Acres
Price / SF$133.87
Days on Market1321
Property Features for 2321 NW 12th Street
General Information
Property type
Residential Multi Family
Property subtype
Other
Bedrooms
8
Bathrooms
4
Full bathrooms
4
Rooms
Bedroom 8, Bathroom 1, Bedroom 3, Bathroom 2, Bedroom 7, Bedroom 4, Bedroom 5, Bathroom 3, Bedroom 2, Bathroom 4, Bedroom 1, Bedroom 6
Parking
3676
Appliances
Refrigerator, Warming Drawer
Lot features
Interior Lot
Elementary school
Hawthorne ES
Middle school
Taft MS
High school
Northwest Classen HS
Elementary school district
Oklahoma City
Middle school district
Oklahoma City
High school district
Oklahoma City
Directions
From Penn go E on NW 12th to the Complex on the North side
Standard status
Active
APN
2321NW12thA73107
Size
3,496 SF
Lot size
0.17 Acres
Utilities
Heating system
Central, Electric (Heating)
Cooling system
Central Air, Electric
Amenities
Central Heat and Air
Washer and Dryer in Basement
Emergency Fire Hydrant System
Accessible
Individual Water Heaters
Building Details
Year built
1932
Floors in Building
2
Building materials
Brick
Architectural style
Other
Listing Agency:
LIME Realty
(405) 254-6310
Listed By:
Debi Norris · License #129103
(405) 922-0143
Added: Jan 10, 2023
Changed: Aug 21
Last Checked: Aug 23 at 6:06PM
MLS# 1044555
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 3,496-square-foot quadplex contains four two-bedroom, one-bath apartments in a brick building constructed in 1932. The property underwent a comprehensive interior and building-system renovation, including replacement of the sewer line to the mainline. Each residence has central heating and air conditioning, new windows throughout, and an individual water heater. A basement laundry area provides washer and dryer access for residents, while an emergency fire hydrant system serves the complex. One ground-level apartment is accessible.
The property is located at 2321 NW 12th Street in Oklahoma City, near downtown, shopping, the Plaza District, and Bricktown. The 0.17-acre site is fully occupied. Residents pay their own electric service, while water, trash, and sewer costs are shared equally among the units; ownership covers electricity for common areas.
The property is located at 2321 NW 12th Street in Oklahoma City, near downtown, shopping, the Plaza District, and Bricktown. The 0.17-acre site is fully occupied. Residents pay their own electric service, while water, trash, and sewer costs are shared equally among the units; ownership covers electricity for common areas.
Key Highlights
- Four 2‑bedroom, 1‑bath units in a 3,496‑square‑foot quadplex
- Comprehensively remodeled, including sewer line replacement to the mainline
- Central heat and air conditioning with new windows throughout
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
Property Profile
Current Use
Lease Details
4
Residential units
100%
Occupancy
Location Intelligence
Trade Area within ½ mile
438
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 - Remodeled multifamily property with shared basement laundry and one accessible ground-floor residence.
Where is this quadplex located?
The property is located at 2321 NW 12th Street 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 2‑bedroom, 1‑bath units in a 3,496‑square‑foot quadplex; Comprehensively remodeled, including sewer line replacement to the mainline; Central heat and air conditioning with new windows throughout
