Updated Duplex With Separate
For Sale
$365,000
2344 NW 12th Street, Oklahoma City, OK 73107
Two renovated rental units offer private access, shared yard space, and separately metered electric and gas service.
Property Size2,376 SF
Days on Market18
Property Features for 2344 NW 12th Street
General Information
Standard status
Active
Size
2,376 SF
Total Parking Spaces
2
Property subtype
Residential Income
Units
Unit Mix
2 x 2BR/1BA
Multifamily Units
2
Additional Details
Utilities to Site
Yes
Taxes and HOA fees
Annual Taxes
$2,458
Amenities
shared outdoor yard space
Building Details
Building Size
2,376 SF
Year Built
1926
Year Renovated
2023
Buildings
1
Stories
2
Units
2
Listing Agency:
Cherrywood
(405) 694-0240
Listed By:
Leslie Wolfe
(405) 694-0240
Source:
Jarmanrealtyok
Added: Aug 6
Changed: Aug 13
Last Checked: Aug 23 at 12:30PM
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 Cherrywood
Investment Insights
Based on property information with market context.
Built in 1926, this Oklahoma City duplex contains two 2-bedroom, 1-bath units, each accessed through its own private entrance. Both residences underwent extensive remodeling in 2023, including kitchen and bathroom renovations, new ovens and ranges, interior paint, trim, baseboards, and windows. Shared outdoor yard space serves the property.
Major capital improvements include a roof installed in late 2023, completed foundation work with certification available, and a new HVAC system with all-new ductwork for the downstairs unit in 2024. Electric and gas are separately metered, while water runs through one shared meter and is owner-paid. The upstairs unit is leased through May 2027. The downstairs unit is vacant, move-in ready, and available to show; it also has documented prior long-term rental history. The property is located at 2344 NW 12th Street near Oklahoma City's historic Miller neighborhood.
Major capital improvements include a roof installed in late 2023, completed foundation work with certification available, and a new HVAC system with all-new ductwork for the downstairs unit in 2024. Electric and gas are separately metered, while water runs through one shared meter and is owner-paid. The upstairs unit is leased through May 2027. The downstairs unit is vacant, move-in ready, and available to show; it also has documented prior long-term rental history. The property is located at 2344 NW 12th Street near Oklahoma City's historic Miller neighborhood.
Key Highlights
- Two 2‑bedroom, 1‑bath units with separate private entrances
- Both units extensively remodeled in 2023
- New roof installed in late 2023
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
$21,690
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
5.94%
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%
$433,800
$433.8K
Cap Rate 7%
$309,857
$309.9K
Cap Rate 9%
$241,000
$241.0K
Market Conditions
NOI Build-Up for 2,376 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
$32.8K $13.80/SF
− Vacancy
−$1.8K −$0.76/SF
EGI
$31.0K $13.04/SF
− OpEx
−$9.3K −$3.91/SF
NOI
$21.7K $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%
$433,800
Cap Rate 7%
$309,857
Cap Rate 9%
$241,000
Alternative Uses
Best Use
Multifamily LT 5
$309.9K
$271.1K – $361.5K
NOI $21,690 @ 7.0% cap · market cap 5.94%
Second Best
Apartment 5plus
$286.7K
$250.9K – $334.5K
NOI $20,069 @ 7.0% cap · market cap 5.50%
Theoretical Best
Specialty Retail
$812.6K
$711.0K – $948.0K
NOI $56,881 @ 7.0% cap · market cap 15.58%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
480
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?
Duplex - Two renovated rental units offer private access, shared yard space, and separately metered electric and gas service.
Where is this duplex located?
The property is located at 2344 NW 12th Street Oklahoma City, OK.
What is the asking price?
The asking price for this property is $365,000.
What are key features of this property?
This property features: Two 2‑bedroom, 1‑bath units with separate private entrances; Both units extensively remodeled in 2023; New roof installed in late 2023
