Updated Duplex with
For Sale
$299,000
2833 NW 22nd Street, Oklahoma City, OK 73107
Two residential units offer refreshed interiors and a gated, fenced backyard with tenant-oriented outdoor amenities.
Property Size1,806 SF
Days on Market91
Property Features for 2833 NW 22nd Street
General Information
Standard status
Active
Size
1,806 SF
Property subtype
Duplex
Units
Unit Mix
2 x 2BR/1BA
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$2,396
Amenities
gated and fenced backyard
parking pad
storage sheds
Building Details
Building Size
1,806 SF
Year Built
1928
Buildings
1
Listing Agency:
Verbode
(405) 757-7001
Listed By:
Sarah Bytyqi · License #154928
Source:
Stetsonbentley
Added: May 31
Changed: Aug 28
Last Checked: Aug 28 at 10:37AM
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 Verbode
Investment Insights
Based on property information with market context.
Built in 1928, this duplex contains two matching residential units, each configured with 2 bedrooms and 1 bathroom. Interior improvements include restored hardwood flooring along with updated kitchen and bathroom finishes. The property also includes a gated, fenced backyard with a parking pad and two storage sheds designated for tenant use.
The unit at 2833 NW 22nd Street is leased through April 2027, while unit 2835 is currently available. The property is located in Oklahoma City’s Cleveland neighborhood, providing a combination of existing occupancy and near-term availability within the same duplex.
The unit at 2833 NW 22nd Street is leased through April 2027, while unit 2835 is currently available. The property is located in Oklahoma City’s Cleveland neighborhood, providing a combination of existing occupancy and near-term availability within the same duplex.
Key Highlights
- Two matching units, each with 2 bedrooms and 1 bathroom
- Restored hardwood floors throughout both units
- Updated kitchens and bathrooms
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
$16,486
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
5.51%
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%
$329,720
$329.7K
Cap Rate 7%
$235,514
$235.5K
Cap Rate 9%
$183,178
$183.2K
Market Conditions
NOI Build-Up for 1,806 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
$24.9K $13.80/SF
− Vacancy
−$1.4K −$0.76/SF
EGI
$23.6K $13.04/SF
− OpEx
−$7.1K −$3.91/SF
NOI
$16.5K $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%
$329,720
Cap Rate 7%
$235,514
Cap Rate 9%
$183,178
Alternative Uses
Best Use
Multifamily LT 5
$235.5K
$206.1K – $274.8K
NOI $16,486 @ 7.0% cap · market cap 5.51%
Second Best
Apartment 5plus
$217.9K
$190.7K – $254.3K
NOI $15,255 @ 7.0% cap · market cap 5.10%
Theoretical Best
Specialty Retail
$617.7K
$540.5K – $720.6K
NOI $43,236 @ 7.0% cap · market cap 14.46%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
481
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 residential units offer refreshed interiors and a gated, fenced backyard with tenant-oriented outdoor amenities.
Where is this duplex located?
The property is located at 2833 NW 22nd Street Oklahoma City, OK.
What is the asking price?
The asking price for this property is $299,000.
What are key features of this property?
This property features: Two matching units, each with 2 bedrooms and 1 bathroom; Restored hardwood floors throughout both units; Updated kitchens and bathrooms
