Multifamily
For Sale
$250,000
2840 NW 23rd St, Oklahoma City, OK 73107
Multifamily asset with documented 1932 construction.
Property Size2,116 SF
Price / SF$118.15
Days on Market19
Property Features for 2840 NW 23rd St
General Information
Standard status
Active
Size
2,116 SF
Property subtype
Multi-Family
Building Details
Year Built
1932
Listing Agency:
Lime Realty
(405) 254-6310
Listed By:
Breann Green
(405) 400-0789
Source:
Oklahomarealestate
Added: Aug 15
Changed: Aug 30
Last Checked: Sep 1 at 6:18PM
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 multifamily property contains 2,116 square feet and was constructed in 1932. The asset is located at 2840 NW 23rd St in Oklahoma City, Oklahoma 73107.
Key Highlights
- 2,116‑square‑foot multifamily property
- Constructed in 1932
- Located at 2840 NW 23rd St, Oklahoma City, OK 73107
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
$17,873
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
7.15%
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%
$357,460
$357.5K
Cap Rate 7%
$255,329
$255.3K
Cap Rate 9%
$198,589
$198.6K
Market Conditions
NOI Build-Up for 2,116 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
$34.3K $16.20/SF
− Vacancy
−$1.8K −$0.84/SF
EGI
$32.5K $15.36/SF
− OpEx
−$14.6K −$6.91/SF
NOI
$17.9K $8.45/SF
Area
Oklahoma City, OK
Vacancy
5.20%
Lease Rate
$16.20 /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%
$357,460
Cap Rate 7%
$255,329
Cap Rate 9%
$198,589
Alternative Uses
Best Use
Apartment 5plus
$255.3K
$223.4K – $297.9K
NOI $17,873 @ 7.0% cap · market cap 7.15%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$723.7K
$633.2K – $844.3K
NOI $50,657 @ 7.0% cap · market cap 20.26%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
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?
Multifamily property - Multifamily asset with documented 1932 construction.
Where is this multifamily property located?
The property is located at 2840 NW 23rd St Oklahoma City, OK.
What is the asking price?
The asking price for this property is $250,000.
What are key features of this property?
This property features: 2,116‑square‑foot multifamily property; Constructed in 1932; Located at 2840 NW 23rd St, Oklahoma City, OK 73107
