Four-Unit Investment Property Near Fort
For Sale
Contact for pricing
Pending
2903 Northeast Tortoise Drive, Lawton, OK 73507
Four-unit property near Fort Sill with income-generating potential.
Property Size3,328 SF
Days on Market101
Property Features for 2903 Northeast Tortoise Drive
General Information
Standard status
Pending
Size
3,328 SF
Property subtype
Multifamily
Listing Agency:
Cummins-Setters Commercial Partners
(800) 294-8118
Listed By:
Charles Webber · License #OK 149530
Source:
Crexi
Added: May 21
Changed: Aug 8
Last Checked: Jul 24 at 8:49AM
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 Cummins-Setters Commercial Partners
Investment Insights
Based on property information with market context.
This four-unit investment property offers an opportunity for investors to initiate or expand their real estate portfolio. Each unit features a two-bedroom, one-bath configuration. The property generates $2,925 in monthly gross rental income and is currently 100% occupied. Yearly expenses run 22% of gross sales. A new roof contributes to reduced maintenance requirements. The property is located near Fort Sill, Rogers Lane, and Interstate 44, providing easy access to shopping, dining, and employment centers. This property is suited for investors interested in stable cash flow and the potential for increased returns over time.
Key Highlights
- Income‑generating asset with $2,925 monthly gross rental income and potential for increase.
- 100% occupied, ensuring immediate cash flow.
- VA loan eligibility for owner‑occupancy in one of the units (if buyer is VA eligible).
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
$18,513
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
5.44%
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%
$370,260
$370.3K
Cap Rate 7%
$264,471
$264.5K
Cap Rate 9%
$205,700
$205.7K
Market Conditions
NOI Build-Up for 3,328 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
$30.0K $9.00/SF
− Vacancy
−$3.5K −$1.05/SF
EGI
$26.4K $7.95/SF
− OpEx
−$7.9K −$2.38/SF
NOI
$18.5K $5.56/SF
Area
Comanche County, OK
Vacancy
11.70%
Lease Rate
$9.00 /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%
$370,260
Cap Rate 7%
$264,471
Cap Rate 9%
$205,700
Alternative Uses
Best Use
Multifamily LT 5
$264.5K
$231.4K – $308.6K
NOI $18,513 @ 7.0% cap · market cap 5.44%
Second Best
Apartment 5plus
$232.8K
$203.7K – $271.6K
NOI $16,298 @ 7.0% cap · market cap 4.79%
Theoretical Best
Office A
$818.4K
$716.1K – $954.8K
NOI $57,287 @ 7.0% cap · market cap 16.82%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
36
Businesses Nearby
Explore this area
Business Placement
Demographics for 73507, OK
21,605
Population
10,504
Households
2.1
Avg Household Size
38
Median Age
27%
College-Educated
90%
High-School Grad
243.8 sq mi
ZIP Area
89
Density / Sq Mi
$61,092
Median Household Income
$36,244
Median Earnings
$916
Median Rent
$155,400
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-unit property near Fort Sill with income-generating potential.
Where is this quadplex located?
The property is located at 2903 Northeast Tortoise Drive Lawton, OK.
What is the asking price?
The asking price for this property is $340,500.
What are key features of this property?
This property features: Income‑generating asset with $2,925 monthly gross rental income and potential for increase.; 100% occupied, ensuring immediate cash flow.; VA loan eligibility for owner‑occupancy in one of the units (if buyer is VA eligible).
