Renovated
For Sale
$180,000
2904 S Indiana Avenue, Oklahoma City, OK 73108
Three updated residential units are leased and occupied, supporting an established multifamily operation.
Property Size1,338 SF
Days on Market9
Property Features for 2904 S Indiana Avenue
General Information
Standard status
Active
Size
1,338 SF
Property subtype
Triplex
Occupancy
100%
Additional Details
Gross Income
$28,080
Multifamily Units
3
Taxes and HOA fees
Annual Taxes
$1,656
Building Details
Building Size
1,338 SF
Year Built
1940
Listing Agency:
Spearhead Realty Group LLC
Listed By:
Thao Nguyen-Pham · License #200060
(405) 514-0930
Source:
Stetsonbentley
Added: Sep 3
Changed: Sep 10
Last Checked: Sep 10 at 6:13AM
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 Spearhead Realty Group LLC
Investment Insights
Based on property information with market context.
This three-unit residential property was built in 1940 and has undergone renovations throughout all units. Each unit is currently leased, and the building is reported as 100% occupied, allowing a purchaser to acquire an operating multifamily asset with residents already in place.
The property is located at 2904 S Indiana Avenue in Oklahoma City, with access to major roads, shopping, dining, and other city amenities. Tenant privacy is required, with showings available by appointment only.
The property is located at 2904 S Indiana Avenue in Oklahoma City, with access to major roads, shopping, dining, and other city amenities. Tenant privacy is required, with showings available by appointment only.
Key Highlights
- Three‑unit triplex with 100% occupancy
- All three units have been renovated
- Each unit is currently leased
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
$12,214
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
6.79%
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%
$244,280
$244.3K
Cap Rate 7%
$174,486
$174.5K
Cap Rate 9%
$135,711
$135.7K
Market Conditions
NOI Build-Up for 1,338 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
$18.5K $13.80/SF
− Vacancy
−$1.0K −$0.76/SF
EGI
$17.4K $13.04/SF
− OpEx
−$5.2K −$3.91/SF
NOI
$12.2K $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%
$244,280
Cap Rate 7%
$174,486
Cap Rate 9%
$135,711
Alternative Uses
Best Use
Multifamily LT 5
$174.5K
$152.7K – $203.6K
NOI $12,214 @ 7.0% cap · market cap 6.79%
Second Best
Apartment 5plus
$161.5K
$141.3K – $188.4K
NOI $11,302 @ 7.0% cap · market cap 6.28%
Theoretical Best
Specialty Retail
$457.6K
$400.4K – $533.9K
NOI $32,032 @ 7.0% cap · market cap 17.80%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
3
Residential units
100%
Occupancy
Location Intelligence
Trade Area within ½ mile
371
Businesses Nearby
Explore this area
Business Placement
Demographics for 73108, OK
14,451
Population
6,221
Households
2.3
Avg Household Size
30
Median Age
4%
College-Educated
56%
High-School Grad
7.6 sq mi
ZIP Area
1,901
Density / Sq Mi
$35,278
Median Household Income
$31,017
Median Earnings
$799
Median Rent
$75,000
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Multifamily in South region
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Frequently Asked Questions
What type of property is this?
Triplex - Three updated residential units are leased and occupied, supporting an established multifamily operation.
Where is this triplex located?
The property is located at 2904 S Indiana Avenue Oklahoma City, OK.
What is the asking price?
The asking price for this property is $180,000.
What are key features of this property?
This property features: Three‑unit triplex with 100% occupancy; All three units have been renovated; Each unit is currently leased
