Renovated Three-Unit
New
For Sale
$180,000
2904 S Indiana Avenue, Oklahoma City, OK 73108
Residential Income, Oklahoma City, OK
Property Size1,338 SF
Lot Size0.06 Acres
Price / SF$134.53
Days on Market5
Property Features for 2904 S Indiana Avenue
General Information
Property type
Residential Multi Family
Property subtype
Triplex
Bedrooms
3
Bathrooms
3
Full bathrooms
3
Rooms
Bedroom 2, Bedroom 1, Bathroom 2, Bathroom 3, Bathroom 1, Bedroom 3
Lot features
Interior Lot
Elementary school
Heronville ES
Middle school
Capitol Hill MS
High school
Capitol Hill HS
Elementary school district
Oklahoma City
Middle school district
Oklahoma City
High school district
Oklahoma City
Directions
Please follow GPS
Standard status
Active
APN
2904SIndiana73108
Size
1,338 SF
Lot size
0.06 Acres
Building Details
Year built
1940
Floors in Building
1
Building materials
Brick & Frame
Roof type
Shingle
Architectural style
Ranch
Listing Agency:
Spearhead Realty Group LLC
(405) 493-8144
Listed By:
Thao Nguyen-Pham · License #200060
(405) 514-0930
Added: Sep 3
Changed: Sep 4
Last Checked: Sep 7 at 2:06PM
MLS# 1247762
Copyright © 2026 MLSOK, Inc. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This three-unit multifamily property offers 1,338 square feet within a ranch-style building constructed in 1940. Each unit has been renovated, and the property is currently 100% occupied with tenants in place. Brick and frame construction, a shingle roof, and three bedrooms and three bathrooms define the existing improvements.
Situated at 2904 S Indiana Avenue in Oklahoma City, the property provides access to major roads, shopping, dining, and other city amenities. The 0.0574-acre parcel supports an established residential income configuration in South Oklahoma City. Showings are available by appointment, with tenants currently occupying the units.
Situated at 2904 S Indiana Avenue in Oklahoma City, the property provides access to major roads, shopping, dining, and other city amenities. The 0.0574-acre parcel supports an established residential income configuration in South Oklahoma City. Showings are available by appointment, with tenants currently occupying the units.
Key Highlights
- Three‑unit property with 100% occupancy
- All three units renovated and leased
- 1,338 square feet on a 0.0574‑acre lot
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
Property Profile
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
Market
Vacancy Rate% for Multifamily in South region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Triplex - Fully leased multifamily property with renovated units and established occupancy.
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 property with 100% occupancy; All three units renovated and leased; 1,338 square feet on a 0.0574‑acre lot
