Remodeled Quadplex With Updated
For Sale
$349,000
307 S Lewis St, Stillwater, OK 74074
Four-unit residential property with renovated interiors, gravel parking, and pedestrian access to Oklahoma State University.
Property Size2,080 SF
Price / SF$167.79
Days on Market92
Property Features for 307 S Lewis St
General Information
Standard status
Active
Size
2,080 SF
Property subtype
Residential Income
Additional Details
Multifamily Units
4
Taxes and HOA fees
Annual Taxes
$1,460
Listing Agency:
RE/MAX Signature
(918) 397-9990
Listed By:
Autumn Mehl
(918) 397-9990
Source:
Exprealty
Added: May 18
Changed: Aug 16
Last Checked: Aug 16 at 6:45AM
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 RE/MAX Signature
Investment Insights
Based on property information with market context.
This 2,080-square-foot quadplex contains four residential units, with substantial interior improvements across the property. The two lower apartments feature renovated kitchens with granite countertops, open shelving, new appliances, updated bathrooms, refreshed flooring, new lighting, and contemporary paint. The upper units have also received prior updates.
The property is located at 307 S Lewis St in Stillwater, near Oklahoma State University and within walking distance of campus. Its setting provides campus access while remaining outside the area described as experiencing heavier game-day traffic. A newly installed gravel parking area accommodates approximately 6–8 vehicles, and 2026 leases are already beginning.
The property is located at 307 S Lewis St in Stillwater, near Oklahoma State University and within walking distance of campus. Its setting provides campus access while remaining outside the area described as experiencing heavier game-day traffic. A newly installed gravel parking area accommodates approximately 6–8 vehicles, and 2026 leases are already beginning.
Key Highlights
- 2,080‑square‑foot quadplex with four residential units
- Two lower units renovated with new kitchens, bathrooms, flooring, lighting, paint, and appliances
- Granite countertops and open shelving included in the lower‑unit kitchen upgrades
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
$16,011
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
4.59%
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%
$320,220
$320.2K
Cap Rate 7%
$228,729
$228.7K
Cap Rate 9%
$177,900
$177.9K
Market Conditions
NOI Build-Up for 2,080 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
$25.5K $12.24/SF
− Vacancy
−$2.6K −$1.24/SF
EGI
$22.9K $11.00/SF
− OpEx
−$6.9K −$3.30/SF
NOI
$16.0K $7.70/SF
Area
Payne County, OK
Vacancy
10.16%
Lease Rate
$12.24 /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%
$320,220
Cap Rate 7%
$228,729
Cap Rate 9%
$177,900
Alternative Uses
Best Use
Multifamily LT 5
$228.7K
$200.1K – $266.9K
NOI $16,011 @ 7.0% cap · market cap 4.59%
Second Best
Apartment 5plus
$211.9K
$185.4K – $247.2K
NOI $14,834 @ 7.0% cap · market cap 4.25%
Theoretical Best
Office A
$511.5K
$447.6K – $596.8K
NOI $35,805 @ 7.0% cap · market cap 10.26%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
4
Residential units
Location Intelligence
Trade Area within ½ mile
1,764
Businesses Nearby
Explore this area
Business Placement
Demographics for 74074, OK
32,326
Population
14,328
Households
2.3
Avg Household Size
29
Median Age
51%
College-Educated
96%
High-School Grad
127.4 sq mi
ZIP Area
254
Density / Sq Mi
$50,245
Median Household Income
$26,971
Median Earnings
$965
Median Rent
$247,300
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 residential property with renovated interiors, gravel parking, and pedestrian access to Oklahoma State University.
Where is this quadplex located?
The property is located at 307 S Lewis St Stillwater, OK.
What is the asking price?
The asking price for this property is $349,000.
What are key features of this property?
This property features: 2,080‑square‑foot quadplex with four residential units; Two lower units renovated with new kitchens, bathrooms, flooring, lighting, paint, and appliances; Granite countertops and open shelving included in the lower‑unit kitchen upgrades
