Updated Duplex with
For Sale
$325,000
316 Town Park Road, Norman, OK 73072
Two-unit property with refreshed finishes, preserved bathroom details, and convenient access to campus, shopping, dining, and services.
Property Size2,296 SF
Days on Market72
Property Features for 316 Town Park Road
General Information
Standard status
Active
Size
2,296 SF
Total Parking Spaces
4
Property subtype
Residential Income
Additional Details
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$4,717
Building Details
Building Size
2,296 SF
Year Built
1985
Buildings
1
Stories
1
Units
2
Tenancy
Multi
Listing Agency:
The Sterling Group, LLC
(405) 606-5791
Listed By:
David Sterling · License #174987
(405) 606-5791
Source:
Jarmanrealtyok
Added: Jun 1
Changed: Aug 10
Last Checked: Aug 11 at 2:00PM
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 The Sterling Group, LLC
Investment Insights
Based on property information with market context.
This 4-bedroom, 4-bathroom duplex, built in 1985, includes two separate residential units at 316 and 318 Town Park Road. Unit 316 has refreshed flooring, new paint, a new range, a new refrigerator, updated countertops, and a replacement toilet in the primary bathroom. Its bathrooms retain original detailing. Unit 318 remains in its original condition, with a new range and a long-term tenant noted in the property information.
The duplex received a new roof and skylight replacements in 2021. The property is approximately a 12-minute drive from the University of Oklahoma campus and is also located near Sooner Mall, restaurants, and shops. Its two-unit configuration and existing interior improvements provide a clear residential income property profile.
The duplex received a new roof and skylight replacements in 2021. The property is approximately a 12-minute drive from the University of Oklahoma campus and is also located near Sooner Mall, restaurants, and shops. Its two-unit configuration and existing interior improvements provide a clear residential income property profile.
Key Highlights
- 4‑bedroom, 4‑bathroom duplex built in 1985
- New roof and skylight replacements completed in 2021
- Unit 316 features new flooring, paint, range, refrigerator, and countertops
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
$20,811
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
6.40%
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%
$416,220
$416.2K
Cap Rate 7%
$297,300
$297.3K
Cap Rate 9%
$231,233
$231.2K
Market Conditions
NOI Build-Up for 2,296 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
$31.7K $13.80/SF
− Vacancy
−$2.0K −$0.85/SF
EGI
$29.7K $12.95/SF
− OpEx
−$8.9K −$3.88/SF
NOI
$20.8K $9.06/SF
Area
Norman, OK
Vacancy
6.17%
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%
$416,220
Cap Rate 7%
$297,300
Cap Rate 9%
$231,233
Alternative Uses
Best Use
Multifamily LT 5
$297.3K
$260.1K – $346.9K
NOI $20,811 @ 7.0% cap · market cap 6.40%
Second Best
Apartment 5plus
$273.3K
$239.1K – $318.8K
NOI $19,128 @ 7.0% cap · market cap 5.89%
Theoretical Best
Specialty Retail
$396.7K
$347.2K – $462.9K
NOI $27,772 @ 7.0% cap · market cap 8.55%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
457
Businesses Nearby
Explore this area
Business Placement
Demographics for 73072, OK
51,062
Population
20,915
Households
2.4
Avg Household Size
30
Median Age
53%
College-Educated
95%
High-School Grad
52.2 sq mi
ZIP Area
978
Density / Sq Mi
$76,933
Median Household Income
$32,892
Median Earnings
$1,102
Median Rent
$291,400
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?
Duplex - Two-unit property with refreshed finishes, preserved bathroom details, and convenient access to campus, shopping, dining, and services.
Where is this duplex located?
The property is located at 316 Town Park Road Norman, OK.
What is the asking price?
The asking price for this property is $325,000.
What are key features of this property?
This property features: 4‑bedroom, 4‑bathroom duplex built in 1985; New roof and skylight replacements completed in 2021; Unit 316 features new flooring, paint, range, refrigerator, and countertops
