Duplex with Updated
For Sale
$325,000
Pending
316 Town Park Rd, Norman, OK 73072
Two-unit property featuring refreshed finishes in one residence and a roof replaced in 2021.
Property Size2,296 SF
Days on Market42
Property Features for 316 Town Park Rd
General Information
Standard status
Pending
Size
2,296 SF
Property subtype
Multi-Family
Additional Details
Multifamily Units
2
Building Details
Year Built
1985
Buildings
1
Listing Agency:
The Sterling Group, LLC
(405) 606-5791
Listed By:
David Sterling · License #174987
Source:
Alloverok
Added: Jul 22
Changed: Aug 31
Last Checked: Aug 30 at 8:02PM
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 2,296-square-foot duplex contains four bedrooms and four bathrooms across two residences. Unit 316 has received new flooring, interior paint, a range, refrigerator, countertops, and a toilet in the primary bathroom. Its bathrooms otherwise retain their original character. Unit 318 remains in its original condition, with a newer range, and has been maintained during a long-term tenancy. The property also received a new roof and skylight replacements in 2021.
Located in West Normans Heritage Place, the duplex is approximately a 12-minute drive from the University of Oklahoma campus and is near Sooner Mall, restaurants, and shops. The two-unit layout and combination of updated and existing finishes provide a clear physical profile for residential income use.
Located in West Normans Heritage Place, the duplex is approximately a 12-minute drive from the University of Oklahoma campus and is near Sooner Mall, restaurants, and shops. The two-unit layout and combination of updated and existing finishes provide a clear physical profile for residential income use.
Key Highlights
- 2,296 SF duplex with 4 bedrooms and 4 bathrooms
- Unit 316 features new flooring, paint, range, fridge, countertops, and a primary‑bath toilet
- Unit 318 includes a new range and has been maintained during a long‑term tenancy
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
Location Intelligence
Trade Area within ½ mile
472
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 featuring refreshed finishes in one residence and a roof replaced in 2021.
Where is this duplex located?
The property is located at 316 Town Park Rd 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: 2,296 SF duplex with 4 bedrooms and 4 bathrooms; Unit 316 features new flooring, paint, range, fridge, countertops, and a primary‑bath toilet; Unit 318 includes a new range and has been maintained during a long‑term tenancy
