Building Details

Year Built 1985

Buildings 1

Listing Agency: The Sterling Group, LLC

Listed By: David Sterling · License #174987 Show Phone

Source: Alloverok

Added: Jul 22 Changed: Oct 13 Last Checked: Oct 16 at 9:52AM

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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

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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.

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 / Yr

$20,811

Cap Rate

6.40%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$416,220 $416.2K

Cap Rate 7%

$297,300 $297.3K

Cap Rate 9%

$231,233 $231.2K

Is this asking price fair?

Market Conditions

NOI Build-Up for 2,296 SF

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 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 (±1% cap)

NOI $20,811 @ 7.0% cap · market cap 6.40%

Second Best

Apartment 5plus

$273.3K

$239.1K – $318.8K (±1% cap)

NOI $19,128 @ 7.0% cap · market cap 5.89%

Theoretical Best

Specialty Retail

$396.7K

$347.2K – $462.9K (±1% cap)

NOI $27,772 @ 7.0% cap · market cap 8.55%

Zoning and permitted uses should be independently verified with authorities. How Realmo checks its estimates

Property Analytics

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Current Use

Duplexes

Suggested Use

Top Pick Dental Office Hair Salon Grocery & Convenience Store Daycare Center Electrical Service Barber Shop

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

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

8.5% 2022

10.2% 2023

11.4% 2024

11.3% 2025

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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