12-Unit Apartment
New
For Sale
$389,000
320 S Morton Ave, Okmulgee, OK 74447
Three-story apartment property with basement laundry and two additional rented homes.
Property Size4,388 SF
Price / SF$88.65
Days on Market2
Property Features for 320 S Morton Ave
General Information
Standard status
Active
Size
4,388 SF
Property subtype
Multi-Family
Property Condition
Severity
Repairs Needed
Evidence
It will need to be finished out in order to be occupied by residents.
Units
Unit Mix
12 x 1BR, 1 x 2BR/1BA, 1 x 1BR/1BA
Multifamily Units
14
Additional Details
Utilities to Site
Yes
Amenities
laundry facility
Building Details
Year Built
1920
Buildings
3
Listing Agency:
Keller Williams Advantage
Listed By:
Jamie Goodnight · License #159613
(918) 510-0887
Source:
Alloverok
Added: Sep 12
Last Checked: Sep 12 at 2:33PM
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 Keller Williams Advantage
Investment Insights
Based on property information with market context.
This three-story apartment building contains 12 one-bedroom units and measures 4,388 square feet. A basement laundry facility serves the building. The roof has been replaced, and plumbing and drains have been updated in 6 units. The apartments require finish-out before they can be occupied by residents.
The property also includes a two-bedroom, one-bath home and a one-bedroom, one-bath home, both currently rented. The houses have separate gas, electric, and water utilities paid by the tenants. The apartment building has individual electric and gas metering, along with one water meter serving all 12 units. The property is located near downtown Okmulgee.
The property also includes a two-bedroom, one-bath home and a one-bedroom, one-bath home, both currently rented. The houses have separate gas, electric, and water utilities paid by the tenants. The apartment building has individual electric and gas metering, along with one water meter serving all 12 units. The property is located near downtown Okmulgee.
Key Highlights
- 12 one‑bedroom apartment units in a three‑story building
- Two additional homes: one 2‑bedroom/1‑bath and one 1‑bedroom/1‑bath
- 4,388‑square‑foot property built in 1920
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
$34,712
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
8.92%
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%
$694,240
$694.2K
Cap Rate 7%
$495,886
$495.9K
Cap Rate 9%
$385,689
$385.7K
Market Conditions
NOI Build-Up for 4,388 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
$68.5K $15.60/SF
− Vacancy
−$5.3K −$1.22/SF
EGI
$63.1K $14.38/SF
− OpEx
−$28.4K −$6.47/SF
NOI
$34.7K $7.91/SF
Area
Okmulgee County, OK
Vacancy
7.80%
Lease Rate
$15.60 /SF/Yr
Expense Ratio
45.00%
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%
$694,240
Cap Rate 7%
$495,886
Cap Rate 9%
$385,689
Alternative Uses
Best Use
Apartment 5plus
$495.9K
$433.9K – $578.5K
NOI $34,712 @ 7.0% cap · market cap 8.92%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.04M
$905.7K – $1.21M
NOI $72,455 @ 7.0% cap · market cap 18.63%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
14
Residential units
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
561
Businesses Nearby
Explore this area
Business Placement
Demographics for 74447, OK
15,534
Population
7,295
Households
2.1
Avg Household Size
40
Median Age
18%
College-Educated
89%
High-School Grad
231.8 sq mi
ZIP Area
67
Density / Sq Mi
$45,855
Median Household Income
$30,851
Median Earnings
$801
Median Rent
$101,900
Median Home Value
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in South region
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Frequently Asked Questions
What type of property is this?
Apartment building - Three-story apartment property with basement laundry and two additional rented homes.
Where is this apartment building located?
The property is located at 320 S Morton Ave Okmulgee, OK.
What is the asking price?
The asking price for this property is $389,000.
What are key features of this property?
This property features: 12 one‑bedroom apartment units in a three‑story building; Two additional homes: one 2‑bedroom/1‑bath and one 1‑bedroom/1‑bath; 4,388‑square‑foot property built in 1920
