Three-Story Apartment
For Sale
$389,000
320 S Morton Avenue, Okmulgee, OK 74447
Commercial, Okmulgee, OK
Property Size4,388 SF
Lot Size0.36 Acres
Price / SF$88.65
Days on Market47
Property Features for 320 S Morton Avenue
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning
COM
Interior features
Smoke Detector
Exterior features
Dumpster, Sidewalk
Subdivision
Okmulgee OT
Elementary school district
Okmulgee - Sch Dist (91)
Middle school district
Okmulgee - Sch Dist (91)
High school district
Okmulgee - Sch Dist (91)
Directions
From Wood dr. Go West on 8th St, Left on Morton. Property on right side.
Standard status
Active
APN
1
Size
4,388 SF
Lot size
0.36 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
OT OKMULGEE N 65' OF E/2 LT 5 & S 75' OF E/2 LT 5 & W 10' OF N 60' & S 80' LT 6 BLK 116 . LUCERNE APT
Tax Annual Amount
1229
Legal Description
OT OKMULGEE N 65' OF E/2 LT 5 & S 75' OF E/2 LT 5 & W 10' OF N 60' & S 80' LT 6 BLK 116 . LUCERNE APT
Amenities
laundry facility
Building Details
Year built
1920
Flooring type
Carpet, Tile, Wood, Vinyl
Building materials
Brick
Listing Agency:
Keller Williams Advantage · Keller Williams Realty
(918) 291-2425
Listed By:
Jamie Goodnight · License #159613
(918) 510-0887
Added: Jul 13
Changed: Aug 19
Last Checked: Aug 28 at 9:06PM
MLS# 2625492
Copyright © 2026 MLS Technology, Inc. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This 4,388-square-foot, three-story apartment property was built in 1920 and contains twelve one-bedroom units. A basement laundry area serves the building, which is constructed of brick and includes carpet, tile, wood, and vinyl flooring. The roof has been replaced, and plumbing and drains have been updated in six apartments. The units require finish work before they can be occupied by residents.
The property also includes two detached residences: one with two bedrooms and one bathroom, plus a one-bedroom, one-bath home. Both houses are currently rented and have separate gas, electric, and water utilities paid by the tenants. The apartment building has individual electric and gas meters, while the twelve units share one water meter. The 0.358-acre property is located at 320 S Morton Avenue in Okmulgee, near downtown.
The property also includes two detached residences: one with two bedrooms and one bathroom, plus a one-bedroom, one-bath home. Both houses are currently rented and have separate gas, electric, and water utilities paid by the tenants. The apartment building has individual electric and gas meters, while the twelve units share one water meter. The 0.358-acre property is located at 320 S Morton Avenue in Okmulgee, near downtown.
Key Highlights
- Twelve one‑bedroom apartment units in a three‑story building
- 4,388 square feet on a 0.358‑acre property
- Basement laundry facility included
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
Property Profile
Current Use
Lease Details
14
Residential units
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
Market
Vacancy Rate% for Multifamily in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Apartment building - Multifamily property with basement laundry facilities, two additional homes, and individually metered electric and gas service.
Where is this apartment building located?
The property is located at 320 S Morton Avenue 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: Twelve one‑bedroom apartment units in a three‑story building; 4,388 square feet on a 0.358‑acre property; Basement laundry facility included
