6-Unit Apartment
For Sale
Contact for pricing
3204 S PORTLAND AVE, Oklahoma City, OK 73119
Six-unit residential income property with a 1950 construction date.
Property Size3,540 SF
Price / SF$217.51
Days on Market11
Property Features for 3204 S PORTLAND AVE
General Information
Standard status
Active
Size
3,540 SF
Property subtype
Multifamily
Additional Details
Multifamily Units
6
Building Details
Year Built
1950
Stories
1
Units
6
Listing Agency:
Homestead & Co
Listed By:
Zach Sikes · License #OK 157234
Source:
Crexi
Added: Aug 13
Changed: Aug 18
Last Checked: Aug 22 at 9:33AM
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 Homestead & Co
Investment Insights
Based on property information with market context.
This apartment building contains 6 units and provides 3,540 square feet of residential space. The property was built in 1950 and is positioned as a multifamily asset for sale.
The property is located at 3204 S Portland Ave in Oklahoma City, Oklahoma, with the 73119 ZIP code identifying its address.
The property is located at 3204 S Portland Ave in Oklahoma City, Oklahoma, with the 73119 ZIP code identifying its address.
Key Highlights
- 6‑unit apartment building
- 3,540 square feet of property size
- Built in 1950
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
$29,901
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
3.88%
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%
$598,020
$598.0K
Cap Rate 7%
$427,157
$427.2K
Cap Rate 9%
$332,233
$332.2K
Market Conditions
NOI Build-Up for 3,540 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
$57.3K $16.20/SF
− Vacancy
−$3.0K −$0.84/SF
EGI
$54.4K $15.36/SF
− OpEx
−$24.5K −$6.91/SF
NOI
$29.9K $8.45/SF
Area
Oklahoma City, OK
Vacancy
5.20%
Lease Rate
$16.20 /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%
$598,020
Cap Rate 7%
$427,157
Cap Rate 9%
$332,233
Alternative Uses
Best Use
Apartment 5plus
$427.2K
$373.8K – $498.4K
NOI $29,901 @ 7.0% cap · market cap 3.88%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$1.21M
$1.06M – $1.41M
NOI $84,748 @ 7.0% cap · market cap 11.01%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
6
Residential units
Location Intelligence
Trade Area within ½ mile
296
Businesses Nearby
Explore this area
Business Placement
Demographics for 73119, OK
31,216
Population
12,008
Households
2.6
Avg Household Size
31
Median Age
6%
College-Educated
61%
High-School Grad
6.8 sq mi
ZIP Area
4,591
Density / Sq Mi
$42,936
Median Household Income
$29,529
Median Earnings
$923
Median Rent
$93,600
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 - Six-unit residential income property with a 1950 construction date.
Where is this apartment building located?
The property is located at 3204 S PORTLAND AVE Oklahoma City, OK.
What is the asking price?
The asking price for this property is $770,000.
What are key features of this property?
This property features: 6‑unit apartment building; 3,540 square feet of property size; Built in 1950
