Multifamily Property with Development
For Sale
$735,000
3204 S Portland Avenue Oklahoma, Oklahoma City, OK 73119
Eleven-unit property with vacant lot, development opportunity.
Property Size6,600 SF
Days on Market489
Property Features for 3204 S Portland Avenue Oklahoma
General Information
Standard status
Active
Size
6,600 SF
Property subtype
Multi-Family
Amenities
Floor Furnace
Window Unit(s)
Architecural Shingle
Building Details
Building Size
6,600 SF
Year Built
1950
Stories
1
Listing Agency:
Lionshead Property Management
(941) 404-8389
Listed By:
Alan Larsen · License #3310745
Source:
Kw
Added: Apr 29, 2025
Changed: Aug 26
Last Checked: Aug 29 at 5:11PM
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 Lionshead Property Management
Investment Insights
Based on property information with market context.
This property features an eleven-unit complex situated on three separate lots. Each unit includes two bedrooms and one bathroom. Two of the lots are improved with buildings, while the third lot is vacant land previously occupied by another multifamily structure. The property is currently generating approximately $8,360 per month in gross income. The lots are zoned R-4, presenting an opportunity for constructing additional units and enhancing the area's value.
Key Highlights
- Opportunity to build additional units on vacant lot due to R‑4 zoning.
- 11 units, each with 2 beds and 1 bath.
- Three separate lots included in the sale.
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
$55,748
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
7.58%
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%
$1,114,960
$1.1M
Cap Rate 7%
$796,400
$796.4K
Cap Rate 9%
$619,422
$619.4K
Market Conditions
NOI Build-Up for 6,600 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
$106.9K $16.20/SF
− Vacancy
−$5.6K −$0.84/SF
EGI
$101.4K $15.36/SF
− OpEx
−$45.6K −$6.91/SF
NOI
$55.7K $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%
$1,114,960
Cap Rate 7%
$796,400
Cap Rate 9%
$619,422
Alternative Uses
Best Use
Apartment 5plus
$796.4K
$696.9K – $929.1K
NOI $55,748 @ 7.0% cap · market cap 7.58%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$2.26M
$1.98M – $2.63M
NOI $158,004 @ 7.0% cap · market cap 21.50%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
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
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Apartment building - Eleven-unit property with vacant lot, development opportunity.
Where is this apartment building located?
The property is located at 3204 S Portland Avenue Oklahoma Oklahoma City, OK.
What is the asking price?
The asking price for this property is $735,000.
What are key features of this property?
This property features: Opportunity to build additional units on vacant lot due to R‑4 zoning.; 11 units, each with **2 beds and 1 bath**.; Three separate lots included in the sale.
