Renovated Duplex with
New
For Sale
$439,900
3227 S Allegheny Avenue, Tulsa, OK 74135
Residential, Ranch, Tulsa, OK
Property Size3,136 SF
Lot Size0.25 Acres
Price / SF$140.27
Days on Market5
Property Features for 3227 S Allegheny Avenue
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Bedrooms
3
Bathrooms
3
Full bathrooms
2
Half bathrooms
1
Rooms
Bedroom 2, Bathroom 2, Bathroom 3, Bedroom 3, Bedroom 1, Bathroom 1
Window features
Vinyl Frames
Patio and Porch features
Patio
Fencing
Privacy
Fireplace
1
Appliances
Dishwasher, Disposal, Refrigerator
Subdivision
Munich addn
Lot features
Cul De Sac, Mature Trees
Elementary school
Hoover
High school
Edison
Elementary school district
Tulsa - Sch Dist (1)
Middle school district
Tulsa - Sch Dist (1)
High school district
Tulsa - Sch Dist (1)
Directions
From 36th and Yale, heading North on Yale, turn right onto E 32nd St., turn right on S Allegheny Ave and the duplex will be straight ahead.
Standard status
Active
Size
3,136 SF
Lot size
0.25 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
LT 4 LESS BEG NEC LT 4 TH WLY ON CRV RT 7.98 SE115.48 E40.02 N10 W15 NW119.14 POB BLK 1 Munich addn
Tax Annual Amount
3436
Legal Description
LT 4 LESS BEG NEC LT 4 TH WLY ON CRV RT 7.98 SE115.48 E40.02 N10 W15 NW119.14 POB BLK 1 Munich addn
Utilities
Heating system
Central
Cooling system
Central Air
Building Details
Year built
1979
Floors in Building
2
Flooring type
Tile, Laminate, Carpet
Building materials
Wood Frame
Roof type
Fiberglass
Architectural style
Ranch
Listing Agency:
Keller Williams Advantage · Keller Williams Realty
(918) 712-2252
Listed By:
Adam Rotert
(918) 630-1376
Added: Aug 25
Changed: Aug 26
Last Checked: Aug 29 at 6:06AM
MLS# 2631478
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 ranch-style duplex contains 3,136 square feet with two separately leased residences. Each unit provides 3 bedrooms, 2.5 bathrooms, and a 2-car garage. Renovations extend across both interiors and exteriors, including remodeled bathrooms, painted cabinetry, granite countertops, and refreshed flooring. Central heating and central air serve the units, while dishwashers, disposals, and refrigerators are included. Each side also has patio space, and the property is enclosed by a privacy fence.
The property occupies 0.251 acres in Midtown Tulsa at 3227 S Allegheny Avenue. Exterior improvements include a new fiberglass roof, new exterior paint, and the updated fencing. Originally built in 1979, the wood-frame structure retains a practical ranch configuration suited to duplex ownership.
The property occupies 0.251 acres in Midtown Tulsa at 3227 S Allegheny Avenue. Exterior improvements include a new fiberglass roof, new exterior paint, and the updated fencing. Originally built in 1979, the wood-frame structure retains a practical ranch configuration suited to duplex ownership.
Key Highlights
- Two‑unit duplex with 3,136 square feet
- Each unit includes 3 bedrooms, 2.5 bathrooms, and a 2‑car garage
- Both sides are leased
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
$30,549
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
6.94%
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%
$610,980
$611.0K
Cap Rate 7%
$436,414
$436.4K
Cap Rate 9%
$339,433
$339.4K
Market Conditions
NOI Build-Up for 3,136 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
$48.2K $15.36/SF
− Vacancy
−$4.5K −$1.44/SF
EGI
$43.6K $13.92/SF
− OpEx
−$13.1K −$4.17/SF
NOI
$30.5K $9.74/SF
Area
Tulsa, OK
Vacancy
9.40%
Lease Rate
$15.36 /SF/Yr
Expense Ratio
30.00%
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%
$610,980
Cap Rate 7%
$436,414
Cap Rate 9%
$339,433
Alternative Uses
Best Use
Multifamily LT 5
$436.4K
$381.9K – $509.2K
NOI $30,549 @ 7.0% cap · market cap 6.94%
Second Best
Apartment 5plus
$399.6K
$349.7K – $466.2K
NOI $27,973 @ 7.0% cap · market cap 6.36%
Theoretical Best
Office A
$668.9K
$585.3K – $780.3K
NOI $46,820 @ 7.0% cap · market cap 10.64%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
100%
Occupancy
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
437
Businesses Nearby
Explore this area
Business Placement
Demographics for 74135, OK
20,173
Population
10,855
Households
1.9
Avg Household Size
40
Median Age
47%
College-Educated
95%
High-School Grad
6.1 sq mi
ZIP Area
3,307
Density / Sq Mi
$60,942
Median Household Income
$43,835
Median Earnings
$900
Median Rent
$230,700
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?
Duplex - Both residences are leased and offer updated interiors, central HVAC, patios, and privacy fencing.
Where is this duplex located?
The property is located at 3227 S Allegheny Avenue Tulsa, OK.
What is the asking price?
The asking price for this property is $439,900.
What are key features of this property?
This property features: Two‑unit duplex with 3,136 square feet; Each unit includes 3 bedrooms, 2.5 bathrooms, and a 2‑car garage; Both sides are leased
