Updated
For Sale
$799,000
324 NW 24th St, Oklahoma City, OK 73103
Four refreshed apartments include wood-look flooring and complete stainless-steel appliance packages.
Property Size4,000 SF
Price / SF$199.75
Days on Market15
Property Features for 324 NW 24th St
General Information
Standard status
Active
Size
4,000 SF
Property subtype
Multi-Family
Additional Details
Highway Access
Yes
Multifamily Units
4
Building Details
Year Built
1925
Listing Agency:
The Property Center LLC
(405) 474-1228
Listed By:
Abbie Davis · License #155984
Source:
Alloverok
Added: Aug 15
Changed: Aug 28
Last Checked: Aug 25 at 3:55AM
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 The Property Center LLC
Investment Insights
Based on property information with market context.
This 1925 quadplex contains four updated apartments, each measuring 950 square feet. Interior improvements include wood-look flooring and stainless-steel appliances, with each unit equipped with a refrigerator, stove, oven, microwave, dishwasher, washer, and dryer. The property offers a four-unit residential income configuration in Oklahoma City’s Historic Uptown area.
The location provides walking access to restaurants, shopping, and entertainment near the Paseo and Plaza Districts. Highway 235 is also readily accessible, connecting the property to the surrounding Oklahoma City area.
The location provides walking access to restaurants, shopping, and entertainment near the Paseo and Plaza Districts. Highway 235 is also readily accessible, connecting the property to the surrounding Oklahoma City area.
Key Highlights
- Four updated 950‑square‑foot apartment units
- 1925 construction with refreshed interiors
- Stainless‑steel refrigerators, stoves, ovens, microwaves, and dishwashers in each unit
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
$36,515
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
4.57%
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%
$730,300
$730.3K
Cap Rate 7%
$521,643
$521.6K
Cap Rate 9%
$405,722
$405.7K
Market Conditions
NOI Build-Up for 4,000 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
$55.2K $13.80/SF
− Vacancy
−$3.0K −$0.76/SF
EGI
$52.2K $13.04/SF
− OpEx
−$15.6K −$3.91/SF
NOI
$36.5K $9.13/SF
Area
Oklahoma City, OK
Vacancy
5.50%
Lease Rate
$13.80 /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%
$730,300
Cap Rate 7%
$521,643
Cap Rate 9%
$405,722
Alternative Uses
Best Use
Multifamily LT 5
$521.6K
$456.4K – $608.6K
NOI $36,515 @ 7.0% cap · market cap 4.57%
Second Best
Apartment 5plus
$482.7K
$422.3K – $563.1K
NOI $33,787 @ 7.0% cap · market cap 4.23%
Theoretical Best
Specialty Retail
$1.37M
$1.20M – $1.60M
NOI $95,760 @ 7.0% cap · market cap 11.98%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
4
Residential units
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
548
Businesses Nearby
Explore this area
Business Placement
Demographics for 73103, OK
5,046
Population
3,489
Households
1.4
Avg Household Size
34
Median Age
61%
College-Educated
99%
High-School Grad
1.2 sq mi
ZIP Area
4,205
Density / Sq Mi
$56,934
Median Household Income
$50,055
Median Earnings
$954
Median Rent
$400,400
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?
Quadplex - Four refreshed apartments include wood-look flooring and complete stainless-steel appliance packages.
Where is this quadplex located?
The property is located at 324 NW 24th St Oklahoma City, OK.
What is the asking price?
The asking price for this property is $799,000.
What are key features of this property?
This property features: Four updated 950‑square‑foot apartment units; 1925 construction with refreshed interiors; Stainless‑steel refrigerators, stoves, ovens, microwaves, and dishwashers in each unit
