Updated 4-Unit Apartment
For Sale
$799,000
324 NW 24th Street, Oklahoma City, OK 73103
Residential Income, Oklahoma City, OK
Property Size4,000 SF
Lot Size0.16 Acres
Price / SF$199.75
Days on Market198
Property Features for 324 NW 24th Street
General Information
Property type
Residential Multi Family
Property subtype
Other
Lot features
Interior Lot
Elementary school
F.D. Moon ES
Middle school
Classen MS Of Advanced Studies
High school
Douglass HS
Elementary school district
Oklahoma City
Middle school district
Oklahoma City
High school district
Oklahoma City
Standard status
Active
APN
324NW24th73103
Size
4,000 SF
Lot size
0.16 Acres
Building Details
Year built
1925
Floors in Building
2
Building materials
Brick & Frame
Roof type
Composition
Architectural style
French
Listing Agency:
The Property Center LLC
(405) 355-2500
Listed By:
Abbie Davis · License #155984
(405) 474-1228
Added: Feb 13
Changed: Aug 20
Last Checked: Aug 30 at 1:06AM
MLS# 1213814
Copyright © 2026 MLSOK, 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 French-style quadplex contains four updated apartments within approximately 4,000 square feet. Each unit measures 950 square feet and includes wood-look flooring, stainless steel appliances, a refrigerator, stove, oven, microwave, dishwasher, washer, and dryer. Brick-and-frame construction, a composition roof, and a 1925 build date complete the property profile.
The property is located in Oklahoma City’s Historic Uptown area near the Paseo and Plaza Districts. Restaurants, shopping, and entertainment are described as walkable from the property, while Highway 235 provides convenient regional access. The address is 324 NW 24th Street, Oklahoma City, OK 73103.
The property is located in Oklahoma City’s Historic Uptown area near the Paseo and Plaza Districts. Restaurants, shopping, and entertainment are described as walkable from the property, while Highway 235 provides convenient regional access. The address is 324 NW 24th Street, Oklahoma City, OK 73103.
Key Highlights
- Four 950‑square‑foot units in a quadplex configuration
- Approximately 4,000 square feet of total property size
- Updated interiors with wood‑look flooring
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
1,063
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
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Quadplex - Modernized apartments feature in-unit laundry, stainless steel appliances, and access to Oklahoma City dining and entertainment districts.
Where is this quadplex located?
The property is located at 324 NW 24th Street 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 950‑square‑foot units in a quadplex configuration; Approximately 4,000 square feet of total property size; Updated interiors with wood‑look flooring
