Five-Unit Apartment
For Sale
Contact for pricing
34251 E 700 Road, Wagoner, OK 74467
Fully occupied rental property minutes from Fort Gibson Lake.
Property Size3,364 SF
Price / SF$89.18
Days on Market13
Property Features for 34251 E 700 Road
General Information
Standard status
Active
Size
3,364 SF
Property subtype
Multifamily
Occupancy
100%
Units
Unit Mix
4 x 2BR/1BA, 1 x efficiency
Multifamily Units
5
Additional Details
Gross Income
$44,100
Building Details
Year Built
1992
Stories
2
Listing Agency:
Chinowth & Cohen
Listed By:
Elizabeth Beaubien · License #175794
(918) 408-0270
Source:
Crexi
Added: Aug 25
Changed: Sep 3
Last Checked: Sep 5 at 9:39AM
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 Chinowth & Cohen
Investment Insights
Based on property information with market context.
Built in 1992, this 3364-square-foot apartment property contains five units: four two-bedroom, one-bathroom apartments and one efficiency unit. The configuration combines larger apartments with a compact unit within one multifamily asset.
The property is located at 34251 E 700 Road in Wagoner, Oklahoma, just minutes from Fort Gibson Lake. All five units are currently occupied, providing an established operating profile for the property.
The property is located at 34251 E 700 Road in Wagoner, Oklahoma, just minutes from Fort Gibson Lake. All five units are currently occupied, providing an established operating profile for the property.
Key Highlights
- Five total units: four 2‑bedroom, 1‑bathroom apartments plus one efficiency unit
- 3364 square feet of apartment space
- Built in 1992
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
$26,612
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
8.87%
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%
$532,240
$532.2K
Cap Rate 7%
$380,171
$380.2K
Cap Rate 9%
$295,689
$295.7K
Market Conditions
NOI Build-Up for 3,364 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
$52.5K $15.60/SF
− Vacancy
−$4.1K −$1.22/SF
EGI
$48.4K $14.38/SF
− OpEx
−$21.8K −$6.47/SF
NOI
$26.6K $7.91/SF
Area
Wagoner County, OK
Vacancy
7.80%
Lease Rate
$15.60 /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%
$532,240
Cap Rate 7%
$380,171
Cap Rate 9%
$295,689
Alternative Uses
Best Use
Apartment 5plus
$380.2K
$332.7K – $443.5K
NOI $26,612 @ 7.0% cap · market cap 8.87%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$793.5K
$694.3K – $925.8K
NOI $55,546 @ 7.0% cap · market cap 18.52%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
5
Residential units
100%
Occupancy
Location Intelligence
Trade Area within ½ mile
6
Businesses Nearby
Explore this area
Business Placement
Demographics for 74467, OK
13,981
Population
6,826
Households
2
Avg Household Size
44
Median Age
20%
College-Educated
88%
High-School Grad
154.1 sq mi
ZIP Area
91
Density / Sq Mi
$58,398
Median Household Income
$39,350
Median Earnings
$852
Median Rent
$149,500
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 - Fully occupied rental property minutes from Fort Gibson Lake.
Where is this apartment building located?
The property is located at 34251 E 700 Road Wagoner, OK.
What is the asking price?
The asking price for this property is $300,000.
What are key features of this property?
This property features: Five total units: four 2‑bedroom, 1‑bathroom apartments plus one efficiency unit; 3364 square feet of apartment space; Built in 1992
