Renovated Duplex with New
For Sale
$500,000
3717 N Olie Ave, Oklahoma City, OK 73118
Renovated two-unit property with updated kitchens, hardwood floors, and off-street parking.
Property Size2,468 SF
Price / SF$202.59
Days on Market19
Property Features for 3717 N Olie Ave
General Information
Standard status
Active
Size
2,468 SF
Total Parking Spaces
4
Property subtype
Multi-Family
Units
Unit Mix
2 x 2BR/1BA
Multifamily Units
2
Amenities
balcony
fenced yard
Building Details
Year Built
1941
Listing Agency:
Verbode
(405) 694-8562
Listed By:
Gary Caplinger
Source:
Sarahflemingestates
Added: Aug 14
Changed: Aug 29
Last Checked: Aug 31 at 7:52PM
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 Verbode
Investment Insights
Based on property information with market context.
Built in 1941, this 2,468-square-foot duplex contains two matching flats, each with 2 bedrooms and 1 bathroom. Interior details include hardwood flooring, mock fireplaces, walnut cabinetry, quartzite kitchen countertops, and a well-maintained overall presentation. The upper residence adds built-in living-room shelving and a private second-floor balcony.
Recent improvements include a new roof and updated mechanical equipment in the lower unit, including HVAC, ductwork, and a tankless water heater installed in 2024. The property includes four off-street parking spaces behind the building—two covered garage spaces and two uncovered spaces—along with a fenced yard. The lower unit is leased through October, while the upper unit is vacant. Located in Historic Crown Heights, the duplex is walkable to the Western Avenue District.
Recent improvements include a new roof and updated mechanical equipment in the lower unit, including HVAC, ductwork, and a tankless water heater installed in 2024. The property includes four off-street parking spaces behind the building—two covered garage spaces and two uncovered spaces—along with a fenced yard. The lower unit is leased through October, while the upper unit is vacant. Located in Historic Crown Heights, the duplex is walkable to the Western Avenue District.
Key Highlights
- 2,468‑square‑foot duplex built in 1941
- Two 2‑bedroom, 1‑bath flats with matching layouts
- New roof and extensive historic‑focused renovation
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
$22,530
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
4.51%
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%
$450,600
$450.6K
Cap Rate 7%
$321,857
$321.9K
Cap Rate 9%
$250,333
$250.3K
Market Conditions
NOI Build-Up for 2,468 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
$34.1K $13.80/SF
− Vacancy
−$1.9K −$0.76/SF
EGI
$32.2K $13.04/SF
− OpEx
−$9.7K −$3.91/SF
NOI
$22.5K $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%
$450,600
Cap Rate 7%
$321,857
Cap Rate 9%
$250,333
Alternative Uses
Best Use
Multifamily LT 5
$321.9K
$281.6K – $375.5K
NOI $22,530 @ 7.0% cap · market cap 4.51%
Second Best
Apartment 5plus
$297.8K
$260.6K – $347.4K
NOI $20,846 @ 7.0% cap · market cap 4.17%
Theoretical Best
Specialty Retail
$844.1K
$738.6K – $984.7K
NOI $59,084 @ 7.0% cap · market cap 11.82%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
786
Businesses Nearby
Explore this area
Business Placement
Demographics for 73118, OK
13,521
Population
7,856
Households
1.7
Avg Household Size
37
Median Age
49%
College-Educated
92%
High-School Grad
4.8 sq mi
ZIP Area
2,817
Density / Sq Mi
$69,321
Median Household Income
$45,494
Median Earnings
$1,064
Median Rent
$252,500
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?
Duplex - Renovated two-unit property with updated kitchens, hardwood floors, and off-street parking.
Where is this duplex located?
The property is located at 3717 N Olie Ave Oklahoma City, OK.
What is the asking price?
The asking price for this property is $500,000.
What are key features of this property?
This property features: 2,468‑square‑foot duplex built in 1941; Two 2‑bedroom, 1‑bath flats with matching layouts; New roof and extensive historic‑focused renovation
