Six-Unit Apartment
For Sale
$450,000
4106 S Shields Boulevard, Oklahoma City, OK 73129
Fully occupied units feature updated mini-split systems and complete kitchens with electric appliances.
Property Size2,762 SF
Price / SF$162.93
Days on Market9
Property Features for 4106 S Shields Boulevard
General Information
Standard status
Active
Size
2,762 SF
Property subtype
Multi-Family
Occupancy
100%
Units
Unit Mix
6 x 1BR/1BA
Multifamily Units
6
Building Details
Year Built
1949
Listing Agency:
Ariston Realty LLC
(405) 763-8918
Listed By:
Galen Tanquary · License #178787
Source:
Kathleenforrest
Added: Aug 24
Changed: Aug 31
Last Checked: Aug 31 at 6:40PM
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 Ariston Realty LLC
Investment Insights
Based on property information with market context.
Located at 4106 S Shields Blvd in Oklahoma City, this apartment property contains six one-bedroom, one-bath units within 2,762 square feet. Each unit includes a living room and a full kitchen equipped with an electric stove and refrigerator. Updated mini-split systems serve the units, and the tar-and-gravel roof was completed in 2024.
The property is reported to be 100% occupied and is offered only in conjunction with 3820 S Hudson Ave in Oklahoma City. The sale structure requires both properties to be purchased together.
The property is reported to be 100% occupied and is offered only in conjunction with 3820 S Hudson Ave in Oklahoma City. The sale structure requires both properties to be purchased together.
Key Highlights
- Six 1‑bedroom, 1‑bath units
- 2,762 SF apartment property
- 100% occupied
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
$23,330
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
5.18%
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%
$466,600
$466.6K
Cap Rate 7%
$333,286
$333.3K
Cap Rate 9%
$259,222
$259.2K
Market Conditions
NOI Build-Up for 2,762 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
$44.7K $16.20/SF
− Vacancy
−$2.3K −$0.84/SF
EGI
$42.4K $15.36/SF
− OpEx
−$19.1K −$6.91/SF
NOI
$23.3K $8.45/SF
Area
Oklahoma City, OK
Vacancy
5.20%
Lease Rate
$16.20 /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%
$466,600
Cap Rate 7%
$333,286
Cap Rate 9%
$259,222
Alternative Uses
Best Use
Apartment 5plus
$333.3K
$291.6K – $388.8K
NOI $23,330 @ 7.0% cap · market cap 5.18%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$944.6K
$826.5K – $1.10M
NOI $66,122 @ 7.0% cap · market cap 14.69%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
6
Residential units
100%
Occupancy
Location Intelligence
Trade Area within ½ mile
322
Businesses Nearby
Explore this area
Business Placement
Demographics for 73129, OK
19,971
Population
7,569
Households
2.6
Avg Household Size
31
Median Age
6%
College-Educated
67%
High-School Grad
12.5 sq mi
ZIP Area
1,598
Density / Sq Mi
$43,941
Median Household Income
$28,481
Median Earnings
$914
Median Rent
$76,400
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?
Apartment building - Fully occupied units feature updated mini-split systems and complete kitchens with electric appliances.
Where is this apartment building located?
The property is located at 4106 S Shields Boulevard Oklahoma City, OK.
What is the asking price?
The asking price for this property is $450,000.
What are key features of this property?
This property features: Six 1‑bedroom, 1‑bath units; 2,762 SF apartment property; 100% occupied
