Renovated Duplex with Two-Car
For Sale
$385,000
508 N Davis Avenue, Oklahoma City, OK 73127
Tenant-occupied duplex with two units, each featuring three bedrooms, 2.5 bathrooms, a two-car garage, and a backyard.
Property Size2,993 SF
Days on Market158
Property Features for 508 N Davis Avenue
General Information
Standard status
Active
Size
2,993 SF
Property subtype
Duplex
Taxes and HOA fees
Annual Taxes
$3,697
Building Details
Building Size
2,993 SF
Year Built
1978
Buildings
2
Tenancy
Multi
Listing Agency:
Copper Creek Real Estate
Listed By:
Marcela Guerrero Garcia
(918) 955-8266
Source:
Stetsonbentley
Added: Mar 30
Changed: Aug 16
Last Checked: Sep 2 at 1:39AM
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 Copper Creek Real Estate
Investment Insights
Based on property information with market context.
Renovated, income-producing duplex with two units sold together. The property is tenant occupied, with each unit offering three bedrooms and 2.5 bathrooms, plus a two-car garage and a spacious backyard. Built in 1978, the duplex has undergone an extensive, top-to-bottom renovation with permits and to city code.
Renovation items include a new roof (2022), new siding, windows, HVAC, electrical, plumbing, insulation, kitchens, bathrooms, and flooring, along with other improvements. Both addresses, 508 and 510 N Davis Avenue, are included in the sale.
For buyers seeking a duplex configuration with permitted renovations and an operational, tenant-occupied setup, this property provides a consistent unit layout across both units and practical exterior features such as garages and yard space. Buyer to verify all information, including schools, square footage, and other details.
Renovation items include a new roof (2022), new siding, windows, HVAC, electrical, plumbing, insulation, kitchens, bathrooms, and flooring, along with other improvements. Both addresses, 508 and 510 N Davis Avenue, are included in the sale.
For buyers seeking a duplex configuration with permitted renovations and an operational, tenant-occupied setup, this property provides a consistent unit layout across both units and practical exterior features such as garages and yard space. Buyer to verify all information, including schools, square footage, and other details.
Key Highlights
- Tenant‑occupied duplex sold as a two‑unit package, including 508 and 510 N Davis Avenue
- Each unit features three bedrooms and 2.5 bathrooms with a two‑car garage
- Spacious backyard included with 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
$27,322
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
7.10%
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%
$546,440
$546.4K
Cap Rate 7%
$390,314
$390.3K
Cap Rate 9%
$303,578
$303.6K
Market Conditions
NOI Build-Up for 2,993 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
$41.3K $13.80/SF
− Vacancy
−$2.3K −$0.76/SF
EGI
$39.0K $13.04/SF
− OpEx
−$11.7K −$3.91/SF
NOI
$27.3K $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%
$546,440
Cap Rate 7%
$390,314
Cap Rate 9%
$303,578
Alternative Uses
Best Use
Multifamily LT 5
$390.3K
$341.5K – $455.4K
NOI $27,322 @ 7.0% cap · market cap 7.10%
Second Best
Apartment 5plus
$361.2K
$316.0K – $421.4K
NOI $25,281 @ 7.0% cap · market cap 6.57%
Theoretical Best
Specialty Retail
$1.02M
$895.7K – $1.19M
NOI $71,652 @ 7.0% cap · market cap 18.61%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
359
Businesses Nearby
Explore this area
Business Placement
Demographics for 73127, OK
27,007
Population
11,329
Households
2.4
Avg Household Size
32
Median Age
16%
College-Educated
76%
High-School Grad
11.3 sq mi
ZIP Area
2,390
Density / Sq Mi
$46,020
Median Household Income
$28,766
Median Earnings
$926
Median Rent
$139,200
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 - Tenant-occupied duplex with two units, each featuring three bedrooms, 2.5 bathrooms, a two-car garage, and a backyard.
Where is this duplex located?
The property is located at 508 N Davis Avenue Oklahoma City, OK.
What is the asking price?
The asking price for this property is $385,000.
What are key features of this property?
This property features: Tenant‑occupied duplex sold as a two‑unit package, including 508 and 510 N Davis Avenue; Each unit features three bedrooms and 2.5 bathrooms with a two‑car garage; Spacious backyard included with each unit
