Duplex With Updated
For Sale
$240,000
511 W Hill Street, Oklahoma City, OK 73118
One residence is leased, while the second has fresh interior paint and is ready for occupancy.
Property Size1,635 SF
Days on Market16
Property Features for 511 W Hill Street
General Information
Standard status
Active
Size
1,635 SF
Property subtype
Duplex
Additional Details
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$2,867
Amenities
shared driveway
common backyard
Building Details
Building Size
1,635 SF
Year Built
1928
Buildings
1
Listing Agency:
LRE Realty, LLC
Listed By:
Tara Levinson · License #145328
(405) 414-8750
Source:
Stetsonbentley
Added: Sep 12
Changed: Sep 26
Last Checked: Sep 26 at 2:41PM
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 LRE Realty, LLC
Investment Insights
Based on property information with market context.
Built in 1928, this duplex includes two matching residences with wood flooring, ample natural light, decorative fireplaces, and built-in shelving. One unit is currently leased, providing existing occupancy, while the other has fresh interior paint and is prepared for a new occupant. The layout supports either continued rental use or an owner-occupant arrangement.
The property includes a shared driveway, on-site parking, and a common backyard. Its address places the duplex near Oklahoma City's Paseo Arts District and Uptown 23rd, with dining, retail, and entertainment options in the surrounding area.
The property includes a shared driveway, on-site parking, and a common backyard. Its address places the duplex near Oklahoma City's Paseo Arts District and Uptown 23rd, with dining, retail, and entertainment options in the surrounding area.
Key Highlights
- Duplex with two matching residential units
- One unit currently leased; the other has fresh interior paint
- Wood flooring, decorative fireplaces, and built‑in shelving in both units
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
$14,925
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
6.22%
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%
$298,500
$298.5K
Cap Rate 7%
$213,214
$213.2K
Cap Rate 9%
$165,833
$165.8K
Market Conditions
NOI Build-Up for 1,635 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
$22.6K $13.80/SF
− Vacancy
−$1.2K −$0.76/SF
EGI
$21.3K $13.04/SF
− OpEx
−$6.4K −$3.91/SF
NOI
$14.9K $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%
$298,500
Cap Rate 7%
$213,214
Cap Rate 9%
$165,833
Alternative Uses
Best Use
Multifamily LT 5
$213.2K
$186.6K – $248.8K
NOI $14,925 @ 7.0% cap · market cap 6.22%
Second Best
Apartment 5plus
$197.3K
$172.6K – $230.2K
NOI $13,810 @ 7.0% cap · market cap 5.75%
Theoretical Best
Specialty Retail
$559.2K
$489.3K – $652.4K
NOI $39,142 @ 7.0% cap · market cap 16.31%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
650
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in South region
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Frequently Asked Questions
What type of property is this?
Duplex - One residence is leased, while the second has fresh interior paint and is ready for occupancy.
Where is this duplex located?
The property is located at 511 W Hill Street Oklahoma City, OK.
What is the asking price?
The asking price for this property is $240,000.
What are key features of this property?
This property features: Duplex with two matching residential units; One unit currently leased; the other has fresh interior paint; Wood flooring, decorative fireplaces, and built‑in shelving in both units
