Duplex With Updated
For Sale
$230,000
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 Market41
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) 431-7003
Source:
Stetsonbentley
Added: Sep 12
Changed: Oct 12
Last Checked: Oct 21 at 5:43AM
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
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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 / Yr
$14,925
Cap Rate
6.49%
Suggested Prices Based on Cap Rates
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
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 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 6.49%
Second Best
Apartment 5plus
$197.3K
$172.6K – $230.2K
NOI $13,810 @ 7.0% cap · market cap 6.00%
Theoretical Best
Specialty Retail
$559.2K
$489.3K – $652.4K
NOI $39,142 @ 7.0% cap · market cap 17.02%
Zoning and permitted uses should be independently verified with authorities.
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Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
650
Businesses Nearby
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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
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Market
Vacancy Rate% for Multifamily in South region
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 $230,000.
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
