Updated Two-Home
For Sale
$350,000
513 S Carter Ave, Norman, OK 73071
Two residences share one lot, with refreshed interiors and a large storage shed.
Property Size1,800 SF
Price / SF$194.44
Days on Market15
Property Features for 513 S Carter Ave
General Information
Standard status
Active
Size
1,800 SF
Property subtype
Residential Income
Units
Unit Mix
1 x 2BR/2BA, 1 x 2BR/1BA
Multifamily Units
2
Amenities
storage shed
Building Details
Buildings
2
Listing Agency:
MK Partners Inc
(405) 314-0330
Listed By:
Jessiah Atkinson
(405) 314-0330
Source:
Exprealty
Added: Aug 9
Changed: Aug 20
Last Checked: Aug 23 at 5:11AM
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 MK Partners Inc
Investment Insights
Based on property information with market context.
This duplex includes two updated residences on a single lot. The larger home measures approximately 1,200 sq. ft. and offers two bedrooms, two full bathrooms, generous living areas, luxury vinyl flooring, fresh paint, updated lighting, and an improved kitchen. The second residence contains approximately 650 sq. ft., with two bedrooms, one bathroom, and a practical layout. One home is vacant, while the other is occupied by a long-term tenant and requires 24-hour notice for showings. Both residences feature move-in-ready updates, and the property also includes a large storage shed.
Key Highlights
- Two updated homes situated on one lot
- Approximately 1, 200 sq. ft. residence with 2 bedrooms and 2 full bathrooms
- Approximately 650 sq. ft. residence with 2 bedrooms and 1 bathroom
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
$16,315
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
4.66%
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%
$326,300
$326.3K
Cap Rate 7%
$233,071
$233.1K
Cap Rate 9%
$181,278
$181.3K
Market Conditions
NOI Build-Up for 1,800 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
$24.8K $13.80/SF
− Vacancy
−$1.5K −$0.85/SF
EGI
$23.3K $12.95/SF
− OpEx
−$7.0K −$3.88/SF
NOI
$16.3K $9.06/SF
Area
Norman, OK
Vacancy
6.17%
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%
$326,300
Cap Rate 7%
$233,071
Cap Rate 9%
$181,278
Alternative Uses
Best Use
Multifamily LT 5
$233.1K
$203.9K – $271.9K
NOI $16,315 @ 7.0% cap · market cap 4.66%
Second Best
Apartment 5plus
$214.2K
$187.5K – $249.9K
NOI $14,996 @ 7.0% cap · market cap 4.28%
Theoretical Best
Specialty Retail
$311.0K
$272.2K – $362.9K
NOI $21,773 @ 7.0% cap · market cap 6.22%
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
1,277
Businesses Nearby
Explore this area
Business Placement
Demographics for 73071, OK
43,379
Population
19,192
Households
2.3
Avg Household Size
31
Median Age
42%
College-Educated
94%
High-School Grad
23.3 sq mi
ZIP Area
1,862
Density / Sq Mi
$59,258
Median Household Income
$32,830
Median Earnings
$1,059
Median Rent
$206,600
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 - Two residences share one lot, with refreshed interiors and a large storage shed.
Where is this duplex located?
The property is located at 513 S Carter Ave Norman, OK.
What is the asking price?
The asking price for this property is $350,000.
What are key features of this property?
This property features: Two updated homes situated on one lot; Approximately 1, 200 sq. ft. residence with 2 bedrooms and 2 full bathrooms; Approximately 650 sq. ft. residence with 2 bedrooms and 1 bathroom
