Apartment Building with Private
For Sale
$2,540,000
518 Colcord Drive Oklahoma, Oklahoma City, OK 73102
Historic apartment building with an owner's residence, four additional suites, and private garage parking.
Property Size16,500 SF
Price / SF$153.94
Days on Market227
Property Features for 518 Colcord Drive Oklahoma
General Information
Standard status
Active
Size
16,500 SF
Total Parking Spaces
6
Property subtype
Multi-Family
Additional Details
Multifamily Units
5
Amenities
Dishwasher
Disposal
Building Details
Year Built
1912
Buildings
1
Stories
2
Listing Agency:
Chinowth & Cohen
Listed By:
Chris George
(405) 843-8188
Source:
Kw
Added: Jan 18
Changed: Sep 2
Last Checked: Sep 1 at 2:46PM
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 Chinowth & Cohen
Investment Insights
Based on property information with market context.
Built in 1912, this 16,500-square-foot apartment building includes an owner's residential suite and four additional investment suites. The property also provides private on-site garage parking for up to 6 vehicles. Interior features include a dishwasher and disposal.
The building extends between Colcord Drive and West Main Street in Downtown Oklahoma City, with north-facing windows overlooking Bicentennial Park and the Civic Center. Major building work includes a roof replacement in 2020, along with upgraded mechanical, electrical, plumbing, and structural systems throughout.
The building extends between Colcord Drive and West Main Street in Downtown Oklahoma City, with north-facing windows overlooking Bicentennial Park and the Civic Center. Major building work includes a roof replacement in 2020, along with upgraded mechanical, electrical, plumbing, and structural systems throughout.
Key Highlights
- 16,500‑square‑foot apartment building with an owner's suite and four additional investment suites
- Private on‑site garage parking for up to 6 vehicles
- Building extends between Colcord Drive and West Main Street
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
$139,370
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
5.49%
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%
$2,787,400
$2.8M
Cap Rate 7%
$1,991,000
$2.0M
Cap Rate 9%
$1,548,556
$1.5M
Market Conditions
NOI Build-Up for 16,500 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
$267.3K $16.20/SF
− Vacancy
−$13.9K −$0.84/SF
EGI
$253.4K $15.36/SF
− OpEx
−$114.0K −$6.91/SF
NOI
$139.4K $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%
$2,787,400
Cap Rate 7%
$1,991,000
Cap Rate 9%
$1,548,556
Alternative Uses
Best Use
Apartment 5plus
$1.99M
$1.74M – $2.32M
NOI $139,370 @ 7.0% cap · market cap 5.49%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$5.64M
$4.94M – $6.58M
NOI $395,010 @ 7.0% cap · market cap 15.55%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
5
Residential units
Location Intelligence
Trade Area within ½ mile
3,898
Businesses Nearby
Explore this area
Business Placement
Demographics for 73102, OK
3,072
Population
1,460
Households
2.1
Avg Household Size
35
Median Age
27%
College-Educated
86%
High-School Grad
0.8 sq mi
ZIP Area
3,840
Density / Sq Mi
$67,542
Median Household Income
$37,067
Median Earnings
$1,253
Median Rent
$212,500
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 - Historic apartment building with an owner's residence, four additional suites, and private garage parking.
Where is this apartment building located?
The property is located at 518 Colcord Drive Oklahoma Oklahoma City, OK.
What is the asking price?
The asking price for this property is $2,540,000.
What are key features of this property?
This property features: 16,500‑square‑foot apartment building with an owner's suite and four additional investment suites; Private on‑site garage parking for up to 6 vehicles; Building extends between Colcord Drive and West Main Street
