Four-Unit Brick
For Sale
$525,000
5628 N Meridian Avenue, Oklahoma City, OK 73112
Residential Income, Oklahoma City, OK
Property Size4,524 SF
Lot Size0.39 Acres
Price / SF$116.05
Days on Market29
Property Features for 5628 N Meridian Avenue
General Information
Property type
Residential Multi Family
Property subtype
Other
Bathrooms
6
Full bathrooms
6
Rooms
Bathroom 2, Bathroom 1, Bathroom 4, Bathroom 5, Bathroom 6, Bathroom 3
Lot features
Corner Lot
Elementary school
Coronado Heights ES
Middle school
James L. Capps MS
High school
Putnam City HS
Elementary school district
Putnam City
Middle school district
Putnam City
High school district
Putnam City
Directions
4-Plex sits on the corner of N Meridian Avenue and NW 56th Terrace, across the street from Dolese Youth Park.
Standard status
Active
APN
5628NMeridian73112
Size
4,524 SF
Lot size
0.39 Acres
Building Details
Year built
1960
Building materials
Brick & Frame
Roof type
Composition
Architectural style
Modern
Listing Agency:
KING Real Estate Group
(405) 739-0550
Listed By:
Tara Luse
(405) 501-0828
Added: Aug 7
Changed: Sep 1
Last Checked: Sep 4 at 7:06AM
MLS# 1243463
Copyright © 2026 MLSOK, Inc. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This four-unit residential property contains approximately 4,524 SF of living space on a 0.3905-acre lot. The unit mix includes two 2-bedroom, 1.5-bath residences measuring 1,200 sq ft. each and two additional 2-bedroom, 1.5-bath residences measuring 1,060 sq ft. each. Every unit includes a 1-car garage, and the two-story plans separate living and sleeping areas. Tile flooring, washer/dryer availability, and brick-and-frame construction are additional physical features. The property was built in 1960 and has a composition roof.
Located in Oklahoma City, the property is adjacent to Dolese Park, a 150-acre recreational area with walking opportunities, fishing, playgrounds, sports fields, and disc golf courses. Southern Nazarene University is 3 miles away, with shopping, restaurants, and major roadways also identified nearby. The property is reported as 100% occupied.
Located in Oklahoma City, the property is adjacent to Dolese Park, a 150-acre recreational area with walking opportunities, fishing, playgrounds, sports fields, and disc golf courses. Southern Nazarene University is 3 miles away, with shopping, restaurants, and major roadways also identified nearby. The property is reported as 100% occupied.
Key Highlights
- 100% occupied four‑unit property
- Approximately 4,524 SF of living space on 0.3905 acres
- Unit mix includes two 1,200 sq ft. and two 1,060 sq ft. residences
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
$41,298
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
7.87%
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%
$825,960
$826.0K
Cap Rate 7%
$589,971
$590.0K
Cap Rate 9%
$458,867
$458.9K
Market Conditions
NOI Build-Up for 4,524 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
$62.4K $13.80/SF
− Vacancy
−$3.4K −$0.76/SF
EGI
$59.0K $13.04/SF
− OpEx
−$17.7K −$3.91/SF
NOI
$41.3K $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%
$825,960
Cap Rate 7%
$589,971
Cap Rate 9%
$458,867
Alternative Uses
Best Use
Multifamily LT 5
$590.0K
$516.2K – $688.3K
NOI $41,298 @ 7.0% cap · market cap 7.87%
Second Best
Apartment 5plus
$545.9K
$477.7K – $636.9K
NOI $38,213 @ 7.0% cap · market cap 7.28%
Theoretical Best
Specialty Retail
$1.55M
$1.35M – $1.81M
NOI $108,305 @ 7.0% cap · market cap 20.63%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
4
Residential units
100%
Occupancy
Location Intelligence
Trade Area within ½ mile
497
Businesses Nearby
Explore this area
Business Placement
Demographics for 73112, OK
31,113
Population
16,413
Households
1.9
Avg Household Size
37
Median Age
35%
College-Educated
91%
High-School Grad
7.6 sq mi
ZIP Area
4,094
Density / Sq Mi
$57,833
Median Household Income
$39,641
Median Earnings
$1,030
Median Rent
$173,100
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?
Quadplex - Fully occupied property with two-story layouts, individual garages, and washer/dryer availability.
Where is this quadplex located?
The property is located at 5628 N Meridian Avenue Oklahoma City, OK.
What is the asking price?
The asking price for this property is $525,000.
What are key features of this property?
This property features: 100% occupied four‑unit property; Approximately 4,524 SF of living space on 0.3905 acres; Unit mix includes two 1,200 sq ft. and two 1,060 sq ft. residences
