Duplex with Remodeled
For Sale
$235,000
607 S Willis St #607 & 609, Stillwater, OK 74074
Fully leased property combines a remodeled bungalow with a well-maintained second residence.
Property Size1,847 SF
Price / SF$127.23
Days on Market46
Property Features for 607 S Willis St #607 & 609
General Information
Standard status
Active
Size
1,847 SF
Total Parking Spaces
2
Property subtype
Multi-Family
Occupancy
100%
Units
Unit Mix
1 x 1BR/1BA, 1 x 2BR/1BA
Multifamily Units
2
Amenities
shared backyard
Building Details
Year Built
1966
Tenancy
Multi
Listing Agency:
Lime Realty
(405) 400-0789
Listed By:
Breann Green
(405) 400-0789
Source:
Oklahomarealestate
Added: Jul 15
Changed: Aug 28
Last Checked: Aug 28 at 8:24PM
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 Lime Realty
Investment Insights
Based on property information with market context.
This 1847 SF duplex includes two separately configured residences sold together. The 609 S Willis unit is a remodeled 1-bedroom, 1-bath bungalow, while 607 S Willis provides a 2-bedroom, 1-bath layout with well-maintained interiors. Both residences include spacious living areas and generously sized kitchens. The property also offers a shared backyard and a covered two-car garage.
Built in 1966, the duplex is fully leased and located at 607 S Willis St #607 & 609 in Stillwater, OK 74074. Shopping, dining, and everyday conveniences are described as minutes away, adding practical context for the property’s residential rental setting.
Built in 1966, the duplex is fully leased and located at 607 S Willis St #607 & 609 in Stillwater, OK 74074. Shopping, dining, and everyday conveniences are described as minutes away, adding practical context for the property’s residential rental setting.
Key Highlights
- Fully leased duplex sold together as one property
- 1847 SF total property size with two residential layouts
- 609 S Willis: remodeled 1‑bedroom, 1‑bath bungalow
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
$14,217
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
6.05%
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%
$284,340
$284.3K
Cap Rate 7%
$203,100
$203.1K
Cap Rate 9%
$157,967
$158.0K
Market Conditions
NOI Build-Up for 1,847 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 $12.24/SF
− Vacancy
−$2.3K −$1.24/SF
EGI
$20.3K $11.00/SF
− OpEx
−$6.1K −$3.30/SF
NOI
$14.2K $7.70/SF
Area
Payne County, OK
Vacancy
10.16%
Lease Rate
$12.24 /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%
$284,340
Cap Rate 7%
$203,100
Cap Rate 9%
$157,967
Alternative Uses
Best Use
Multifamily LT 5
$203.1K
$177.7K – $237.0K
NOI $14,217 @ 7.0% cap · market cap 6.05%
Second Best
Apartment 5plus
$188.2K
$164.7K – $219.5K
NOI $13,172 @ 7.0% cap · market cap 5.61%
Theoretical Best
Office A
$454.2K
$397.4K – $529.9K
NOI $31,794 @ 7.0% cap · market cap 13.53%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
2
Residential units
100%
Occupancy
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
11
Businesses Nearby
Explore this area
Business Placement
Demographics for 74074, OK
32,326
Population
14,328
Households
2.3
Avg Household Size
29
Median Age
51%
College-Educated
96%
High-School Grad
127.4 sq mi
ZIP Area
254
Density / Sq Mi
$50,245
Median Household Income
$26,971
Median Earnings
$965
Median Rent
$247,300
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 - Fully leased property combines a remodeled bungalow with a well-maintained second residence.
Where is this duplex located?
The property is located at 607 S Willis St #607 & 609 Stillwater, OK.
What is the asking price?
The asking price for this property is $235,000.
What are key features of this property?
This property features: Fully leased duplex sold together as one property; 1847 SF total property size with two residential layouts; 609 S Willis: remodeled 1‑bedroom, 1‑bath bungalow
