Leased Duplex Investment
For Sale
$235,000
Pending
607 S Willis Street, Stillwater, OK 74074
MULTI_FAMILY - Modern - Stillwater, OK
Property Size1,847 SF
Lot Size0.24 Acres
Days on Market48
Property Features for 607 S Willis Street
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Bedrooms
3
Bathrooms
2
Full bathrooms
2
Rooms
Bathroom 2, Bathroom 1, Bedroom 3, Bedroom 1, Bedroom 2
Parking
2
Appliances
Dryer, Refrigerator, Washer
Lot features
Interior Lot
Elementary school
Westwood ES
Middle school
Stillwater JHS
High school
Stillwater HS
Elementary school district
Stillwater
Middle school district
Stillwater
High school district
Stillwater
Directions
From Western Ave and 6th St intersection, head west, turn south onto S Willis, property is the second house on the east side of the street.
Standard status
Pending
APN
607SWillis607&60974074
Size
1,847 SF
Lot size
0.24 Acres
Utilities
Heating system
Natural Gas
Cooling system
Central Air, Electric
Amenities
shared backyard
Building Details
Year built
1966
Floors in Building
1
Building materials
Brick & Frame
Roof type
Composition
Architectural style
Modern
Listing Agency:
C21/Judge Fite Guthrie · Century 21 Real Estate
(405) 282-7000
Listed By:
LaMoyne Hardin
(405) 740-4900
Added: Jul 13
Changed: Aug 12
Last Checked: Aug 29 at 5:06AM
MLS# 1238338
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 for-sale duplex is sold as one property and is fully leased. The 607 S Willis unit offers a two-bedroom, one-bath floorplan, and the 609 S Willis unit is a one-bedroom, one-bath bungalow-style layout. Both sides include spacious living areas and generously sized kitchens.
The duplex configuration provides a shared backyard and a shared covered two-car garage. The property is described as freshly remodeled on one unit and exceptionally well maintained on the other.
With both units designed as separate rental layouts, the property is a residential income offering with current occupancy and consistent utility across the shared outdoor and garage areas.
The duplex configuration provides a shared backyard and a shared covered two-car garage. The property is described as freshly remodeled on one unit and exceptionally well maintained on the other.
With both units designed as separate rental layouts, the property is a residential income offering with current occupancy and consistent utility across the shared outdoor and garage areas.
Key Highlights
- Fully‑leased duplex sold together as one property, 609 S Willis and 607 S Willis, with both units income‑producing
- 609 S Willis: freshly remodeled 1‑bedroom, 1‑bath bungalow layout with spacious living area and generously sized kitchen
- 607 S Willis: 2‑bedroom, 1‑bath floorplan that has been exceptionally well maintained, with spacious living area and generously sized kitchen
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
Property Profile
Current Use
Lease Details
2
Residential units
100%
Occupancy
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
684
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 duplex sold as one property, featuring one- and two-bedroom units with shared backyard and covered parking.
Where is this duplex located?
The property is located at 607 S Willis Street 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, 609 S Willis and 607 S Willis, with both units income‑producing; 609 S Willis: freshly remodeled 1‑bedroom, 1‑bath bungalow layout with spacious living area and generously sized kitchen; 607 S Willis: 2‑bedroom, 1‑bath floorplan that has been exceptionally well maintained, with spacious living area and generously sized kitchen
