38-Unit Apartment Complex For
6220 S Douglas Avenue, Oklahoma City, OK 73139
38-unit apartment complex with renovated units and on-site laundry.
Type:Multi-Family
Property size:
22,500 SFPrice / SF:
$114/SF- Added:
- Jun 18, 2025
- Days on Market:
- 350
- Last Refresh:
- May 19 at 11:09 pm
Property Features for 6220 S Douglas Avenue
General Information
- Standard status
- Active
- Size
- 22,500 SF
- Property subtype
- Multi-Family
Building Details
- Year Built
- 1970
Listing agent Alan Larsen License #3101882
Listing office Lionshead Property Management (727) 278-0954
Listing date Jun 18, 2025
Source Kw
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 Lionshead Property Management
HighLights
- High Income Potential: Gross monthly income of $27,820 when fully rented.
- Significant Recent Renovations: 35 out of 38 units recently renovated.
- Features a mix of 8 two bed one bath units and 30 one bed one bath units.
- On‑Site Laundry: Includes a laundry room with 3 washers and 3 dryers.
- Updated Infrastructure: Updates to the parking lot, many updated windows, and lots of new exterior concrete.
- Desirable Location: Located in a quiet neighborhood.
Overview
This 38-unit apartment complex is situated in a quiet neighborhood. The property comprises a mix of 8 two-bedroom, one-bath units and 30 one-bedroom, one-bath units. When fully rented, the gross monthly income is $27,820. On-site amenities include a laundry room equipped with 3 washers and 3 dryers. Recent updates include improvements to the parking lot, many updated windows, new exterior concrete work, and the renovation of 35 units. The property also features a fenced courtyard. The property size is 22,500 square feet.
Local Financial Insights For Apartment 5plus
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $364.5k | $16.20 |
| − Vacancy | −$19.0k | −$0.84 |
| EGI | $345.5k | $15.36 |
| − OpEx | −$155.5k | −$6.91 |
| NOI | $190.1k | $8.45 |
22,500 SF · lease $16.20/SF/yr · vacancy 5.20% · expense 45.00%
Alternative Uses
Best Use
Apartment 5plus
$2.71M
$2.38M – $3.17M
NOI $190,050 @ 7.0% cap · market cap 7.35%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$7.69M
$6.73M – $8.98M
NOI $538,650 @ 7.0% cap · market cap 20.85%
Zoning and permitted uses should be independently verified with local authorities.
Property Profile
Location Intelligence
Current Use by Public Records
Apartment buildings
Location Insight
- Map
- Local Demand
- City
- Oklahoma City
- County
- Cleveland
- State
- Oklahoma
- Longitude
- -97.5341523
- Latitude
- 35.4036597
Nearby Similar for Sale
FAQs
What type of property is this?
Apartment building - 38-unit apartment complex with renovated units and on-site laundry.
Where is this apartment building located?
The property is located at 6220 S Douglas Avenue Oklahoma City, OK.
What is the asking price?
The asking price for this property is $2,584,000.
What are key features of this property?
This property features: High Income Potential: Gross monthly income of $27,820 when fully rented.; Significant Recent Renovations: 35 out of 38 units recently renovated.; Features a mix of 8 two bed one bath units and 30 one bed one bath units.
