Four-Unit Apartment
New
For Sale
$240,000
808 N Cherokee Street, Claremore, OK 74017
Income-producing residential property with a one- and two-bedroom unit mix and established tenancy.
Property Size2,164 SF
Price / SF$110.91
Days on Market2
Property Features for 808 N Cherokee Street
General Information
Standard status
Active
Size
2,164 SF
Property subtype
Multi-Family
Units
Unit Mix
3 x 1BR/1BA, 1 x 2BR/1BA
Multifamily Units
4
Building Details
Year Built
1950
Buildings
1
Tenancy
Multi
Listing Agency:
Solid Rock, REALTORS
Listed By:
Katie Brown · License #205594
(918) 271-9321
Source:
Realestateofthe918
Added: Sep 19
Last Checked: Sep 20 at 5:44AM
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 Solid Rock, REALTORS
Investment Insights
Based on property information with market context.
This four-unit residential property contains three one-bedroom, one-bath units and one two-bedroom, one-bath unit within a 2,164-square-foot building constructed in 1950. The existing configuration provides a mix of smaller and larger apartments, with all four units occupied by tenants.
The property is located at 808 N Cherokee Street in Claremore, Oklahoma. Showings require at least 24 hours’ notice, and the property is offered in its current condition. The seller prefers to sell it together with 417 N Muskogee Ave., Claremore, OK 74017.
The property is located at 808 N Cherokee Street in Claremore, Oklahoma. Showings require at least 24 hours’ notice, and the property is offered in its current condition. The seller prefers to sell it together with 417 N Muskogee Ave., Claremore, OK 74017.
Key Highlights
- Four‑unit property with all four units occupied
- Three 1‑bedroom, 1‑bath units
- One 2‑bedroom, 1‑bath unit
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
$14,426
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
6.01%
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%
$288,520
$288.5K
Cap Rate 7%
$206,086
$206.1K
Cap Rate 9%
$160,289
$160.3K
Market Conditions
NOI Build-Up for 2,164 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
$29.6K $13.68/SF
− Vacancy
−$3.4K −$1.56/SF
EGI
$26.2K $12.12/SF
− OpEx
−$11.8K −$5.45/SF
NOI
$14.4K $6.67/SF
Area
Rogers County, OK
Vacancy
11.40%
Lease Rate
$13.68 /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%
$288,520
Cap Rate 7%
$206,086
Cap Rate 9%
$160,289
Alternative Uses
Best Use
Apartment 5plus
$206.1K
$180.3K – $240.4K
NOI $14,426 @ 7.0% cap · market cap 6.01%
Second Best
Multifamily LT 5
$173.7K
$152.0K – $202.6K
NOI $12,157 @ 7.0% cap · market cap 5.07%
Theoretical Best
Specialty Retail
$542.0K
$474.2K – $632.3K
NOI $37,939 @ 7.0% cap · market cap 15.81%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
4
Residential units
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
3
Businesses Nearby
Explore this area
Business Placement
Demographics for 74017, OK
29,083
Population
12,038
Households
2.4
Avg Household Size
40
Median Age
23%
College-Educated
92%
High-School Grad
140.5 sq mi
ZIP Area
207
Density / Sq Mi
$65,519
Median Household Income
$38,165
Median Earnings
$1,015
Median Rent
$184,400
Median Home Value
Market
Vacancy Rate% for Multifamily in South region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Quadplex - Income-producing residential property with a one- and two-bedroom unit mix and established tenancy.
Where is this quadplex located?
The property is located at 808 N Cherokee Street Claremore, OK.
What is the asking price?
The asking price for this property is $240,000.
What are key features of this property?
This property features: Four‑unit property with all four units occupied; Three 1‑bedroom, 1‑bath units; One 2‑bedroom, 1‑bath unit
