Duplex with Furnished Rental
For Sale
$439,900
812 NW 21st St, Oklahoma City, OK 73106
Two distinct residences offer flexible long-term and short-term rental use with rear parking and alley access.
Property Size2,348 SF
Price / SF$187.35
Days on Market11
Property Features for 812 NW 21st St
General Information
Standard status
Active
Size
2,348 SF
Total Parking Spaces
3
Property subtype
Multi-Family
Units
Unit Mix
1 x 2BR/1BA, 1 x 3BR/1BA
Multifamily Units
2
Amenities
front porch
ceiling fans
washer/dryer
storage shed
privacy fenced backyard
Building Details
Year Built
1910
Listing Agency:
Metro Brokers of Oklahoma
(405) 476-9600
Listed By:
Kathleen Forrest
Source:
Alloverok
Added: Aug 22
Changed: Aug 30
Last Checked: Aug 31 at 6:24PM
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 Metro Brokers of Oklahoma
Investment Insights
Based on property information with market context.
Built in 1910, this 2,348-square-foot duplex includes a 2-bedroom, 1-bath lower residence and a 3-bedroom, 1-bath upper residence. The downstairs unit has a large living room, dining area, kitchen with updated cabinetry, granite countertops, stainless steel appliances, a storage room, two oversized bedrooms, a walk-in closet, and an in-unit washer and dryer. A claw-foot tub preserves part of the property’s historic character. The upper unit includes original hardwood floors, updated kitchen cabinets, granite countertops, black appliances, and furnishings that may remain or be removed.
The lower residence is currently vacant after a history of long-term tenancy, while the furnished upper unit is occupied by month-to-month guests and has been regularly booked for short-term stays. Exterior features include a freshly painted front porch, a privacy-fenced backyard, storage shed, three-car parking pad, and rear alley access.
The lower residence is currently vacant after a history of long-term tenancy, while the furnished upper unit is occupied by month-to-month guests and has been regularly booked for short-term stays. Exterior features include a freshly painted front porch, a privacy-fenced backyard, storage shed, three-car parking pad, and rear alley access.
Key Highlights
- 2,348 SF duplex built in 1910
- Unit mix includes 2 bed/1 bath downstairs and 3 bed/1 bath upstairs
- Upper residence furnished for short‑term rental use and regularly booked
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
$21,434
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
4.87%
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%
$428,680
$428.7K
Cap Rate 7%
$306,200
$306.2K
Cap Rate 9%
$238,156
$238.2K
Market Conditions
NOI Build-Up for 2,348 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
$32.4K $13.80/SF
− Vacancy
−$1.8K −$0.76/SF
EGI
$30.6K $13.04/SF
− OpEx
−$9.2K −$3.91/SF
NOI
$21.4K $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%
$428,680
Cap Rate 7%
$306,200
Cap Rate 9%
$238,156
Alternative Uses
Best Use
Multifamily LT 5
$306.2K
$267.9K – $357.2K
NOI $21,434 @ 7.0% cap · market cap 4.87%
Second Best
Apartment 5plus
$283.3K
$247.9K – $330.6K
NOI $19,833 @ 7.0% cap · market cap 4.51%
Theoretical Best
Specialty Retail
$803.0K
$702.6K – $936.9K
NOI $56,211 @ 7.0% cap · market cap 12.78%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
344
Businesses Nearby
Explore this area
Business Placement
Demographics for 73106, OK
12,956
Population
6,069
Households
2.1
Avg Household Size
32
Median Age
40%
College-Educated
85%
High-School Grad
3.0 sq mi
ZIP Area
4,319
Density / Sq Mi
$51,934
Median Household Income
$32,145
Median Earnings
$1,050
Median Rent
$262,500
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 - Two distinct residences offer flexible long-term and short-term rental use with rear parking and alley access.
Where is this duplex located?
The property is located at 812 NW 21st St Oklahoma City, OK.
What is the asking price?
The asking price for this property is $439,900.
What are key features of this property?
This property features: 2,348 SF duplex built in 1910; Unit mix includes 2 bed/1 bath downstairs and 3 bed/1 bath upstairs; Upper residence furnished for short‑term rental use and regularly booked
