New-Build Duplex with Quartz
For Sale
$499,000
9 N State St, Edmond, OK 73003
Two residential units feature quartz countertops, stainless steel appliances, LVT flooring, and all-electric systems.
Property Size3,100 SF
Price / SF$160.97
Days on Market33
Property Features for 9 N State St
General Information
Standard status
Active
Size
3,100 SF
Property subtype
Multi-Family
Units
Unit Mix
2 x 4BR/3BA
Multifamily Units
2
Listing Agency:
Metro First Realty of Edmond
(405) 348-4422
Listed By:
Kimi George
Source:
Sarahflemingestates
Added: Jul 28
Changed: Aug 28
Last Checked: Aug 28 at 1:02PM
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 First Realty of Edmond
Investment Insights
Based on property information with market context.
This 3,100-square-foot duplex is a new-build residential income property with two separately configured units. Each unit includes 4 bedrooms and 3 bathrooms, along with quartz countertops, stainless steel appliances, and LVT flooring. The property is served entirely by electric systems and was designed with energy efficiency in mind.
Located at 9 N State St in Edmond, the duplex is west of Downtown Edmond and near the University of Central Oklahoma. The property has no HOA, adding flexibility for ownership and operation. Its unit layout and proximity to the university support the student-oriented and small-household use described for the property.
Located at 9 N State St in Edmond, the duplex is west of Downtown Edmond and near the University of Central Oklahoma. The property has no HOA, adding flexibility for ownership and operation. Its unit layout and proximity to the university support the student-oriented and small-household use described for the property.
Key Highlights
- New‑build 3,100‑square‑foot duplex
- Two units, each with 4 bedrooms and 3 bathrooms
- Quartz countertops, stainless steel appliances, and LVT flooring
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
$19,725
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
3.95%
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%
$394,500
$394.5K
Cap Rate 7%
$281,786
$281.8K
Cap Rate 9%
$219,167
$219.2K
Market Conditions
NOI Build-Up for 3,100 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
$39.8K $12.84/SF
− Vacancy
−$3.9K −$1.27/SF
EGI
$35.9K $11.57/SF
− OpEx
−$16.1K −$5.21/SF
NOI
$19.7K $6.36/SF
Area
Oklahoma County, OK
Vacancy
9.90%
Lease Rate
$12.84 /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%
$394,500
Cap Rate 7%
$281,786
Cap Rate 9%
$219,167
Alternative Uses
Best Use
Apartment 5plus
$281.8K
$246.6K – $328.8K
NOI $19,725 @ 7.0% cap · market cap 3.95%
Second Best
Multifamily LT 5
$269.1K
$235.5K – $313.9K
NOI $18,836 @ 7.0% cap · market cap 3.77%
Theoretical Best
Office A
$645.7K
$565.0K – $753.3K
NOI $45,197 @ 7.0% cap · market cap 9.06%
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
1,201
Businesses Nearby
Explore this area
Business Placement
Demographics for 73003, OK
22,648
Population
9,760
Households
2.3
Avg Household Size
36
Median Age
42%
College-Educated
93%
High-School Grad
7.4 sq mi
ZIP Area
3,061
Density / Sq Mi
$76,957
Median Household Income
$45,176
Median Earnings
$1,338
Median Rent
$230,000
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 residential units feature quartz countertops, stainless steel appliances, LVT flooring, and all-electric systems.
Where is this duplex located?
The property is located at 9 N State St Edmond, OK.
What is the asking price?
The asking price for this property is $499,000.
What are key features of this property?
This property features: New‑build 3,100‑square‑foot duplex; Two units, each with 4 bedrooms and 3 bathrooms; Quartz countertops, stainless steel appliances, and LVT flooring
