New-Build
For Sale
$499,000
9 N State Street, Edmond, OK 73003
Residential Income, Edmond, OK
Property Size3,100 SF
Price / SF$160.97
Days on Market188
Property Features for 9 N State Street
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Bedrooms
8
Bathrooms
6
Full bathrooms
6
Rooms
Bedroom 7, Bedroom 1, Bathroom 2, Bedroom 5, Bathroom 4, Bathroom 3, Bedroom 4, Bathroom 5, Bedroom 2, Bedroom 3, Bedroom 6, Bathroom 1, Bathroom 6, Bedroom 8
Lot features
Corner Lot
Elementary school
Ida Freeman ES
Middle school
Cheyenne MS
High school
North HS
Elementary school district
Edmond
Middle school district
Edmond
High school district
Edmond
Directions
3 blocks east of Kelly on Main Street. Duplex is just north of the home at the corner of Main and State.
Standard status
Active
APN
9NState73003
Size
3,100 SF
Utilities
Heating system
Electric (Heating)
Cooling system
Electric, Central Air
Building Details
Floors in Building
2
Building materials
Frame
Roof type
Composition
Architectural style
Other
Listing Agency:
Metro First Realty of Edmond
(405) 906-3330
Listed By:
Kimi George
(405) 824-7653
Added: Feb 16
Changed: Aug 21
Last Checked: Aug 23 at 3:06PM
MLS# 1214603
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 newly built duplex contains 3,100 square feet and provides two separately configured residences. Each unit includes 4 bedrooms and 3 bathrooms, along with quartz countertops, stainless steel appliances, and LVT flooring. The property uses electric heating and cooling, with central air, a frame structure, and a composition roof.
The property is located in Edmond’s Main Street Addition, west of Downtown Edmond and near the University of Central Oklahoma. No HOA is associated with the property. The unit layouts and bedroom count support residential occupancy by students or smaller households, as described in the property information.
The property is located in Edmond’s Main Street Addition, west of Downtown Edmond and near the University of Central Oklahoma. No HOA is associated with the property. The unit layouts and bedroom count support residential occupancy by students or smaller households, as described in the property information.
Key Highlights
- Each unit includes 4 bedrooms and 3 bathrooms
- 3,100 square feet across the duplex
- Quartz countertops and stainless steel appliances in both units
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 residences offer contemporary finishes, electric systems, and central air in Edmond’s Main Street Addition.
Where is this duplex located?
The property is located at 9 N State Street 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: Each unit includes 4 bedrooms and 3 bathrooms; 3,100 square feet across the duplex; Quartz countertops and stainless steel appliances in both units
