Renovated Brick
New
For Sale
$339,900
940 East Dr, Oklahoma City, OK 73105
Updated one-bedroom units include laundry hookups, storage, and off-street parking.
Property Size2,050 SF
Price / SF$165.80
Days on Market2
Property Features for 940 East Dr
General Information
Standard status
Active
Size
2,050 SF
Property subtype
Multi-Family
Building Details
Year Built
1927
Listing Agency:
Homestead + Co
Listed By:
Brandon Just · License #179315
(405) 748-8500
Source:
Alloverok
Added: Sep 2
Changed: Sep 3
Last Checked: Sep 1 at 7:52PM
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 Homestead + Co
Investment Insights
Based on property information with market context.
This 1927 brick duplex contains two one-bedroom, one-bath units, each measuring approximately 1,025 sq ft. The property has been renovated throughout with LVP flooring, quartz countertops, new cabinetry and appliances, updated lighting, rebuilt bathrooms, and added storage and pantry space. Both residences include in-unit laundry hookups and off-street parking. Major improvements include new plumbing, electrical systems, and windows approved for historic preservation. The combined property size is 2,050 square feet.
The duplex is located in the historic Lincoln Terrace area at 940 East Dr in Oklahoma City, steps from OU Medical Center and the OU Health Sciences campus. The State Capitol, Plaza District, and Midtown are also minutes away.
The duplex is located in the historic Lincoln Terrace area at 940 East Dr in Oklahoma City, steps from OU Medical Center and the OU Health Sciences campus. The State Capitol, Plaza District, and Midtown are also minutes away.
Key Highlights
- Two‑unit duplex with approximately 1, 025 sq ft per side
- Each unit offers a 1BR/1BA layout
- 1927 brick construction with historic‑preservation approved windows
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
$18,714
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
5.51%
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%
$374,280
$374.3K
Cap Rate 7%
$267,343
$267.3K
Cap Rate 9%
$207,933
$207.9K
Market Conditions
NOI Build-Up for 2,050 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
$28.3K $13.80/SF
− Vacancy
−$1.6K −$0.76/SF
EGI
$26.7K $13.04/SF
− OpEx
−$8.0K −$3.91/SF
NOI
$18.7K $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%
$374,280
Cap Rate 7%
$267,343
Cap Rate 9%
$207,933
Alternative Uses
Best Use
Multifamily LT 5
$267.3K
$233.9K – $311.9K
NOI $18,714 @ 7.0% cap · market cap 5.51%
Second Best
Apartment 5plus
$247.4K
$216.5K – $288.6K
NOI $17,316 @ 7.0% cap · market cap 5.09%
Theoretical Best
Specialty Retail
$701.1K
$613.5K – $818.0K
NOI $49,077 @ 7.0% cap · market cap 14.44%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
2,930
Businesses Nearby
Explore this area
Business Placement
Demographics for 73105, OK
5,835
Population
3,416
Households
1.7
Avg Household Size
35
Median Age
39%
College-Educated
94%
High-School Grad
4.5 sq mi
ZIP Area
1,297
Density / Sq Mi
$48,314
Median Household Income
$32,614
Median Earnings
$1,091
Median Rent
$162,800
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 - Updated one-bedroom units include laundry hookups, storage, and off-street parking.
Where is this duplex located?
The property is located at 940 East Dr Oklahoma City, OK.
What is the asking price?
The asking price for this property is $339,900.
What are key features of this property?
This property features: Two‑unit duplex with approximately 1, 025 sq ft per side; Each unit offers a 1BR/1BA layout; 1927 brick construction with historic‑preservation approved windows
