1819 22Nd St Oklahoma City, OK 73106

Property Details for 1819 22Nd St

Year built

1949

Property size

2,784 SF

Property type

Commercial real estate

Description

This exceptional 4-plex in Oklahoma City's desirable Gatewood neighborhood presents a compelling investment opportunity. The property, built in 1949 and extensively renovated in 2018, boasts a total of 2,784 square feet across two buildings. The main building is a duplex featuring two 2-bedroom, 1-bathroom units, each spanning 912 square feet. The rear building comprises four garages on the ground floor and two identical 430-square-foot, 2-bedroom, 1-bathroom apartments above. Significant 2018 renovations included electrical upgrades, new HVAC systems, plumbing repairs, fresh paint, new tile and countertops, updated appliances, and new windows. Three units share laundry facilities in the garage, while the upper duplex unit has in-unit laundry. Current rents range from $825 to $1300 per month, with one unit currently vacant. The property enjoys a prime location just south of Oklahoma City University and six blocks north of the vibrant Plaza District, offering easy access to downtown and other entertainment hubs. The property's strong cash flow, demonstrated by a 7.26% cap rate and a net operating income (NOI) of $38,090, makes it an attractive investment. The potential for increased rental income through minor upgrades, such as adding dishwashers and in-unit laundry to some units, further enhances its appeal. With four parking spaces and a strong rental history, including prior use as a successful Airbnb, this property offers a blend of immediate return and future growth potential. The property is offered at $525,000, representing a price per unit of $131,250 and a price per square foot of $188.58.