Bethany Duplex Portfolio

Highlights:

• Built in 2023: eleven one-story duplexes, 22 units, fully leased
• Priced below the county's 2026 market value and HRE's estimated cost to build new
• One floor plan: all three-bedroom, two-bath units with tankless water heaters
• Tenants pay utilities; landscaping included in the HOA; third-party management in place
• Each duplex on its own parcel: hold together or sell individually
• Tightening Oklahoma City rental market, with new supply concentrated north of the metro
• 7.0% Pro Forma cap rate at an estimated $1,650 market rent
• 14 of 22 leases roll within 12 months: near-term path to market rent
• In-place rents of $1,522 against an estimated $1,650 market

Description:

Bethany Duplexes is a rare chance to buy newer rental housing in the Oklahoma City metro without taking on construction or lease-up risk. The offering includes eleven one-story duplexes with 22 three-bedroom, two-bath units on Franks Way and N Divis Ave in Bethany Village. All eleven buildings were completed in 2023, and every unit is leased.

The price compares well with the cost of building new. At $363,636 per duplex, the offering sits below Oklahoma County's 2026 market value for these buildings, which averages about $393,000 each. It also sits below HRE's estimate of what a comparable duplex would cost to build today, including the lot: roughly $380,000 to $410,000.

New construction keeps management simple. Every unit shares the same three-bedroom, two-bath floor plan, so turns, parts and pricing stay consistent. Units are one story, tenants pay their own utilities, landscaping is handled through the HOA, and each unit has a tankless water heater. With roofs, HVAC and plumbing dating from 2023, repair costs have been modest, and a third-party manager is already in place.

Each duplex sits on its own parcel, so an owner can hold all eleven buildings together or sell individual buildings over time.
Year 1 income reflects in-place rents. The pro forma reflects an estimated market rent of $1,650 and a 5% market management fee; the current third-party manager's terms are shown in the T-12.

In-place rents average $1,522, below HRE’s estimated market rent of $1,650 for new three-bedroom duplexes. Fourteen of the 22 leases expire within the first year of ownership, so a buyer can move most of the property toward market quickly.

Bethany is an established, close-in suburb about 10 miles west of downtown Oklahoma City, bordered by Warr Acres to the east and by Lake Overholser and the Stinchcomb Wildlife Refuge to the west. Northwest 39th Street Expressway, part of historic Route 66, runs through downtown Bethany and connects residents to the rest of the metro, and Will Rogers World Airport is about a 25-minute drive. The duplexes sit in the Bethany Village subdivision, in the Putnam City school district, with lake, trail and park amenities close by.

Bethany has a deep renter base. Its 20,831 residents at the 2020 census were up 9.3% from 2010, and 46% of households rent. Local employers include Southern Nazarene University, Southwestern Christian University, The Children's Center, Gilbert Medical Clinic and the Bethany and Putnam City school districts, and nearby Wiley Post Airport has an industrial park with about 50 aviation businesses. Tenants also reach the wider Oklahoma City metro, home to about 1.5 million people and to the headquarters of Paycom, Continental Resources, Expand Energy and Hobby Lobby.

The market behind the property is growing and tightening. The metro has added about 6% to its population since 2020. Apartment vacancy in Oklahoma City fell to 4.5% at mid-2026, down from a year earlier, while asking rents kept rising (Northmarq, Q2 2026). New supply is concentrated on the north side of the metro: every apartment project under construction at mid-year was in Edmond or Logan County, leaving little new apartment supply near Bethany.


Paid by residents

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