<?xml version="1.0" encoding="us-ascii"?>
<!-- Created by Merrill Corporation -->
<!-- Generated by Fujitsu Interstage XWand B0189 -->
<!--Generated by IRIS XBRL Generation Engine-->
<xsd:schema targetNamespace="http://www.onelibertyproperties.com/20140331" attributeFormDefault="unqualified" elementFormDefault="qualified" xmlns:xsd="http://www.w3.org/2001/XMLSchema" xmlns:olp="http://www.onelibertyproperties.com/20140331" xmlns:invest="http://xbrl.sec.gov/invest/2013-01-31" xmlns:us-roles="http://fasb.org/us-roles/2013-01-31" xmlns:ref="http://www.xbrl.org/2006/ref" xmlns:xbrldt="http://xbrl.org/2005/xbrldt" xmlns:nonnum="http://www.xbrl.org/dtr/type/non-numeric" xmlns:us-types="http://fasb.org/us-types/2013-01-31" xmlns:xl="http://www.xbrl.org/2003/XLink" xmlns:us-gaap="http://fasb.org/us-gaap/2013-01-31" xmlns:utr="http://www.xbrl.org/2009/utr" xmlns:link="http://www.xbrl.org/2003/linkbase" xmlns:num="http://www.xbrl.org/dtr/type/numeric" xmlns:xlink="http://www.w3.org/1999/xlink" xmlns:negated="http://www.xbrl.org/2009/role/negated" xmlns:stpr="http://xbrl.sec.gov/stpr/2011-01-31" xmlns:dei="http://xbrl.sec.gov/dei/2013-01-31" xmlns:attributeFormDefault="unqualified" xmlns:xbrli="http://www.xbrl.org/2003/instance" xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance">
  <xsd:annotation>
    <xsd:appinfo>
      <link:linkbaseRef xlink:type="simple" xlink:href="olp-20140331_pre.xml" xlink:role="http://www.xbrl.org/2003/role/presentationLinkbaseRef" xlink:arcrole="http://www.w3.org/1999/xlink/properties/linkbase" />
      <link:linkbaseRef xlink:type="simple" xlink:href="olp-20140331_cal.xml" xlink:role="http://www.xbrl.org/2003/role/calculationLinkbaseRef" xlink:arcrole="http://www.w3.org/1999/xlink/properties/linkbase" />
      <link:linkbaseRef xlink:type="simple" xlink:href="olp-20140331_def.xml" xlink:role="http://www.xbrl.org/2003/role/definitionLinkbaseRef" xlink:arcrole="http://www.w3.org/1999/xlink/properties/linkbase" />
      <link:linkbaseRef xlink:type="simple" xlink:href="olp-20140331_lab.xml" xlink:role="http://www.xbrl.org/2003/role/labelLinkbaseRef" xlink:arcrole="http://www.w3.org/1999/xlink/properties/linkbase" />
      <link:roleType roleURI="http://www.onelibertyproperties.com/role/DocumentAndEntityInformation" id="DocumentAndEntityInformation">
        <link:definition>0000 - Document - Document and Entity Information</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
      </link:roleType>
      <link:roleType roleURI="http://www.onelibertyproperties.com/role/BalanceSheet" id="BalanceSheet">
        <link:definition>0010 - Statement - CONSOLIDATED BALANCE SHEETS</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
      </link:roleType>
      <link:roleType roleURI="http://www.onelibertyproperties.com/role/BalanceSheetParenthetical" id="BalanceSheetParenthetical">
        <link:definition>0015 - Statement - CONSOLIDATED BALANCE SHEETS (Parenthetical)</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
      </link:roleType>
      <link:roleType roleURI="http://www.onelibertyproperties.com/role/StatementOfIncome" id="StatementOfIncome">
        <link:definition>0020 - Statement - CONSOLIDATED STATEMENTS OF INCOME</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
      </link:roleType>
      <link:roleType roleURI="http://www.onelibertyproperties.com/role/StatementOfIncomeParenthetical" id="StatementOfIncomeParenthetical">
        <link:definition>0025 - Statement - CONSOLIDATED STATEMENTS OF INCOME (Parenthetical)</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
      </link:roleType>
      <link:roleType roleURI="http://www.onelibertyproperties.com/role/StatementOfComprehensiveIncome" id="StatementOfComprehensiveIncome">
        <link:definition>0030 - Statement - CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
      </link:roleType>
      <link:roleType roleURI="http://www.onelibertyproperties.com/role/StatementOfStockholdersEquity" id="StatementOfStockholdersEquity">
        <link:definition>0040 - Statement - CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
      </link:roleType>
      <link:roleType roleURI="http://www.onelibertyproperties.com/role/StatementOfStockholdersEquityParenthetical" id="StatementOfStockholdersEquityParenthetical">
        <link:definition>0045 - Statement - CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (Parenthetical)</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
      </link:roleType>
      <link:roleType roleURI="http://www.onelibertyproperties.com/role/CashFlows" id="CashFlows">
        <link:definition>0050 - Statement - CONSOLIDATED STATEMENTS OF CASH FLOWS</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
      </link:roleType>
      <link:roleType roleURI="http://www.onelibertyproperties.com/role/DisclosureOrganizationAndBackground" id="DisclosureOrganizationAndBackground">
        <link:definition>1010 - Disclosure - Organization and Background</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
      </link:roleType>
      <link:roleType roleURI="http://www.onelibertyproperties.com/role/DisclosureBasisOfPreparation" id="DisclosureBasisOfPreparation">
        <link:definition>1020 - Disclosure - Basis of Preparation</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
      </link:roleType>
      <link:roleType roleURI="http://www.onelibertyproperties.com/role/DisclosureEarningsPerCommonShare" id="DisclosureEarningsPerCommonShare">
        <link:definition>1030 - Disclosure - Earnings Per Common Share</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
      </link:roleType>
      <link:roleType roleURI="http://www.onelibertyproperties.com/role/DisclosureRealEstateAcquisitions" id="DisclosureRealEstateAcquisitions">
        <link:definition>1040 - Disclosure - Real Estate Acquisitions</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
      </link:roleType>
      <link:roleType roleURI="http://www.onelibertyproperties.com/role/DisclosureInvestmentInUnconsolidatedJointVentures" id="DisclosureInvestmentInUnconsolidatedJointVentures">
        <link:definition>1050 - Disclosure - Investment in Unconsolidated Joint Ventures</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
      </link:roleType>
      <link:roleType roleURI="http://www.onelibertyproperties.com/role/DisclosureAllowanceForDoubtfulAccounts" id="DisclosureAllowanceForDoubtfulAccounts">
        <link:definition>1060 - Disclosure - Allowance for Doubtful Accounts</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
      </link:roleType>
      <link:roleType roleURI="http://www.onelibertyproperties.com/role/DisclosureDiscontinuedOperationsAndSaleOfProperties" id="DisclosureDiscontinuedOperationsAndSaleOfProperties">
        <link:definition>1070 - Disclosure - Discontinued Operations and Sale of Properties</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
      </link:roleType>
      <link:roleType roleURI="http://www.onelibertyproperties.com/role/DisclosureLineOfCredit" id="DisclosureLineOfCredit">
        <link:definition>1080 - Disclosure - Line of Credit</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
      </link:roleType>
      <link:roleType roleURI="http://www.onelibertyproperties.com/role/DisclosureCompensationAndServicesAgreement" id="DisclosureCompensationAndServicesAgreement">
        <link:definition>1090 - Disclosure - Compensation and Services Agreement</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
      </link:roleType>
      <link:roleType roleURI="http://www.onelibertyproperties.com/role/DisclosureCommonStockCashDividend" id="DisclosureCommonStockCashDividend">
        <link:definition>1100 - Disclosure - Common Stock Cash Dividend</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
      </link:roleType>
      <link:roleType roleURI="http://www.onelibertyproperties.com/role/DisclosureSharesIssuedThroughEquityOfferingProgram" id="DisclosureSharesIssuedThroughEquityOfferingProgram">
        <link:definition>1110 - Disclosure - Shares Issued through Equity Offering Program</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
      </link:roleType>
      <link:roleType roleURI="http://www.onelibertyproperties.com/role/DisclosureStockBasedCompensation" id="DisclosureStockBasedCompensation">
        <link:definition>1120 - Disclosure - Stock Based Compensation</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
      </link:roleType>
      <link:roleType roleURI="http://www.onelibertyproperties.com/role/DisclosureFairValueMeasurements" id="DisclosureFairValueMeasurements">
        <link:definition>1130 - Disclosure - Fair Value Measurements</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
      </link:roleType>
      <link:roleType roleURI="http://www.onelibertyproperties.com/role/DisclosureNewAccountingPronouncement" id="DisclosureNewAccountingPronouncement">
        <link:definition>1140 - Disclosure - New Accounting Pronouncement</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
      </link:roleType>
      <link:roleType roleURI="http://www.onelibertyproperties.com/role/DisclosureSubsequentEvents" id="DisclosureSubsequentEvents">
        <link:definition>1150 - Disclosure - Subsequent Events</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
      </link:roleType>
      <link:roleType roleURI="http://www.onelibertyproperties.com/role/DisclosureBasisOfPreparationPolicies" id="DisclosureBasisOfPreparationPolicies">
        <link:definition>2020 - Disclosure - Basis of Preparation (Policies)</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
      </link:roleType>
      <link:roleType roleURI="http://www.onelibertyproperties.com/role/DisclosureEarningsPerCommonShareTables" id="DisclosureEarningsPerCommonShareTables">
        <link:definition>3030 - Disclosure - Earnings Per Common Share (Tables)</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
      </link:roleType>
      <link:roleType roleURI="http://www.onelibertyproperties.com/role/DisclosureRealEstateAcquisitionsTables" id="DisclosureRealEstateAcquisitionsTables">
        <link:definition>3040 - Disclosure - Real Estate Acquisitions (Tables)</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
      </link:roleType>
      <link:roleType roleURI="http://www.onelibertyproperties.com/role/DisclosureDiscontinuedOperationsAndSaleOfPropertiesTables" id="DisclosureDiscontinuedOperationsAndSaleOfPropertiesTables">
        <link:definition>3070 - Disclosure - Discontinued Operations and Sale of Properties (Tables)</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
      </link:roleType>
      <link:roleType roleURI="http://www.onelibertyproperties.com/role/DisclosureStockBasedCompensationTables" id="DisclosureStockBasedCompensationTables">
        <link:definition>3120 - Disclosure - Stock Based Compensation (Tables)</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
      </link:roleType>
      <link:roleType roleURI="http://www.onelibertyproperties.com/role/DisclosureFairValueMeasurementsTables" id="DisclosureFairValueMeasurementsTables">
        <link:definition>3130 - Disclosure - Fair Value Measurements (Tables)</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
      </link:roleType>
      <link:roleType roleURI="http://www.onelibertyproperties.com/role/DisclosureOrganizationAndBackgroundDetails" id="DisclosureOrganizationAndBackgroundDetails">
        <link:definition>4010 - Disclosure - Organization and Background (Details)</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
      </link:roleType>
      <link:roleType roleURI="http://www.onelibertyproperties.com/role/DisclosureBasisOfPreparationDetails" id="DisclosureBasisOfPreparationDetails">
        <link:definition>4020 - Disclosure - Basis of Preparation (Details)</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
      </link:roleType>
      <link:roleType roleURI="http://www.onelibertyproperties.com/role/DisclosureEarningsPerCommonShareDetails" id="DisclosureEarningsPerCommonShareDetails">
        <link:definition>4030 - Disclosure - Earnings Per Common Share (Details)</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
      </link:roleType>
      <link:roleType roleURI="http://www.onelibertyproperties.com/role/DisclosureRealEstateAcquisitionsDetails" id="DisclosureRealEstateAcquisitionsDetails">
        <link:definition>4040 - Disclosure - Real Estate Acquisitions (Details)</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
      </link:roleType>
      <link:roleType roleURI="http://www.onelibertyproperties.com/role/DisclosureRealEstateAcquisitionsDetailsCal2" id="DisclosureRealEstateAcquisitionsDetailsCal2">
        <link:definition>4041 - Disclosure - Real Estate Acquisitions (Details) (Cal2)</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
      </link:roleType>
      <link:roleType roleURI="http://www.onelibertyproperties.com/role/DisclosureInvestmentInUnconsolidatedJointVenturesDetails" id="DisclosureInvestmentInUnconsolidatedJointVenturesDetails">
        <link:definition>4050 - Disclosure - Investment in Unconsolidated Joint Ventures (Details)</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
      </link:roleType>
      <link:roleType roleURI="http://www.onelibertyproperties.com/role/DisclosureAllowanceForDoubtfulAccountsDetails" id="DisclosureAllowanceForDoubtfulAccountsDetails">
        <link:definition>4060 - Disclosure - Allowance for Doubtful Accounts (Details)</link:definition>
        <link:usedOn>link:calculationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
        <link:usedOn>link:presentationLink</link:usedOn>
      </link:roleType>
      <link:roleType roleURI="http://www.onelibertyproperties.com/role/DisclosureDiscontinuedOperationsAndSaleOfPropertiesDetails" id="DisclosureDiscontinuedOperationsAndSaleOfPropertiesDetails">
        <link:definition>4070 - Disclosure - Discontinued Operations and Sale of Properties (Details)</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
      </link:roleType>
      <link:roleType roleURI="http://www.onelibertyproperties.com/role/DisclosureLineOfCreditDetails" id="DisclosureLineOfCreditDetails">
        <link:definition>4080 - Disclosure - Line of Credit (Details)</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
      </link:roleType>
      <link:roleType roleURI="http://www.onelibertyproperties.com/role/DisclosureCompensationAndServicesAgreementDetails" id="DisclosureCompensationAndServicesAgreementDetails">
        <link:definition>4090 - Disclosure - Compensation and Services Agreement (Details)</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
      </link:roleType>
      <link:roleType roleURI="http://www.onelibertyproperties.com/role/DisclosureCommonStockCashDividendDetails" id="DisclosureCommonStockCashDividendDetails">
        <link:definition>4100 - Disclosure - Common Stock Cash Dividend (Details)</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
      </link:roleType>
      <link:roleType roleURI="http://www.onelibertyproperties.com/role/DisclosureSharesIssuedThroughEquityOfferingProgramDetails" id="DisclosureSharesIssuedThroughEquityOfferingProgramDetails">
        <link:definition>4110 - Disclosure - Shares Issued through Equity Offering Program (Details)</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
      </link:roleType>
      <link:roleType roleURI="http://www.onelibertyproperties.com/role/DisclosureStockBasedCompensationDetails" id="DisclosureStockBasedCompensationDetails">
        <link:definition>4120 - Disclosure - Stock Based Compensation (Details)</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
      </link:roleType>
      <link:roleType roleURI="http://www.onelibertyproperties.com/role/DisclosureFairValueMeasurementsDetails" id="DisclosureFairValueMeasurementsDetails">
        <link:definition>4130 - Disclosure - Fair Value Measurements (Details)</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
      </link:roleType>
      <link:roleType roleURI="http://www.onelibertyproperties.com/role/DisclosureFairValueMeasurementsDetails2" id="DisclosureFairValueMeasurementsDetails2">
        <link:definition>4131 - Disclosure - Fair Value Measurements (Details 2)</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
      </link:roleType>
      <link:roleType roleURI="http://www.onelibertyproperties.com/role/DisclosureFairValueMeasurementsDetails3" id="DisclosureFairValueMeasurementsDetails3">
        <link:definition>4132 - Disclosure - Fair Value Measurements (Details 3)</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
      </link:roleType>
      <link:roleType roleURI="http://www.onelibertyproperties.com/role/DisclosureFairValueMeasurementsDetails4" id="DisclosureFairValueMeasurementsDetails4">
        <link:definition>4133 - Disclosure - Fair Value Measurements (Details 4)</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
      </link:roleType>
      <link:roleType roleURI="http://www.onelibertyproperties.com/role/DisclosureMortgagesPayable" id="DisclosureMortgagesPayable">
        <link:definition>8000 - Disclosure - Mortgages Payable</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
      </link:roleType>
      <link:roleType roleURI="http://www.onelibertyproperties.com/role/DisclosureIncomeFromSettlementWithFormerPresident" id="DisclosureIncomeFromSettlementWithFormerPresident">
        <link:definition>8010 - Disclosure - INCOME FROM SETTLEMENT WITH FORMER PRESIDENT</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
      </link:roleType>
      <link:roleType roleURI="http://www.onelibertyproperties.com/role/DisclosureAccumulatedOtherComprehensiveLoss" id="DisclosureAccumulatedOtherComprehensiveLoss">
        <link:definition>8020 - Disclosure - Accumulated Other Comprehensive Loss</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
      </link:roleType>
      <link:roleType roleURI="http://www.onelibertyproperties.com/role/DisclosureAccumulatedOtherComprehensiveLossTables" id="DisclosureAccumulatedOtherComprehensiveLossTables">
        <link:definition>8030 - Disclosure - Accumulated Other Comprehensive Loss (Tables)</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
      </link:roleType>
      <link:roleType roleURI="http://www.onelibertyproperties.com/role/DisclosureAccumulatedOtherComprehensiveLossDetails" id="DisclosureAccumulatedOtherComprehensiveLossDetails">
        <link:definition>8040 - Disclosure - Accumulated Other Comprehensive Loss (Details)</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
      </link:roleType>
      <link:roleType roleURI="http://www.onelibertyproperties.com/role/DisclosureDividendReinvestmentPlan" id="DisclosureDividendReinvestmentPlan">
        <link:definition>8050 - Disclosure - Dividend Reinvestment Plan</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
      </link:roleType>
      <link:roleType roleURI="http://www.onelibertyproperties.com/role/DisclosureDerivativeFinancialInstruments" id="DisclosureDerivativeFinancialInstruments">
        <link:definition>8060 - Disclosure - Derivative Financial Instruments</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
      </link:roleType>
      <link:roleType roleURI="http://www.onelibertyproperties.com/role/DisclosureDerivativeFinancialInstrumentsTables" id="DisclosureDerivativeFinancialInstrumentsTables">
        <link:definition>8070 - Disclosure - Derivative Financial Instruments (Tables)</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
      </link:roleType>
      <link:roleType roleURI="http://www.onelibertyproperties.com/role/DisclosureDerivativeFinancialInstrumentsDetails" id="DisclosureDerivativeFinancialInstrumentsDetails">
        <link:definition>8080 - Disclosure - Derivative Financial Instruments (Details)</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
      </link:roleType>
      <link:roleType roleURI="http://www.onelibertyproperties.com/role/DisclosureDerivativeFinancialInstrumentsDetails2" id="DisclosureDerivativeFinancialInstrumentsDetails2">
        <link:definition>8090 - Disclosure - Derivative Financial Instruments (Details 2)</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
      </link:roleType>
      <link:roleType roleURI="http://www.onelibertyproperties.com/role/DisclosureBasisOfPreparationDetails3" id="DisclosureBasisOfPreparationDetails3">
        <link:definition>8100 - Disclosure - Basis of Preparation (Details 3)</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
      </link:roleType>
      <link:roleType roleURI="http://www.onelibertyproperties.com/role/DisclosureSignificantAccountingPoliciesTables" id="DisclosureSignificantAccountingPoliciesTables">
        <link:definition>8110 - Disclosure - SIGNIFICANT ACCOUNTING POLICIES (Tables)</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
      </link:roleType>
      <link:roleType roleURI="http://www.onelibertyproperties.com/role/DisclosureScheduleIIIConsolidatedRealEstateAndAccumulatedDepreciation" id="DisclosureScheduleIIIConsolidatedRealEstateAndAccumulatedDepreciation">
        <link:definition>8120 - Disclosure - Schedule III - Consolidated Real Estate and Accumulated Depreciation</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
      </link:roleType>
      <link:roleType roleURI="http://www.onelibertyproperties.com/role/DisclosureQuarterlyFinancialData" id="DisclosureQuarterlyFinancialData">
        <link:definition>8130 - Disclosure - QUARTERLY FINANCIAL DATA (Unaudited)</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
      </link:roleType>
      <link:roleType roleURI="http://www.onelibertyproperties.com/role/DisclosureIncomeTaxes" id="DisclosureIncomeTaxes">
        <link:definition>8140 - Disclosure - INCOME TAXES</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
      </link:roleType>
      <link:roleType roleURI="http://www.onelibertyproperties.com/role/DisclosureCommitmentsAndContingencies" id="DisclosureCommitmentsAndContingencies">
        <link:definition>8150 - Disclosure - COMMITMENTS AND CONTINGENCIES</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
      </link:roleType>
      <link:roleType roleURI="http://www.onelibertyproperties.com/role/DisclosureGainOnSettlementOfDebt" id="DisclosureGainOnSettlementOfDebt">
        <link:definition>8160 - Disclosure - GAIN ON SETTLEMENT OF DEBT</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
      </link:roleType>
      <link:roleType roleURI="http://www.onelibertyproperties.com/role/DisclosureStockholdersEquity" id="DisclosureStockholdersEquity">
        <link:definition>8170 - Disclosure - STOCKHOLDERS' EQUITY</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
      </link:roleType>
      <link:roleType roleURI="http://www.onelibertyproperties.com/role/DisclosureRelatedPartyTransactions" id="DisclosureRelatedPartyTransactions">
        <link:definition>8180 - Disclosure - RELATED PARTY TRANSACTIONS</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
      </link:roleType>
      <link:roleType roleURI="http://www.onelibertyproperties.com/role/DisclosureScheduleIIIConsolidatedRealEstateAndAccumulatedDepreciationDetails2" id="DisclosureScheduleIIIConsolidatedRealEstateAndAccumulatedDepreciationDetails2">
        <link:definition>8190 - Disclosure - Schedule III - Consolidated Real Estate and Accumulated Depreciation (Details 2)</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
      </link:roleType>
      <link:roleType roleURI="http://www.onelibertyproperties.com/role/DisclosureScheduleIIIConsolidatedRealEstateAndAccumulatedDepreciationDetails" id="DisclosureScheduleIIIConsolidatedRealEstateAndAccumulatedDepreciationDetails">
        <link:definition>8200 - Disclosure - Schedule III - Consolidated Real Estate and Accumulated Depreciation (Details)</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
      </link:roleType>
      <link:roleType roleURI="http://www.onelibertyproperties.com/role/DisclosureQuarterlyFinancialDataDetails" id="DisclosureQuarterlyFinancialDataDetails">
        <link:definition>8210 - Disclosure - QUARTERLY FINANCIAL DATA (Unaudited): (Details)</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
      </link:roleType>
      <link:roleType roleURI="http://www.onelibertyproperties.com/role/DisclosureIncomeTaxesDetails" id="DisclosureIncomeTaxesDetails">
        <link:definition>8220 - Disclosure - INCOME TAXES (Details)</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
      </link:roleType>
      <link:roleType roleURI="http://www.onelibertyproperties.com/role/DisclosureCommitmentsAndContingenciesDetails" id="DisclosureCommitmentsAndContingenciesDetails">
        <link:definition>8230 - Disclosure - COMMITMENTS AND CONTINGENCIES (Details)</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
      </link:roleType>
      <link:roleType roleURI="http://www.onelibertyproperties.com/role/DisclosureGainOnSettlementOfDebtDetails" id="DisclosureGainOnSettlementOfDebtDetails">
        <link:definition>8240 - Disclosure - GAIN ON SETTLEMENT OF DEBT (Details)</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
      </link:roleType>
      <link:roleType roleURI="http://www.onelibertyproperties.com/role/DisclosureStockholdersEquityDetails2" id="DisclosureStockholdersEquityDetails2">
        <link:definition>8250 - Disclosure - STOCKHOLDERS' EQUITY (Details 2)</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
      </link:roleType>
      <link:roleType roleURI="http://www.onelibertyproperties.com/role/DisclosureRelatedPartyTransactionsDetails" id="DisclosureRelatedPartyTransactionsDetails">
        <link:definition>8260 - Disclosure - RELATED PARTY TRANSACTIONS (Details)</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
      </link:roleType>
      <link:roleType roleURI="http://www.onelibertyproperties.com/role/DisclosureDebtObligationsTables" id="DisclosureDebtObligationsTables">
        <link:definition>8270 - Disclosure - DEBT OBLIGATIONS (Tables)</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
      </link:roleType>
      <link:roleType roleURI="http://www.onelibertyproperties.com/role/DisclosureQuarterlyFinancialDataTables" id="DisclosureQuarterlyFinancialDataTables">
        <link:definition>8280 - Disclosure - QUARTERLY FINANCIAL DATA (Unaudited): (Tables)</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
      </link:roleType>
      <link:roleType roleURI="http://www.onelibertyproperties.com/role/DisclosureIncomeTaxesTables" id="DisclosureIncomeTaxesTables">
        <link:definition>8290 - Disclosure - INCOME TAXES (Tables)</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
      </link:roleType>
      <link:roleType roleURI="http://www.onelibertyproperties.com/role/DisclosureRealEstateInvestmentsAndMinimumFutureRentals" id="DisclosureRealEstateInvestmentsAndMinimumFutureRentals">
        <link:definition>8300 - Disclosure - REAL ESTATE INVESTMENTS AND MINIMUM FUTURE RENTALS</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
      </link:roleType>
      <link:roleType roleURI="http://www.onelibertyproperties.com/role/DisclosureRealEstateInvestmentsAndMinimumFutureRentalsTables" id="DisclosureRealEstateInvestmentsAndMinimumFutureRentalsTables">
        <link:definition>8310 - Disclosure - REAL ESTATE INVESTMENTS AND MINIMUM FUTURE RENTALS (Tables)</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
      </link:roleType>
      <link:roleType roleURI="http://www.onelibertyproperties.com/role/DisclosureRealEstateInvestmentsAndMinimumFutureRentalsDetails" id="DisclosureRealEstateInvestmentsAndMinimumFutureRentalsDetails">
        <link:definition>8320 - Disclosure - REAL ESTATE INVESTMENTS AND MINIMUM FUTURE RENTALS (Details)</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
      </link:roleType>
      <link:roleType roleURI="http://www.onelibertyproperties.com/role/DisclosureSignificantAccountingPoliciesDetails3" id="DisclosureSignificantAccountingPoliciesDetails3">
        <link:definition>8330 - Disclosure - SIGNIFICANT ACCOUNTING POLICIES (Details 3)</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
      </link:roleType>
      <link:roleType roleURI="http://www.onelibertyproperties.com/role/DisclosureSignificantAccountingPoliciesDetails4" id="DisclosureSignificantAccountingPoliciesDetails4">
        <link:definition>8340 - Disclosure - SIGNIFICANT ACCOUNTING POLICIES (Details 4)</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
      </link:roleType>
      <link:roleType roleURI="http://www.onelibertyproperties.com/role/DisclosureSignificantAccountingPoliciesDetails5" id="DisclosureSignificantAccountingPoliciesDetails5">
        <link:definition>8350 - Disclosure - SIGNIFICANT ACCOUNTING POLICIES (Details 5)</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
      </link:roleType>
      <link:roleType roleURI="http://www.onelibertyproperties.com/role/DisclosureSignificantAccountingPoliciesDetails6" id="DisclosureSignificantAccountingPoliciesDetails6">
        <link:definition>8360 - Disclosure - SIGNIFICANT ACCOUNTING POLICIES (Details 6)</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
      </link:roleType>
      <link:roleType roleURI="http://www.onelibertyproperties.com/role/DisclosureBasisOfPreparationDetails2" id="DisclosureBasisOfPreparationDetails2">
        <link:definition>8370 - Disclosure - Basis of Preparation (Details 2)</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
      </link:roleType>
      <link:roleType roleURI="http://www.onelibertyproperties.com/role/DisclosureLineOfCreditDetails2" id="DisclosureLineOfCreditDetails2">
        <link:definition>8380 - Disclosure - Line of Credit (Details 2)</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
      </link:roleType>
      <link:roleType roleURI="http://www.onelibertyproperties.com/role/CashFlowsParenthetical" id="CashFlowsParenthetical">
        <link:definition>8390 - Statement - CONSOLIDATED STATEMENTS OF CASH FLOWS (Parenthetical)</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
      </link:roleType>
      <link:roleType roleURI="http://www.onelibertyproperties.com/role/DisclosureSubsequentEventsDetails" id="DisclosureSubsequentEventsDetails">
        <link:definition>8400 - Disclosure - Subsequent Events (Details)</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
      </link:roleType>
    </xsd:appinfo>
  </xsd:annotation>
  <xsd:import namespace="http://www.xbrl.org/dtr/type/numeric" schemaLocation="http://www.xbrl.org/dtr/type/numeric-2009-12-16.xsd" />
  <xsd:import namespace="http://www.xbrl.org/dtr/type/non-numeric" schemaLocation="http://www.xbrl.org/dtr/type/nonNumeric-2009-12-16.xsd" />
  <xsd:import namespace="http://www.xbrl.org/2009/role/negated" schemaLocation="http://www.xbrl.org/lrr/role/negated-2009-12-16.xsd" />
  <xsd:import namespace="http://xbrl.sec.gov/dei/2013-01-31" schemaLocation="http://xbrl.sec.gov/dei/2013/dei-2013-01-31.xsd" />
  <xsd:import namespace="http://xbrl.sec.gov/invest/2013-01-31" schemaLocation="http://xbrl.sec.gov/invest/2013/invest-2013-01-31.xsd" />
  <xsd:import namespace="http://fasb.org/us-gaap/2013-01-31" schemaLocation="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd" />
  <xsd:import namespace="http://xbrl.sec.gov/stpr/2011-01-31" schemaLocation="http://xbrl.sec.gov/stpr/2011/stpr-2011-01-31.xsd" />
  <xsd:import namespace="http://fasb.org/us-types/2013-01-31" schemaLocation="http://xbrl.fasb.org/us-gaap/2013/elts/us-types-2013-01-31.xsd" />
  <xsd:import namespace="http://fasb.org/us-roles/2013-01-31" schemaLocation="http://xbrl.fasb.org/us-gaap/2013/elts/us-roles-2013-01-31.xsd" />
  <xsd:import namespace="http://www.xbrl.org/2003/instance" schemaLocation="http://www.xbrl.org/2003/xbrl-instance-2003-12-31.xsd" />
  <xsd:import namespace="http://xbrl.org/2005/xbrldt" schemaLocation="http://www.xbrl.org/2005/xbrldt-2005.xsd" />
  <xsd:element name="RelatedPartyTransactionAnnualFeesCurrentFiscalYear" id="olp_RelatedPartyTransactionAnnualFeesCurrentFiscalYear" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" abstract="false" nillable="true" xbrli:balance="debit" xbrli:periodType="duration" />
  <xsd:element name="RelatedPartyTransactionAnnualFeesNextFiscalYear" id="olp_RelatedPartyTransactionAnnualFeesNextFiscalYear" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" abstract="false" nillable="true" xbrli:balance="debit" xbrli:periodType="duration" />
  <xsd:element name="RelatedPartyTransactionAnnualFeesCurrentFiscalYearOverheadExpenses" id="olp_RelatedPartyTransactionAnnualFeesCurrentFiscalYearOverheadExpenses" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" abstract="false" nillable="true" xbrli:balance="debit" xbrli:periodType="duration" />
  <xsd:element name="RelatedPartyTransactionAnnualFeesNextFiscalYearOverheadExpenses" id="olp_RelatedPartyTransactionAnnualFeesNextFiscalYearOverheadExpenses" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" abstract="false" nillable="true" xbrli:balance="debit" xbrli:periodType="duration" />
  <xsd:element name="RelatedPartyTransactionAnnualFeesCurrentFiscalYearManagementFees" id="olp_RelatedPartyTransactionAnnualFeesCurrentFiscalYearManagementFees" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" abstract="false" nillable="true" xbrli:balance="debit" xbrli:periodType="duration" />
  <xsd:element name="RelatedPartyTransactionAnnualFeesNextFiscalYearManagementFees" id="olp_RelatedPartyTransactionAnnualFeesNextFiscalYearManagementFees" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" abstract="false" nillable="true" xbrli:balance="debit" xbrli:periodType="duration" />
  <xsd:element name="RelatedPartyTransactionAnnualFeesCurrentFiscalYearIncrease" id="olp_RelatedPartyTransactionAnnualFeesCurrentFiscalYearIncrease" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" abstract="false" nillable="true" xbrli:balance="debit" xbrli:periodType="duration" />
  <xsd:element name="RelatedPartyTransactionAnnualFeesNextFiscalYearIncrease" id="olp_RelatedPartyTransactionAnnualFeesNextFiscalYearIncrease" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" abstract="false" nillable="true" xbrli:balance="debit" xbrli:periodType="duration" />
  <xsd:element name="NumberOfPropertiesHeldForSale" id="olp_NumberOfPropertiesHeldForSale" type="xbrli:integerItemType" substitutionGroup="xbrli:item" abstract="false" nillable="true" xbrli:periodType="instant" />
  <xsd:element name="ColumbusOH1Member" id="olp_ColumbusOH1Member" type="nonnum:domainItemType" substitutionGroup="xbrli:item" abstract="true" nillable="true" xbrli:periodType="duration" />
  <xsd:element name="ColumbusOH2Member" id="olp_ColumbusOH2Member" type="nonnum:domainItemType" substitutionGroup="xbrli:item" abstract="true" nillable="true" xbrli:periodType="duration" />
  <xsd:element name="FortMillSC1Member" id="olp_FortMillSC1Member" type="nonnum:domainItemType" substitutionGroup="xbrli:item" abstract="true" nillable="true" xbrli:periodType="duration" />
  <xsd:element name="FortMillSC2Member" id="olp_FortMillSC2Member" type="nonnum:domainItemType" substitutionGroup="xbrli:item" abstract="true" nillable="true" xbrli:periodType="duration" />
  <xsd:element name="GreensboroNC1Member" id="olp_GreensboroNC1Member" type="nonnum:domainItemType" substitutionGroup="xbrli:item" abstract="true" nillable="true" xbrli:periodType="duration" />
  <xsd:element name="GreensboroNC2Member" id="olp_GreensboroNC2Member" type="nonnum:domainItemType" substitutionGroup="xbrli:item" abstract="true" nillable="true" xbrli:periodType="duration" />
  <xsd:element name="HauppaugeNY1Member" id="olp_HauppaugeNY1Member" type="nonnum:domainItemType" substitutionGroup="xbrli:item" abstract="true" nillable="true" xbrli:periodType="duration" />
  <xsd:element name="HauppaugeNY2Member" id="olp_HauppaugeNY2Member" type="nonnum:domainItemType" substitutionGroup="xbrli:item" abstract="true" nillable="true" xbrli:periodType="duration" />
  <xsd:element name="RichmondVA1Member" id="olp_RichmondVA1Member" type="nonnum:domainItemType" substitutionGroup="xbrli:item" abstract="true" nillable="true" xbrli:periodType="duration" />
  <xsd:element name="RichmondVA2Member" id="olp_RichmondVA2Member" type="nonnum:domainItemType" substitutionGroup="xbrli:item" abstract="true" nillable="true" xbrli:periodType="duration" />
  <xsd:element name="NumberOfPropertiesAsTransferredAssetsAndLiabilitiesWhichSoldToBeReclassifiedAsPropertiesHeldForSale" id="olp_NumberOfPropertiesAsTransferredAssetsAndLiabilitiesWhichSoldToBeReclassifiedAsPropertiesHeldForSale" type="xbrli:integerItemType" substitutionGroup="xbrli:item" abstract="false" nillable="true" xbrli:periodType="duration" />
  <xsd:element name="EntityShareInSalePriceOfRealEstateSoldInUnconsolidatedJointVenture" id="olp_EntityShareInSalePriceOfRealEstateSoldInUnconsolidatedJointVenture" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" abstract="false" nillable="true" xbrli:balance="debit" xbrli:periodType="instant" />
  <xsd:element name="NumberOfPropertiesSold" id="olp_NumberOfPropertiesSold" type="xbrli:integerItemType" substitutionGroup="xbrli:item" abstract="false" nillable="true" xbrli:periodType="duration" />
  <xsd:element name="NumberOfPropertiesUnderContractOfSale" id="olp_NumberOfPropertiesUnderContractOfSale" type="xbrli:integerItemType" substitutionGroup="xbrli:item" nillable="true" xbrli:periodType="duration" />
  <xsd:element name="NumberOfTenantsInProperty" id="olp_NumberOfTenantsInProperty" type="xbrli:integerItemType" substitutionGroup="xbrli:item" abstract="false" nillable="true" xbrli:periodType="duration" />
  <xsd:element name="AvailableForSaleSecuritiesAccumulatedGrossUnrealizedGainBeforeTax" id="olp_AvailableForSaleSecuritiesAccumulatedGrossUnrealizedGainBeforeTax" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" abstract="false" nillable="true" xbrli:balance="credit" xbrli:periodType="instant" />
  <xsd:element name="VariableInterestEntityOwnershipPercentageOfJointVenturePartner" id="olp_VariableInterestEntityOwnershipPercentageOfJointVenturePartner" type="num:percentItemType" substitutionGroup="xbrli:item" nillable="true" xbrli:periodType="duration" />
  <xsd:element name="ReconciliationOfIncomeFromBookBasisToTaxBasisFederalExciseTax" id="olp_ReconciliationOfIncomeFromBookBasisToTaxBasisFederalExciseTax" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" xbrli:balance="credit" xbrli:periodType="duration" />
  <xsd:element name="AllowanceForDoubtfulAccountsDisclosureAbstract" id="olp_AllowanceForDoubtfulAccountsDisclosureAbstract" type="xbrli:stringItemType" substitutionGroup="xbrli:item" abstract="true" nillable="true" xbrli:periodType="duration" />
  <xsd:element name="AmarilloTXMember" id="olp_AmarilloTXMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" abstract="true" nillable="true" xbrli:periodType="duration" />
  <xsd:element name="AmortizationExpenseMember" id="olp_AmortizationExpenseMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" abstract="true" nillable="true" xbrli:periodType="duration" />
  <xsd:element name="ApplebeeRestaurantLawrencevilleGeorgiaMember" id="olp_ApplebeeRestaurantLawrencevilleGeorgiaMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" abstract="true" nillable="true" xbrli:periodType="duration" />
  <xsd:element name="AthensGA1Member" id="olp_AthensGA1Member" type="nonnum:domainItemType" substitutionGroup="xbrli:item" abstract="true" nillable="true" xbrli:periodType="duration" />
  <xsd:element name="AtlantaGA2Member" id="olp_AtlantaGA2Member" type="nonnum:domainItemType" substitutionGroup="xbrli:item" abstract="true" nillable="true" xbrli:periodType="duration" />
  <xsd:element name="AustinTXMember" id="olp_AustinTXMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" abstract="true" nillable="true" xbrli:periodType="duration" />
  <xsd:element name="AvalonCarpetTileAndFlooringRetailStoreAndWarehouseDeptfordNewJerseyMember" id="olp_AvalonCarpetTileAndFlooringRetailStoreAndWarehouseDeptfordNewJerseyMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" abstract="true" nillable="true" xbrli:periodType="duration" />
  <xsd:element name="BRTRealtyTrustMember" id="olp_BRTRealtyTrustMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" abstract="true" nillable="true" xbrli:periodType="duration" />
  <xsd:element name="BaltimoreMDMember" id="olp_BaltimoreMDMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" abstract="true" nillable="true" xbrli:periodType="duration" />
  <xsd:element name="BastropLAMember" id="olp_BastropLAMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" abstract="true" nillable="true" xbrli:periodType="duration" />
  <xsd:element name="BataviaNYMember" id="olp_BataviaNYMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" abstract="true" nillable="true" xbrli:periodType="duration" />
  <xsd:element name="BlufftonSCMember" id="olp_BlufftonSCMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" abstract="true" nillable="true" xbrli:periodType="duration" />
  <xsd:element name="BoardOfDirectorsViceChairmanMember" id="olp_BoardOfDirectorsViceChairmanMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" abstract="true" nillable="true" xbrli:periodType="duration" />
  <xsd:element name="BolingbrookILMember" id="olp_BolingbrookILMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" abstract="true" nillable="true" xbrli:periodType="duration" />
  <xsd:element name="BrooklynNYMember" id="olp_BrooklynNYMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" abstract="true" nillable="true" xbrli:periodType="duration" />
  <xsd:element name="RetailPropertyFortMillSouthCarolinaMember" id="olp_RetailPropertyFortMillSouthCarolinaMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" abstract="true" nillable="true" xbrli:periodType="duration" />
  <xsd:element name="CaryNCMember" id="olp_CaryNCMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" abstract="true" nillable="true" xbrli:periodType="duration" />
  <xsd:element name="ChampaignILMember" id="olp_ChampaignILMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" abstract="true" nillable="true" xbrli:periodType="duration" />
  <xsd:element name="RetailPropertyRoundRockTexasMember" id="olp_RetailPropertyRoundRockTexasMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" abstract="true" nillable="true" xbrli:periodType="duration" />
  <xsd:element name="RestaurantPropertyKilleenTexasMember" id="olp_RestaurantPropertyKilleenTexasMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" abstract="true" nillable="true" xbrli:periodType="duration" />
  <xsd:element name="RestaurantPropertyConcordNorthCarolinaMember" id="olp_RestaurantPropertyConcordNorthCarolinaMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" abstract="true" nillable="true" xbrli:periodType="duration" />
  <xsd:element name="CherryHillNJMember" id="olp_CherryHillNJMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" abstract="true" nillable="true" xbrli:periodType="duration" />
  <xsd:element name="ChicagoILMember" id="olp_ChicagoILMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" abstract="true" nillable="true" xbrli:periodType="duration" />
  <xsd:element name="ColumbusOHMember" id="olp_ColumbusOHMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" abstract="true" nillable="true" xbrli:periodType="duration" />
  <xsd:element name="CommonStockDividendDistributionDisclosureTextBlock" id="olp_CommonStockDividendDistributionDisclosureTextBlock" type="nonnum:textBlockItemType" substitutionGroup="xbrli:item" nillable="true" xbrli:periodType="duration" />
  <xsd:element name="CommonStockDividendsCashPaidCapitalGainPercentage" id="olp_CommonStockDividendsCashPaidCapitalGainPercentage" type="num:percentItemType" substitutionGroup="xbrli:item" abstract="false" nillable="true" xbrli:periodType="duration" />
  <xsd:element name="ConcentrationRiskRealEstateInvestmentsAsPercentageOfDepreciatedBookValue" id="olp_ConcentrationRiskRealEstateInvestmentsAsPercentageOfDepreciatedBookValue" type="num:percentItemType" substitutionGroup="xbrli:item" abstract="false" nillable="true" xbrli:periodType="duration" />
  <xsd:element name="MortgagePrepaymentPenalty" id="olp_MortgagePrepaymentPenalty" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" xbrli:balance="debit" xbrli:periodType="duration" />
  <xsd:element name="ConsolidatedJointVentureMember" id="olp_ConsolidatedJointVentureMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" abstract="true" nillable="true" xbrli:periodType="duration" />
  <xsd:element name="CostsOfAcquiringRealEstate" id="olp_CostsOfAcquiringRealEstate" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" xbrli:balance="debit" xbrli:periodType="duration" />
  <xsd:element name="CrystalLakeILMember" id="olp_CrystalLakeILMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" abstract="true" nillable="true" xbrli:periodType="duration" />
  <xsd:element name="DebtInstrumentExcessOfEstimatedFairValueOverCarryingValue" id="olp_DebtInstrumentExcessOfEstimatedFairValueOverCarryingValue" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" abstract="false" nillable="true" xbrli:balance="credit" xbrli:periodType="instant" />
  <xsd:element name="DebtInstrumentOutstandingNumber" id="olp_DebtInstrumentOutstandingNumber" type="xbrli:integerItemType" substitutionGroup="xbrli:item" abstract="false" nillable="true" xbrli:periodType="duration" />
  <xsd:element name="DebtInstrumentWeightedAverageRemainingTerm" id="olp_DebtInstrumentWeightedAverageRemainingTerm" type="xbrli:durationItemType" substitutionGroup="xbrli:item" abstract="false" nillable="true" xbrli:periodType="duration" />
  <xsd:element name="DeferredRentReceivableAbstract" id="olp_DeferredRentReceivableAbstract" type="xbrli:stringItemType" substitutionGroup="xbrli:item" abstract="true" nillable="true" xbrli:periodType="duration" />
  <xsd:element name="DeferredRentReceivablePeriodDuringWhichAmountOfRentToBeBilledAndReceived" id="olp_DeferredRentReceivablePeriodDuringWhichAmountOfRentToBeBilledAndReceived" type="xbrli:durationItemType" substitutionGroup="xbrli:item" abstract="false" nillable="true" xbrli:periodType="duration" />
  <xsd:element name="DeferredRentReceivableWrittenOff" id="olp_DeferredRentReceivableWrittenOff" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" abstract="false" nillable="true" xbrli:balance="debit" xbrli:periodType="duration" />
  <xsd:element name="DenverCOMember" id="olp_DenverCOMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" abstract="true" nillable="true" xbrli:periodType="duration" />
  <xsd:element name="DiscontinuedOperationGainLossOnDisposalOfDiscontinuedOperationNetOfTaxCashFlowImpact" id="olp_DiscontinuedOperationGainLossOnDisposalOfDiscontinuedOperationNetOfTaxCashFlowImpact" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" xbrli:balance="credit" xbrli:periodType="duration" />
  <xsd:element name="DiscontinuedOperationsNumberOfPropertiesSold" id="olp_DiscontinuedOperationsNumberOfPropertiesSold" type="xbrli:integerItemType" substitutionGroup="xbrli:item" abstract="false" nillable="true" xbrli:periodType="duration" />
  <xsd:element name="DisposalGroupIncludingDiscontinuedOperationCostsAndExpenses" id="olp_DisposalGroupIncludingDiscontinuedOperationCostsAndExpenses" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" abstract="false" nillable="true" xbrli:balance="debit" xbrli:periodType="duration" />
  <xsd:element name="DividendPaidDeductionFromTaxableIncome" id="olp_DividendPaidDeductionFromTaxableIncome" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" abstract="false" nillable="true" xbrli:balance="credit" xbrli:periodType="duration" />
  <xsd:element name="DividendReinvestmentPlanCommonStockDiscountOnShares" id="olp_DividendReinvestmentPlanCommonStockDiscountOnShares" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" abstract="false" nillable="true" xbrli:balance="credit" xbrli:periodType="duration" />
  <xsd:element name="ReclassificationAbstract" id="olp_ReclassificationAbstract" type="xbrli:stringItemType" substitutionGroup="xbrli:item" abstract="true" nillable="true" xbrli:periodType="duration" />
  <xsd:element name="DividendsBeforeAdjustmentsForPreviousAndCurrentYear" id="olp_DividendsBeforeAdjustmentsForPreviousAndCurrentYear" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" abstract="false" nillable="true" xbrli:balance="credit" xbrli:periodType="duration" />
  <xsd:element name="DividendsDesignatedFromFollowingYear" id="olp_DividendsDesignatedFromFollowingYear" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" abstract="false" nillable="true" xbrli:balance="credit" xbrli:periodType="duration" />
  <xsd:element name="DividendsDesignatedToPreviousYear" id="olp_DividendsDesignatedToPreviousYear" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" abstract="false" nillable="true" xbrli:balance="debit" xbrli:periodType="duration" />
  <xsd:element name="DlbervilleMSMember" id="olp_DlbervilleMSMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" abstract="true" nillable="true" xbrli:periodType="duration" />
  <xsd:element name="DocumentAndEntityInformationAbstract" id="olp_DocumentAndEntityInformationAbstract" type="xbrli:stringItemType" substitutionGroup="xbrli:item" abstract="true" nillable="true" xbrli:periodType="duration" />
  <xsd:element name="DuluthGAMember" id="olp_DuluthGAMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" abstract="true" nillable="true" xbrli:periodType="duration" />
  <xsd:element name="DurhamNCMember" id="olp_DurhamNCMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" abstract="true" nillable="true" xbrli:periodType="duration" />
  <xsd:element name="ElPasoTX1Member" id="olp_ElPasoTX1Member" type="nonnum:domainItemType" substitutionGroup="xbrli:item" abstract="true" nillable="true" xbrli:periodType="duration" />
  <xsd:element name="ElPasoTX2Member" id="olp_ElPasoTX2Member" type="nonnum:domainItemType" substitutionGroup="xbrli:item" abstract="true" nillable="true" xbrli:periodType="duration" />
  <xsd:element name="EscrowDepositsAndOtherAssetsAndReceivables" id="olp_EscrowDepositsAndOtherAssetsAndReceivables" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" abstract="false" nillable="true" xbrli:balance="debit" xbrli:periodType="instant" />
  <xsd:element name="EugeneORMember" id="olp_EugeneORMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" abstract="true" nillable="true" xbrli:periodType="duration" />
  <xsd:element name="EverettMAMember" id="olp_EverettMAMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" abstract="true" nillable="true" xbrli:periodType="duration" />
  <xsd:element name="FayettevilleGAMember" id="olp_FayettevilleGAMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" abstract="true" nillable="true" xbrli:periodType="duration" />
  <xsd:element name="FedExFacilityPinellasParkFloridaMember" id="olp_FedExFacilityPinellasParkFloridaMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" abstract="true" nillable="true" xbrli:periodType="duration" />
  <xsd:element name="FlexMember" id="olp_FlexMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" abstract="true" nillable="true" xbrli:periodType="duration" />
  <xsd:element name="FlowoodMSMember" id="olp_FlowoodMSMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" abstract="true" nillable="true" xbrli:periodType="duration" />
  <xsd:element name="FtMyersFLMember" id="olp_FtMyersFLMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" abstract="true" nillable="true" xbrli:periodType="duration" />
  <xsd:element name="GainOnSettlementOfDebtAbstract" id="olp_GainOnSettlementOfDebtAbstract" type="xbrli:stringItemType" substitutionGroup="xbrli:item" abstract="true" nillable="true" xbrli:periodType="duration" />
  <xsd:element name="GainOnSettlementOfDebtTextBlock" id="olp_GainOnSettlementOfDebtTextBlock" type="nonnum:textBlockItemType" substitutionGroup="xbrli:item" nillable="true" xbrli:periodType="duration" />
  <xsd:element name="GettysburgPAMember" id="olp_GettysburgPAMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" abstract="true" nillable="true" xbrli:periodType="duration" />
  <xsd:element name="GouldInvestorsLPMember" id="olp_GouldInvestorsLPMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" abstract="true" nillable="true" xbrli:periodType="duration" />
  <xsd:element name="GrandRapidsMI1Member" id="olp_GrandRapidsMI1Member" type="nonnum:domainItemType" substitutionGroup="xbrli:item" abstract="true" nillable="true" xbrli:periodType="duration" />
  <xsd:element name="GrandRapidsMI2Member" id="olp_GrandRapidsMI2Member" type="nonnum:domainItemType" substitutionGroup="xbrli:item" abstract="true" nillable="true" xbrli:periodType="duration" />
  <xsd:element name="GreensboroNCMember" id="olp_GreensboroNCMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" abstract="true" nillable="true" xbrli:periodType="duration" />
  <xsd:element name="GurneeILMember" id="olp_GurneeILMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" abstract="true" nillable="true" xbrli:periodType="duration" />
  <xsd:element name="HamiltonOHMember" id="olp_HamiltonOHMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" abstract="true" nillable="true" xbrli:periodType="duration" />
  <xsd:element name="HanoverPAMember" id="olp_HanoverPAMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" abstract="true" nillable="true" xbrli:periodType="duration" />
  <xsd:element name="HauppaugeNYMember" id="olp_HauppaugeNYMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" abstract="true" nillable="true" xbrli:periodType="duration" />
  <xsd:element name="HavertyFurnitureCompaniesIncMember" id="olp_HavertyFurnitureCompaniesIncMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" abstract="true" nillable="true" xbrli:periodType="duration" />
  <xsd:element name="HealthClubsMember" id="olp_HealthClubsMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" abstract="true" nillable="true" xbrli:periodType="duration" />
  <xsd:element name="HoustonTX1Member" id="olp_HoustonTX1Member" type="nonnum:domainItemType" substitutionGroup="xbrli:item" abstract="true" nillable="true" xbrli:periodType="duration" />
  <xsd:element name="HoustonTX2Member" id="olp_HoustonTX2Member" type="nonnum:domainItemType" substitutionGroup="xbrli:item" abstract="true" nillable="true" xbrli:periodType="duration" />
  <xsd:element name="HoustonTX3Member" id="olp_HoustonTX3Member" type="nonnum:domainItemType" substitutionGroup="xbrli:item" abstract="true" nillable="true" xbrli:periodType="duration" />
  <xsd:element name="HyannisMAMember" id="olp_HyannisMAMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" abstract="true" nillable="true" xbrli:periodType="duration" />
  <xsd:element name="IncentivePlan2009Member" id="olp_IncentivePlan2009Member" type="nonnum:domainItemType" substitutionGroup="xbrli:item" abstract="true" nillable="true" xbrli:periodType="duration" />
  <xsd:element name="IncentivePlan2012Member" id="olp_IncentivePlan2012Member" type="nonnum:domainItemType" substitutionGroup="xbrli:item" abstract="true" nillable="true" xbrli:periodType="duration" />
  <xsd:element name="IncomeTaxLineItems" id="olp_IncomeTaxLineItems" type="xbrli:stringItemType" substitutionGroup="xbrli:item" abstract="true" nillable="true" xbrli:periodType="duration" />
  <xsd:element name="IncomeTaxesAbstract" id="olp_IncomeTaxesAbstract" type="xbrli:stringItemType" substitutionGroup="xbrli:item" abstract="true" nillable="true" xbrli:periodType="duration" />
  <xsd:element name="IncomeTaxesTable" id="olp_IncomeTaxesTable" type="xbrli:stringItemType" substitutionGroup="xbrldt:hypercubeItem" abstract="true" nillable="true" xbrli:periodType="duration" />
  <xsd:element name="IncrementalCommonSharesNotIncludedInComputationOfEarningPerShare" id="olp_IncrementalCommonSharesNotIncludedInComputationOfEarningPerShare" type="xbrli:sharesItemType" substitutionGroup="xbrli:item" nillable="true" xbrli:periodType="duration" />
  <xsd:element name="InterestRateSwapDueApril2016Member" id="olp_InterestRateSwapDueApril2016Member" type="nonnum:domainItemType" substitutionGroup="xbrli:item" abstract="true" nillable="true" xbrli:periodType="duration" />
  <xsd:element name="InterestRateSwapDueAugust2016Member" id="olp_InterestRateSwapDueAugust2016Member" type="nonnum:domainItemType" substitutionGroup="xbrli:item" abstract="true" nillable="true" xbrli:periodType="duration" />
  <xsd:element name="InterestRateSwapDueDecember2014Member" id="olp_InterestRateSwapDueDecember2014Member" type="nonnum:domainItemType" substitutionGroup="xbrli:item" abstract="true" nillable="true" xbrli:periodType="duration" />
  <xsd:element name="InterestRateSwapDueFebruary2019Member" id="olp_InterestRateSwapDueFebruary2019Member" type="nonnum:domainItemType" substitutionGroup="xbrli:item" abstract="true" nillable="true" xbrli:periodType="duration" />
  <xsd:element name="InterestRateSwapDueMarch2017Member" id="olp_InterestRateSwapDueMarch2017Member" type="nonnum:domainItemType" substitutionGroup="xbrli:item" abstract="true" nillable="true" xbrli:periodType="duration" />
  <xsd:element name="InterestRateSwapDueNovember2020Member" id="olp_InterestRateSwapDueNovember2020Member" type="nonnum:domainItemType" substitutionGroup="xbrli:item" abstract="true" nillable="true" xbrli:periodType="duration" />
  <xsd:element name="InterestRateSwapDueJanuary2023Member" id="olp_InterestRateSwapDueJanuary2023Member" type="nonnum:domainItemType" substitutionGroup="xbrli:item" abstract="true" nillable="true" xbrli:periodType="duration" />
  <xsd:element name="InvestmentInRelatedParty" id="olp_InvestmentInRelatedParty" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" abstract="false" nillable="true" xbrli:balance="debit" xbrli:periodType="instant" />
  <xsd:element name="InvestmentMaximumPercentageOfVotingPowerOfRelatedPartyHeld" id="olp_InvestmentMaximumPercentageOfVotingPowerOfRelatedPartyHeld" type="num:percentItemType" substitutionGroup="xbrli:item" abstract="false" nillable="true" xbrli:periodType="duration" />
  <xsd:element name="InvestmentsInUnconsolidatedJointVentureTextBlock" id="olp_InvestmentsInUnconsolidatedJointVentureTextBlock" type="nonnum:textBlockItemType" substitutionGroup="xbrli:item" nillable="true" xbrli:periodType="duration" />
  <xsd:element name="InvestmentsInUnconsolidatedJointVenturesAbstract" id="olp_InvestmentsInUnconsolidatedJointVenturesAbstract" type="xbrli:stringItemType" substitutionGroup="xbrli:item" abstract="true" nillable="true" xbrli:periodType="duration" />
  <xsd:element name="IslandParkNYMember" id="olp_IslandParkNYMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" abstract="true" nillable="true" xbrli:periodType="duration" />
  <xsd:element name="KansasCityMOMember" id="olp_KansasCityMOMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" abstract="true" nillable="true" xbrli:periodType="duration" />
  <xsd:element name="KentwoodLAMember" id="olp_KentwoodLAMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" abstract="true" nillable="true" xbrli:periodType="duration" />
  <xsd:element name="KnoxvilleTNMember" id="olp_KnoxvilleTNMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" abstract="true" nillable="true" xbrli:periodType="duration" />
  <xsd:element name="LakeCharlesLAMember" id="olp_LakeCharlesLAMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" abstract="true" nillable="true" xbrli:periodType="duration" />
  <xsd:element name="LeaseholdRent" id="olp_LeaseholdRent" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" xbrli:balance="debit" xbrli:periodType="duration" />
  <xsd:element name="LexingtonKYMember" id="olp_LexingtonKYMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" abstract="true" nillable="true" xbrli:periodType="duration" />
  <xsd:element name="LineOfCreditFacilityMaximumBorrowingCapacityPercentageAvailableForSpecificPurposeOtherThanForTradePurchases" id="olp_LineOfCreditFacilityMaximumBorrowingCapacityPercentageAvailableForSpecificPurposeOtherThanForTradePurchases" type="num:percentItemType" substitutionGroup="xbrli:item" abstract="false" nillable="true" xbrli:periodType="instant" />
  <xsd:element name="LineOfCreditFacilityVariableRateBaseLIBORRateMember" id="olp_LineOfCreditFacilityVariableRateBaseLIBORRateMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" abstract="true" nillable="true" xbrli:periodType="duration" />
  <xsd:element name="MajesticPropertyManagementCorpMember" id="olp_MajesticPropertyManagementCorpMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" abstract="true" nillable="true" xbrli:periodType="duration" />
  <xsd:element name="MarstonMillsMAMember" id="olp_MarstonMillsMAMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" abstract="true" nillable="true" xbrli:periodType="duration" />
  <xsd:element name="MaximumAggregateSalesPriceOfSharesToBeSoldUnderEquityOfferingProgram" id="olp_MaximumAggregateSalesPriceOfSharesToBeSoldUnderEquityOfferingProgram" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" abstract="false" nillable="true" xbrli:balance="credit" xbrli:periodType="duration" />
  <xsd:element name="MelvilleNYMember" id="olp_MelvilleNYMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" abstract="true" nillable="true" xbrli:periodType="duration" />
  <xsd:element name="MonroeLA1Member" id="olp_MonroeLA1Member" type="nonnum:domainItemType" substitutionGroup="xbrli:item" abstract="true" nillable="true" xbrli:periodType="duration" />
  <xsd:element name="MonroeLA2Member" id="olp_MonroeLA2Member" type="nonnum:domainItemType" substitutionGroup="xbrli:item" abstract="true" nillable="true" xbrli:periodType="duration" />
  <xsd:element name="MonroevillePAMember" id="olp_MonroevillePAMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" abstract="true" nillable="true" xbrli:periodType="duration" />
  <xsd:element name="NoncashAllocationOfIntangibleLeaseLiability" id="olp_NoncashAllocationOfIntangibleLeaseLiability" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" xbrli:balance="credit" xbrli:periodType="duration" />
  <xsd:element name="NaplesFLMember" id="olp_NaplesFLMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" abstract="true" nillable="true" xbrli:periodType="duration" />
  <xsd:element name="NetIncomeLossFromContinuingOperationsAvailableToCommonStockholders" id="olp_NetIncomeLossFromContinuingOperationsAvailableToCommonStockholders" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" xbrli:balance="credit" xbrli:periodType="duration" />
  <xsd:element name="NewHydeParkNYMember" id="olp_NewHydeParkNYMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" abstract="true" nillable="true" xbrli:periodType="duration" />
  <xsd:element name="NewarkDEMember" id="olp_NewarkDEMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" abstract="true" nillable="true" xbrli:periodType="duration" />
  <xsd:element name="NewportNewsVAMember" id="olp_NewportNewsVAMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" abstract="true" nillable="true" xbrli:periodType="duration" />
  <xsd:element name="NilesILMember" id="olp_NilesILMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" abstract="true" nillable="true" xbrli:periodType="duration" />
  <xsd:element name="NoncashAllocationOfIntangibleLeaseAssets" id="olp_NoncashAllocationOfIntangibleLeaseAssets" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" xbrli:balance="debit" xbrli:periodType="duration" />
  <xsd:element name="NumberOfDerivativeAgreementsInWhichParentCompanyCouldBeLiableInEventOfSubsidiaryDefault" id="olp_NumberOfDerivativeAgreementsInWhichParentCompanyCouldBeLiableInEventOfSubsidiaryDefault" type="xbrli:integerItemType" substitutionGroup="xbrli:item" abstract="false" nillable="true" xbrli:periodType="duration" />
  <xsd:element name="NumberOfMortgagesToBeRepaidFromProceedsOfPublicOffering" id="olp_NumberOfMortgagesToBeRepaidFromProceedsOfPublicOffering" type="xbrli:integerItemType" substitutionGroup="xbrli:item" abstract="false" nillable="true" xbrli:periodType="duration" />
  <xsd:element name="NumberOfPropertiesOwnedAndOperatedByEachUnconsolidatedJointVenture" id="olp_NumberOfPropertiesOwnedAndOperatedByEachUnconsolidatedJointVenture" type="xbrli:integerItemType" substitutionGroup="xbrli:item" abstract="false" nillable="true" xbrli:periodType="instant" />
  <xsd:element name="NumberOfRealEstatePropertiesAcquired" id="olp_NumberOfRealEstatePropertiesAcquired" type="xbrli:integerItemType" substitutionGroup="xbrli:item" abstract="false" nillable="true" xbrli:periodType="duration" />
  <xsd:element name="NumberOfRealEstatePropertiesSold" id="olp_NumberOfRealEstatePropertiesSold" type="xbrli:integerItemType" substitutionGroup="xbrli:item" abstract="false" nillable="true" xbrli:periodType="duration" />
  <xsd:element name="NumberOfUnconsolidatedJointVentures" id="olp_NumberOfUnconsolidatedJointVentures" type="xbrli:integerItemType" substitutionGroup="xbrli:item" abstract="false" nillable="true" xbrli:periodType="duration" />
  <xsd:element name="NumberOfUnconsolidatedJointVenturesWithDerivativesOutstanding" id="olp_NumberOfUnconsolidatedJointVenturesWithDerivativesOutstanding" type="xbrli:integerItemType" substitutionGroup="xbrli:item" abstract="false" nillable="true" xbrli:periodType="duration" />
  <xsd:element name="OnalaskaWIMember" id="olp_OnalaskaWIMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" abstract="true" nillable="true" xbrli:periodType="duration" />
  <xsd:element name="OperatingLeasesAnnualFixedRent" id="olp_OperatingLeasesAnnualFixedRent" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" abstract="false" nillable="true" xbrli:balance="credit" xbrli:periodType="duration" />
  <xsd:element name="OperatingLeasesExtensionPeriodFirstFiveRenewalOptions" id="olp_OperatingLeasesExtensionPeriodFirstFiveRenewalOptions" type="xbrli:durationItemType" substitutionGroup="xbrli:item" abstract="false" nillable="true" xbrli:periodType="duration" />
  <xsd:element name="OperatingLeasesExtensionPeriodLastRenewalOption" id="olp_OperatingLeasesExtensionPeriodLastRenewalOption" type="xbrli:durationItemType" substitutionGroup="xbrli:item" abstract="false" nillable="true" xbrli:periodType="duration" />
  <xsd:element name="OperatingLeasesFrequencyForIncreaseInRent" id="olp_OperatingLeasesFrequencyForIncreaseInRent" type="xbrli:durationItemType" substitutionGroup="xbrli:item" abstract="false" nillable="true" xbrli:periodType="duration" />
  <xsd:element name="OperatingLeasesNumberOfFiveYearExtensionOptions" id="olp_OperatingLeasesNumberOfFiveYearExtensionOptions" type="xbrli:integerItemType" substitutionGroup="xbrli:item" abstract="false" nillable="true" xbrli:periodType="duration" />
  <xsd:element name="OperatingLeasesNumberOfSevenMonthsExtensionOptions" id="olp_OperatingLeasesNumberOfSevenMonthsExtensionOptions" type="xbrli:integerItemType" substitutionGroup="xbrli:item" abstract="false" nillable="true" xbrli:periodType="duration" />
  <xsd:element name="OperatingLeasesPercentageIncreaseInRentEveryFiveYears" id="olp_OperatingLeasesPercentageIncreaseInRentEveryFiveYears" type="num:percentItemType" substitutionGroup="xbrli:item" abstract="false" nillable="true" xbrli:periodType="duration" />
  <xsd:element name="OtherComprehensiveIncomeLossDerivativesQualifyingAsHedgesNetOfTaxTheCompanyShareFromJointVenture" id="olp_OtherComprehensiveIncomeLossDerivativesQualifyingAsHedgesNetOfTaxTheCompanyShareFromJointVenture" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" abstract="false" nillable="true" xbrli:balance="credit" xbrli:periodType="duration" />
  <xsd:element name="OtherPropertiesMember" id="olp_OtherPropertiesMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" abstract="true" nillable="true" xbrli:periodType="duration" />
  <xsd:element name="PalmyraPAMember" id="olp_PalmyraPAMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" abstract="true" nillable="true" xbrli:periodType="duration" />
  <xsd:element name="ParsippanyNJMember" id="olp_ParsippanyNJMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" abstract="true" nillable="true" xbrli:periodType="duration" />
  <xsd:element name="PayForPerformanceProgramMember" id="olp_PayForPerformanceProgramMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" abstract="true" nillable="true" xbrli:periodType="duration" />
  <xsd:element name="PaymentOfCommissionsOnSaleOfShares" id="olp_PaymentOfCommissionsOnSaleOfShares" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" abstract="false" nillable="true" xbrli:balance="credit" xbrli:periodType="duration" />
  <xsd:element name="PaymentOfOfferingCostsOnSaleOfShares" id="olp_PaymentOfOfferingCostsOnSaleOfShares" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" abstract="false" nillable="true" xbrli:balance="credit" xbrli:periodType="duration" />
  <xsd:element name="PaymentsOfAmortizationOfMortgagesPayable" id="olp_PaymentsOfAmortizationOfMortgagesPayable" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" abstract="false" nillable="true" xbrli:balance="credit" xbrli:periodType="duration" />
  <xsd:element name="PercentageOfDiscountOnCommonStockPurchasedThroughDividendReinvestmentPlan" id="olp_PercentageOfDiscountOnCommonStockPurchasedThroughDividendReinvestmentPlan" type="num:percentItemType" substitutionGroup="xbrli:item" abstract="false" nillable="true" xbrli:periodType="duration" />
  <xsd:element name="PhiladelphiaPAMember" id="olp_PhiladelphiaPAMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" abstract="true" nillable="true" xbrli:periodType="duration" />
  <xsd:element name="PriorPlansMember" id="olp_PriorPlansMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" abstract="true" nillable="true" xbrli:periodType="duration" />
  <xsd:element name="PropertyInNewYorkMember" id="olp_PropertyInNewYorkMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" abstract="true" nillable="true" xbrli:periodType="duration" />
  <xsd:element name="PublicOfferingDisclosureAbstract" id="olp_PublicOfferingDisclosureAbstract" type="xbrli:stringItemType" substitutionGroup="xbrli:item" abstract="true" nillable="true" xbrli:periodType="duration" />
  <xsd:element name="PublicOfferingDisclosureTextBlock" id="olp_PublicOfferingDisclosureTextBlock" type="nonnum:textBlockItemType" substitutionGroup="xbrli:item" nillable="true" xbrli:periodType="duration" />
  <xsd:element name="ReadingPA1Member" id="olp_ReadingPA1Member" type="nonnum:domainItemType" substitutionGroup="xbrli:item" abstract="true" nillable="true" xbrli:periodType="duration" />
  <xsd:element name="ReadingPA2Member" id="olp_ReadingPA2Member" type="nonnum:domainItemType" substitutionGroup="xbrli:item" abstract="true" nillable="true" xbrli:periodType="duration" />
  <xsd:element name="RealEstateAcquisitionAbstract" id="olp_RealEstateAcquisitionAbstract" type="xbrli:stringItemType" substitutionGroup="xbrli:item" abstract="true" nillable="true" xbrli:periodType="duration" />
  <xsd:element name="RealEstateAcquisitionTextBlock" id="olp_RealEstateAcquisitionTextBlock" type="nonnum:textBlockItemType" substitutionGroup="xbrli:item" nillable="true" xbrli:periodType="duration" />
  <xsd:element name="RealEstateAndAccumulatedDepreciationNumberOfPropertiesContainingCrossDefaultProvisions" id="olp_RealEstateAndAccumulatedDepreciationNumberOfPropertiesContainingCrossDefaultProvisions" type="xbrli:integerItemType" substitutionGroup="xbrli:item" abstract="false" nillable="true" xbrli:periodType="instant" />
  <xsd:element name="RealEstateAndAccumulatedDepreciationNumberOfPropertiesCoveredByOneMasterLeaseAndOneLoanSecuredByCrossCollateralizedMortgages" id="olp_RealEstateAndAccumulatedDepreciationNumberOfPropertiesCoveredByOneMasterLeaseAndOneLoanSecuredByCrossCollateralizedMortgages" type="xbrli:integerItemType" substitutionGroup="xbrli:item" abstract="false" nillable="true" xbrli:periodType="instant" />
  <xsd:element name="RealEstateAndAccumulatedDepreciationNumberOfPropertiesNetLeasedToSameTenantUnderSeparateLeases" id="olp_RealEstateAndAccumulatedDepreciationNumberOfPropertiesNetLeasedToSameTenantUnderSeparateLeases" type="xbrli:integerItemType" substitutionGroup="xbrli:item" abstract="false" nillable="true" xbrli:periodType="instant" />
  <xsd:element name="RealEstateAndAccumulatedDepreciationNumberOfStatesInWhichPropertiesContainingCrossDefaultProvisionsLocated" id="olp_RealEstateAndAccumulatedDepreciationNumberOfStatesInWhichPropertiesContainingCrossDefaultProvisionsLocated" type="xbrli:integerItemType" substitutionGroup="xbrli:item" abstract="false" nillable="true" xbrli:periodType="instant" />
  <xsd:element name="RealEstateAndAccumulatedDepreciationNumberStatesInWhichPropertiesCoveredByOneMasterLeaseAndOneLoanSecuredByCrossCollateralizedMortgagesLocated" id="olp_RealEstateAndAccumulatedDepreciationNumberStatesInWhichPropertiesCoveredByOneMasterLeaseAndOneLoanSecuredByCrossCollateralizedMortgagesLocated" type="xbrli:integerItemType" substitutionGroup="xbrli:item" abstract="false" nillable="true" xbrli:periodType="instant" />
  <xsd:element name="RealEstateCostsAndExpensesRelatedParty" id="olp_RealEstateCostsAndExpensesRelatedParty" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" xbrli:balance="debit" xbrli:periodType="duration" />
  <xsd:element name="RealEstateFederalIncomeTaxBasisDifferenceAmount" id="olp_RealEstateFederalIncomeTaxBasisDifferenceAmount" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" abstract="false" nillable="true" xbrli:balance="debit" xbrli:periodType="instant" />
  <xsd:element name="RealEstateInvestmentsAndMinimumFutureRentalsDisclosureAbstract" id="olp_RealEstateInvestmentsAndMinimumFutureRentalsDisclosureAbstract" type="xbrli:stringItemType" substitutionGroup="xbrli:item" abstract="true" nillable="true" xbrli:periodType="duration" />
  <xsd:element name="RealEstateInvestmentsAndMinimumFutureRentalsDisclosureTextBlock" id="olp_RealEstateInvestmentsAndMinimumFutureRentalsDisclosureTextBlock" type="nonnum:textBlockItemType" substitutionGroup="xbrli:item" abstract="false" nillable="true" xbrli:periodType="duration" />
  <xsd:element name="RealEstatePropertiesAcquisitionOccupancyPercentage" id="olp_RealEstatePropertiesAcquisitionOccupancyPercentage" type="num:percentItemType" substitutionGroup="xbrli:item" abstract="false" nillable="true" xbrli:periodType="duration" />
  <xsd:element name="ReclassificationOfPrepaidAllowanceToPropertiesImprovement" id="olp_ReclassificationOfPrepaidAllowanceToPropertiesImprovement" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" xbrli:balance="debit" xbrli:periodType="duration" />
  <xsd:element name="ReconciliationOfCashDividendsPaidToDividendsPaidDeductionAbstract" id="olp_ReconciliationOfCashDividendsPaidToDividendsPaidDeductionAbstract" type="xbrli:stringItemType" substitutionGroup="xbrli:item" abstract="true" nillable="true" xbrli:periodType="duration" />
  <xsd:element name="ReconciliationOfIncomeFromBookBasisToTaxBasisAbstract" id="olp_ReconciliationOfIncomeFromBookBasisToTaxBasisAbstract" type="xbrli:stringItemType" substitutionGroup="xbrli:item" abstract="true" nillable="true" xbrli:periodType="duration" />
  <xsd:element name="ReconciliationOfIncomeFromBookBasisToTaxBasisDepreciationAndAmortization" id="olp_ReconciliationOfIncomeFromBookBasisToTaxBasisDepreciationAndAmortization" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" abstract="false" nillable="true" xbrli:balance="credit" xbrli:periodType="duration" />
  <xsd:element name="ReconciliationOfIncomeFromBookBasisToTaxBasisFinancialStatementAdjustmentForAboveAndBelowMarketLeases" id="olp_ReconciliationOfIncomeFromBookBasisToTaxBasisFinancialStatementAdjustmentForAboveAndBelowMarketLeases" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" abstract="false" nillable="true" xbrli:balance="credit" xbrli:periodType="duration" />
  <xsd:element name="ReconciliationOfIncomeFromBookBasisToTaxBasisGainOnSalesOfProperties" id="olp_ReconciliationOfIncomeFromBookBasisToTaxBasisGainOnSalesOfProperties" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" abstract="false" nillable="true" xbrli:balance="credit" xbrli:periodType="duration" />
  <xsd:element name="ReconciliationOfIncomeFromBookBasisToTaxBasisNonDeductibleShareBasedCompensationCost" id="olp_ReconciliationOfIncomeFromBookBasisToTaxBasisNonDeductibleShareBasedCompensationCost" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" abstract="false" nillable="true" xbrli:balance="credit" xbrli:periodType="duration" />
  <xsd:element name="ReconciliationOfIncomeFromBookBasisToTaxBasisOtherAdjustments" id="olp_ReconciliationOfIncomeFromBookBasisToTaxBasisOtherAdjustments" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" abstract="false" nillable="true" xbrli:balance="credit" xbrli:periodType="duration" />
  <xsd:element name="ReconciliationOfIncomeFromBookBasisToTaxBasisProfitLossTaxBasis" id="olp_ReconciliationOfIncomeFromBookBasisToTaxBasisProfitLossTaxBasis" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" abstract="false" nillable="true" xbrli:balance="credit" xbrli:periodType="duration" />
  <xsd:element name="ReconciliationOfIncomeFromBookBasisToTaxBasisPropertyAcquisitionCostCapitalizedForTaxPurpose" id="olp_ReconciliationOfIncomeFromBookBasisToTaxBasisPropertyAcquisitionCostCapitalizedForTaxPurpose" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" abstract="false" nillable="true" xbrli:balance="credit" xbrli:periodType="duration" />
  <xsd:element name="ReconciliationOfIncomeFromBookBasisToTaxBasisRentAdjustment" id="olp_ReconciliationOfIncomeFromBookBasisToTaxBasisRentAdjustment" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" abstract="false" nillable="true" xbrli:balance="debit" xbrli:periodType="duration" />
  <xsd:element name="MortgageLoanMaturingOnMarch2024Member" id="olp_MortgageLoanMaturingOnMarch2024Member" type="nonnum:domainItemType" substitutionGroup="xbrli:item" abstract="true" nillable="true" xbrli:periodType="duration" />
  <xsd:element name="ReconciliationOfIncomeFromBookBasisToTaxBasisRentalIncomeAdvanceNet" id="olp_ReconciliationOfIncomeFromBookBasisToTaxBasisRentalIncomeAdvanceNet" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" abstract="false" nillable="true" xbrli:balance="credit" xbrli:periodType="duration" />
  <xsd:element name="ReductionToLandAndBuildingsDueToReceiptOfRentalReserveFromSeller" id="olp_ReductionToLandAndBuildingsDueToReceiptOfRentalReserveFromSeller" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" abstract="false" nillable="true" xbrli:balance="credit" xbrli:periodType="instant" />
  <xsd:element name="RelatedPartyTransactionAdditionalAmountAuthorizedUnderCompensationAndServicesAgreement" id="olp_RelatedPartyTransactionAdditionalAmountAuthorizedUnderCompensationAndServicesAgreement" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" abstract="false" nillable="true" xbrli:balance="debit" xbrli:periodType="duration" />
  <xsd:element name="RelatedPartyTransactionAdditionalPaymentForShareOfDirectOfficeExpenses" id="olp_RelatedPartyTransactionAdditionalPaymentForShareOfDirectOfficeExpenses" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" abstract="false" nillable="true" xbrli:balance="debit" xbrli:periodType="duration" />
  <xsd:element name="RelatedPartyTransactionAmountAgreedToBePaid" id="olp_RelatedPartyTransactionAmountAgreedToBePaid" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" abstract="false" nillable="true" xbrli:balance="debit" xbrli:periodType="duration" />
  <xsd:element name="RelatedPartyTransactionAmountAuthorizedUnderCompensationAndServicesAgreement" id="olp_RelatedPartyTransactionAmountAuthorizedUnderCompensationAndServicesAgreement" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" abstract="false" nillable="true" xbrli:balance="debit" xbrli:periodType="duration" />
  <xsd:element name="RelatedPartyTransactionAnnualFeesPaidForServices" id="olp_RelatedPartyTransactionAnnualFeesPaidForServices" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" abstract="false" nillable="true" xbrli:balance="debit" xbrli:periodType="duration" />
  <xsd:element name="RelatedPartyTransactionPropertyManagementCostAllocatedToRealEstateExpensesAnnually" id="olp_RelatedPartyTransactionPropertyManagementCostAllocatedToRealEstateExpensesAnnually" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" abstract="false" nillable="true" xbrli:balance="debit" xbrli:periodType="duration" />
  <xsd:element name="RelatedPartyTransactionOwnershipPercentageHeld" id="olp_RelatedPartyTransactionOwnershipPercentageHeld" type="num:percentItemType" substitutionGroup="xbrli:item" abstract="false" nillable="true" xbrli:periodType="instant" />
  <xsd:element name="RentalRevenueMember" id="olp_RentalRevenueMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" abstract="true" nillable="true" xbrli:periodType="duration" />
  <xsd:element name="RevenuesIncludingRevenueFromDiscontinuedOperationsAsPreviouslyReported" id="olp_RevenuesIncludingRevenueFromDiscontinuedOperationsAsPreviouslyReported" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" abstract="false" nillable="true" xbrli:balance="credit" xbrli:periodType="duration" />
  <xsd:element name="RichmondVAMember" id="olp_RichmondVAMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" abstract="true" nillable="true" xbrli:periodType="duration" />
  <xsd:element name="RonkonkomaNYMember" id="olp_RonkonkomaNYMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" abstract="true" nillable="true" xbrli:periodType="duration" />
  <xsd:element name="RosenbergTXMember" id="olp_RosenbergTXMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" abstract="true" nillable="true" xbrli:periodType="duration" />
  <xsd:element name="RoyersfordPAMember" id="olp_RoyersfordPAMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" abstract="true" nillable="true" xbrli:periodType="duration" />
  <xsd:element name="SacoMEMember" id="olp_SacoMEMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" abstract="true" nillable="true" xbrli:periodType="duration" />
  <xsd:element name="ScheduleOfExpectedAmortizationOfDeferredOriginationCostsTableTextBlock" id="olp_ScheduleOfExpectedAmortizationOfDeferredOriginationCostsTableTextBlock" type="nonnum:textBlockItemType" substitutionGroup="xbrli:item" abstract="false" nillable="true" xbrli:periodType="duration" />
  <xsd:element name="ScheduleOfOperatingLeasesFutureMinimumPaymentsReceivableTableTextBlock" id="olp_ScheduleOfOperatingLeasesFutureMinimumPaymentsReceivableTableTextBlock" type="nonnum:textBlockItemType" substitutionGroup="xbrli:item" abstract="false" nillable="true" xbrli:periodType="duration" />
  <xsd:element name="ScheduleOfRealEstateAcquisitionsDuringPeriodTableTextBlock" id="olp_ScheduleOfRealEstateAcquisitionsDuringPeriodTableTextBlock" type="nonnum:textBlockItemType" substitutionGroup="xbrli:item" abstract="false" nillable="true" xbrli:periodType="duration" />
  <xsd:element name="ScheduleOfReconciliationOfCashDividendsPaidToDividendPaidDeductionTableTextBlock" id="olp_ScheduleOfReconciliationOfCashDividendsPaidToDividendPaidDeductionTableTextBlock" type="nonnum:textBlockItemType" substitutionGroup="xbrli:item" abstract="false" nillable="true" xbrli:periodType="duration" />
  <xsd:element name="ScheduleOfReconciliationOfIncomeFromBookBasisToTaxBasisTableTextBlock" id="olp_ScheduleOfReconciliationOfIncomeFromBookBasisToTaxBasisTableTextBlock" type="nonnum:textBlockItemType" substitutionGroup="xbrli:item" abstract="false" nillable="true" xbrli:periodType="duration" />
  <xsd:element name="SeattleWAMember" id="olp_SeattleWAMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" abstract="true" nillable="true" xbrli:periodType="duration" />
  <xsd:element name="SeldenNYMember" id="olp_SeldenNYMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" abstract="true" nillable="true" xbrli:periodType="duration" />
  <xsd:element name="SettlementOfMortgageDebt" id="olp_SettlementOfMortgageDebt" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" xbrli:balance="debit" xbrli:periodType="duration" />
  <xsd:element name="ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesToBeVestedAndIssuedForEachOutstandingUnitOnSatisfyingPerformanceCriteria" id="olp_ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesToBeVestedAndIssuedForEachOutstandingUnitOnSatisfyingPerformanceCriteria" type="xbrli:sharesItemType" substitutionGroup="xbrli:item" abstract="false" nillable="true" xbrli:periodType="instant" />
  <xsd:element name="ShareBasedCompensationArrangementByShareBasedPaymentAwardWeightedAverageAwardVestingPeriod" id="olp_ShareBasedCompensationArrangementByShareBasedPaymentAwardWeightedAverageAwardVestingPeriod" type="xbrli:durationItemType" substitutionGroup="xbrli:item" abstract="false" nillable="true" xbrli:periodType="duration" />
  <xsd:element name="ShoppingCenterHoustonTexasMember" id="olp_ShoppingCenterHoustonTexasMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" abstract="true" nillable="true" xbrli:periodType="duration" />
  <xsd:element name="SomervilleMAMember" id="olp_SomervilleMAMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" abstract="true" nillable="true" xbrli:periodType="duration" />
  <xsd:element name="SubsequentDisqualificationPeriodIfFailedToQualifyAsREIT" id="olp_SubsequentDisqualificationPeriodIfFailedToQualifyAsREIT" type="xbrli:durationItemType" substitutionGroup="xbrli:item" abstract="false" nillable="true" xbrli:periodType="duration" />
  <xsd:element name="SubsidiaryOfGouldInvestorsLPMember" id="olp_SubsidiaryOfGouldInvestorsLPMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" abstract="true" nillable="true" xbrli:periodType="duration" />
  <xsd:element name="TheatreMember" id="olp_TheatreMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" abstract="true" nillable="true" xbrli:periodType="duration" />
  <xsd:element name="ThreeApplebeeRestaurantsCarrolltonKennesawAndCartersvilleGeorgiaMember" id="olp_ThreeApplebeeRestaurantsCarrolltonKennesawAndCartersvilleGeorgiaMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" abstract="true" nillable="true" xbrli:periodType="duration" />
  <xsd:element name="TrexlertownPAMember" id="olp_TrexlertownPAMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" abstract="true" nillable="true" xbrli:periodType="duration" />
  <xsd:element name="TuckerGAMember" id="olp_TuckerGAMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" abstract="true" nillable="true" xbrli:periodType="duration" />
  <xsd:element name="TylerTXMember" id="olp_TylerTXMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" abstract="true" nillable="true" xbrli:periodType="duration" />
  <xsd:element name="UnamortizedIntangibleLeaseAssets" id="olp_UnamortizedIntangibleLeaseAssets" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" xbrli:balance="debit" xbrli:periodType="instant" />
  <xsd:element name="UnconsolidatedJointVentureInPlanoTexasMember" id="olp_UnconsolidatedJointVentureInPlanoTexasMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" abstract="true" nillable="true" xbrli:periodType="duration" />
  <xsd:element name="UnconsolidatedJointVentureInLosAngelesCaliforniaMember" id="olp_UnconsolidatedJointVentureInLosAngelesCaliforniaMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" abstract="true" nillable="true" xbrli:periodType="duration" />
  <xsd:element name="UnconsolidatedJointVenturesMember" id="olp_UnconsolidatedJointVenturesMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" abstract="true" nillable="true" xbrli:periodType="duration" />
  <xsd:element name="UrbanOutfittersStoreLawrenceKansasMember" id="olp_UrbanOutfittersStoreLawrenceKansasMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" abstract="true" nillable="true" xbrli:periodType="duration" />
  <xsd:element name="VicksburgMS1Member" id="olp_VicksburgMS1Member" type="nonnum:domainItemType" substitutionGroup="xbrli:item" abstract="true" nillable="true" xbrli:periodType="duration" />
  <xsd:element name="VicksburgMS2Member" id="olp_VicksburgMS2Member" type="nonnum:domainItemType" substitutionGroup="xbrli:item" abstract="true" nillable="true" xbrli:periodType="duration" />
  <xsd:element name="VirginiaBeachVAMember" id="olp_VirginiaBeachVAMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" abstract="true" nillable="true" xbrli:periodType="duration" />
  <xsd:element name="WeightedAverageNumberOfDilutedSharesIncludingUnvestedRestrictedStockSharesOutstanding" id="olp_WeightedAverageNumberOfDilutedSharesIncludingUnvestedRestrictedStockSharesOutstanding" type="xbrli:sharesItemType" substitutionGroup="xbrli:item" nillable="true" xbrli:periodType="duration" />
  <xsd:element name="WeightedAverageNumberOfSharesOutstandingIncludingUnvestedRestrictedStockSharesBasic" id="olp_WeightedAverageNumberOfSharesOutstandingIncludingUnvestedRestrictedStockSharesBasic" type="xbrli:sharesItemType" substitutionGroup="xbrli:item" nillable="true" xbrli:periodType="duration" />
  <xsd:element name="WestHartfordCT1Member" id="olp_WestHartfordCT1Member" type="nonnum:domainItemType" substitutionGroup="xbrli:item" abstract="true" nillable="true" xbrli:periodType="duration" />
  <xsd:element name="WestHartfordCT2Member" id="olp_WestHartfordCT2Member" type="nonnum:domainItemType" substitutionGroup="xbrli:item" abstract="true" nillable="true" xbrli:periodType="duration" />
  <xsd:element name="WestPalmBeachFLMember" id="olp_WestPalmBeachFLMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" abstract="true" nillable="true" xbrli:periodType="duration" />
  <xsd:element name="WichitaKSMember" id="olp_WichitaKSMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" abstract="true" nillable="true" xbrli:periodType="duration" />
  <xsd:element name="CashDividendsPaidReconciliation" id="olp_CashDividendsPaidReconciliation" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" xbrli:balance="credit" xbrli:periodType="duration" />
  <xsd:element name="PropertyPlantAndEquipmentAndIntangibleAssetsLiabilitiesUsefulLifeMinimum" id="olp_PropertyPlantAndEquipmentAndIntangibleAssetsLiabilitiesUsefulLifeMinimum" type="xbrli:durationItemType" substitutionGroup="xbrli:item" abstract="false" nillable="true" xbrli:periodType="duration" />
  <xsd:element name="PropertyPlantAndEquipmentAndIntangibleAssetsLiabilitiesUsefulLifeMaximum" id="olp_PropertyPlantAndEquipmentAndIntangibleAssetsLiabilitiesUsefulLifeMaximum" type="xbrli:durationItemType" substitutionGroup="xbrli:item" abstract="false" nillable="true" xbrli:periodType="duration" />
  <xsd:element name="IncrementalCommonSharesAttributableToShareBasedPaymentArrangementsUnderlyingShares" id="olp_IncrementalCommonSharesAttributableToShareBasedPaymentArrangementsUnderlyingShares" type="xbrli:sharesItemType" substitutionGroup="xbrli:item" abstract="false" nillable="true" xbrli:periodType="duration" />
  <xsd:element name="NumberOfControllingInterestJointVentures" id="olp_NumberOfControllingInterestJointVentures" type="xbrli:integerItemType" substitutionGroup="xbrli:item" abstract="false" nillable="true" xbrli:periodType="duration" />
  <xsd:element name="AllowanceForDoubtfulAccountsReceivableRecoveriesNumberOfTenants" id="olp_AllowanceForDoubtfulAccountsReceivableRecoveriesNumberOfTenants" type="xbrli:integerItemType" substitutionGroup="xbrli:item" abstract="false" nillable="true" xbrli:periodType="duration" />
  <xsd:element name="LAFitnessHealthClubSecaucusNewJerseyMember" id="olp_LAFitnessHealthClubSecaucusNewJerseyMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" abstract="true" nillable="true" xbrli:periodType="duration" />
  <xsd:element name="FedExFacilityMiamisburgOhioMember" id="olp_FedExFacilityMiamisburgOhioMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" abstract="true" nillable="true" xbrli:periodType="duration" />
  <xsd:element name="PropertyInFloridaAndLeasedToOfficeDepotMember" id="olp_PropertyInFloridaAndLeasedToOfficeDepotMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" abstract="true" nillable="true" xbrli:periodType="duration" />
  <xsd:element name="FederalExciseTaxAccruedOnUndistributedTaxableIncome" id="olp_FederalExciseTaxAccruedOnUndistributedTaxableIncome" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" abstract="false" nillable="true" xbrli:balance="debit" xbrli:periodType="duration" />
  <xsd:element name="FederalExciseAndStateTaxPaidAndOrAccrued" id="olp_FederalExciseAndStateTaxPaidAndOrAccrued" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" abstract="false" nillable="true" xbrli:balance="debit" xbrli:periodType="duration" />
  <xsd:element name="AvailableforsaleSecuritiesCumulativeNetUnrealizedGain" id="olp_AvailableforsaleSecuritiesCumulativeNetUnrealizedGain" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" abstract="false" nillable="true" xbrli:balance="debit" xbrli:periodType="instant" />
  <xsd:element name="SecaucusNJMember" id="olp_SecaucusNJMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" abstract="true" nillable="true" xbrli:periodType="duration" />
  <xsd:element name="PinellasParkFLMember" id="olp_PinellasParkFLMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" abstract="true" nillable="true" xbrli:periodType="duration" />
  <xsd:element name="MiamisburgOHMember" id="olp_MiamisburgOHMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" abstract="true" nillable="true" xbrli:periodType="duration" />
  <xsd:element name="CarrolltonGAMember" id="olp_CarrolltonGAMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" abstract="true" nillable="true" xbrli:periodType="duration" />
  <xsd:element name="CartersvilleGAMember" id="olp_CartersvilleGAMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" abstract="true" nillable="true" xbrli:periodType="duration" />
  <xsd:element name="KennesawGA1Member" id="olp_KennesawGA1Member" type="nonnum:domainItemType" substitutionGroup="xbrli:item" abstract="true" nillable="true" xbrli:periodType="duration" />
  <xsd:element name="KennesawGA2Member" id="olp_KennesawGA2Member" type="nonnum:domainItemType" substitutionGroup="xbrli:item" abstract="true" nillable="true" xbrli:periodType="duration" />
  <xsd:element name="LawrencevilleGAMember" id="olp_LawrencevilleGAMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" abstract="true" nillable="true" xbrli:periodType="duration" />
  <xsd:element name="LawrenceKSMember" id="olp_LawrenceKSMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" abstract="true" nillable="true" xbrli:periodType="duration" />
  <xsd:element name="CapeGirardeauMOMember" id="olp_CapeGirardeauMOMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" abstract="true" nillable="true" xbrli:periodType="duration" />
  <xsd:element name="DeptfordNJMember" id="olp_DeptfordNJMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" abstract="true" nillable="true" xbrli:periodType="duration" />
  <xsd:element name="HoustonTX4Member" id="olp_HoustonTX4Member" type="nonnum:domainItemType" substitutionGroup="xbrli:item" abstract="true" nillable="true" xbrli:periodType="duration" />
  <xsd:element name="ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriodValues" id="olp_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriodValues" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" xbrli:balance="debit" xbrli:periodType="duration" />
  <xsd:element name="JointVenturePartnerInterestInVariableInterestEntity" id="olp_JointVenturePartnerInterestInVariableInterestEntity" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" xbrli:balance="credit" xbrli:periodType="instant" />
  <xsd:element name="VariableRateMortgageAndLoanOnOnePropertyMember" id="olp_VariableRateMortgageAndLoanOnOnePropertyMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" abstract="true" nillable="true" xbrli:periodType="duration" />
  <xsd:element name="NumbersOfSharesPurchasedInOpenMarketDuringPeriod" id="olp_NumbersOfSharesPurchasedInOpenMarketDuringPeriod" type="xbrli:sharesItemType" substitutionGroup="xbrli:item" abstract="false" nillable="true" xbrli:periodType="duration" />
  <xsd:element name="AcquiredFiniteLivedIntangibleLiabilitiesWeightedAverageAmortizationPeriod" id="olp_AcquiredFiniteLivedIntangibleLiabilitiesWeightedAverageAmortizationPeriod" type="xbrli:durationItemType" substitutionGroup="xbrli:item" nillable="true" xbrli:periodType="duration" />
  <xsd:element name="ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesToBeIssuedForEachOutstandingUnitOnNotSatisfyingPerformanceCriteria" id="olp_ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesToBeIssuedForEachOutstandingUnitOnNotSatisfyingPerformanceCriteria" type="xbrli:sharesItemType" substitutionGroup="xbrli:item" nillable="true" xbrli:periodType="instant" />
  <xsd:element name="ShareBasedCompensationArrangementByShareBasedPaymentAwardAggregateSharesVestedInPlan" id="olp_ShareBasedCompensationArrangementByShareBasedPaymentAwardAggregateSharesVestedInPlan" type="xbrli:sharesItemType" substitutionGroup="xbrli:item" nillable="true" xbrli:periodType="duration" />
  <xsd:element name="BRTRealtyTrustSecuritiesMember" id="olp_BRTRealtyTrustSecuritiesMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" abstract="true" nillable="true" xbrli:periodType="duration" />
  <xsd:element name="OtherEquitySecuritiesMember" id="olp_OtherEquitySecuritiesMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" abstract="true" nillable="true" xbrli:periodType="duration" />
  <xsd:element name="DerivativeNumberOfMortgageLoansOutstanding" id="olp_DerivativeNumberOfMortgageLoansOutstanding" type="xbrli:integerItemType" substitutionGroup="xbrli:item" nillable="true" xbrli:periodType="instant" />
  <xsd:element name="GainLossOnDispositionOfRealEstateInUnconsolidatedJointVenture" id="olp_GainLossOnDispositionOfRealEstateInUnconsolidatedJointVenture" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" xbrli:balance="credit" xbrli:periodType="duration" />
  <xsd:element name="StockIssuedDuringPeriodValueNewIssuesNetProceedBeforeOfferingCosts" id="olp_StockIssuedDuringPeriodValueNewIssuesNetProceedBeforeOfferingCosts" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" xbrli:balance="credit" xbrli:periodType="duration" />
  <xsd:element name="ProceedsBeforeCostOfSaleFromDivestitureOfInterestInJointVenture" id="olp_ProceedsBeforeCostOfSaleFromDivestitureOfInterestInJointVenture" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" xbrli:balance="debit" xbrli:periodType="duration" />
  <xsd:element name="ProceedsFromSaleOfRealEstateInUnconsolidatedJointVenture" id="olp_ProceedsFromSaleOfRealEstateInUnconsolidatedJointVenture" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" xbrli:balance="debit" xbrli:periodType="duration" />
  <xsd:element name="SalePriceOfRealEstateSoldInUnconsolidatedJointVenture" id="olp_SalePriceOfRealEstateSoldInUnconsolidatedJointVenture" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" xbrli:balance="debit" xbrli:periodType="instant" />
  <xsd:element name="RestaurantPropertyMyrtleBeachSouthCarolinaMember" id="olp_RestaurantPropertyMyrtleBeachSouthCarolinaMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" abstract="true" nillable="true" xbrli:periodType="duration" />
  <xsd:element name="RestaurantPropertyAnnArborMichiganMember" id="olp_RestaurantPropertyAnnArborMichiganMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" abstract="true" nillable="true" xbrli:periodType="duration" />
  <xsd:element name="RetailPropertyIndianapolisIndianaMember" id="olp_RetailPropertyIndianapolisIndianaMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" abstract="true" nillable="true" xbrli:periodType="duration" />
  <xsd:element name="PropertyLocatedInFortMillSouthCarolinaMember" id="olp_PropertyLocatedInFortMillSouthCarolinaMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" abstract="true" nillable="true" xbrli:periodType="duration" />
  <xsd:element name="RealEstatePropertyInMichiganMember" id="olp_RealEstatePropertyInMichiganMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" abstract="true" nillable="true" xbrli:periodType="duration" />
  <xsd:element name="RetailPropertyClemmonsNorthCarolinaMember" id="olp_RetailPropertyClemmonsNorthCarolinaMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" abstract="true" nillable="true" xbrli:periodType="duration" />
  <xsd:element name="WalgreensPharmacyCapeGirardeauMissouriMember" id="olp_WalgreensPharmacyCapeGirardeauMissouriMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" abstract="true" nillable="true" xbrli:periodType="duration" />
  <xsd:element name="IncrementalCommonSharesNotIncludingInComputationOfEarningPerShare" id="olp_IncrementalCommonSharesNotIncludingInComputationOfEarningPerShare" type="xbrli:sharesItemType" substitutionGroup="xbrli:item" abstract="false" nillable="true" xbrli:periodType="duration" />
  <xsd:element name="LeasesAcquiredInPlaceExcludingBelowMarketLeaseMember" id="olp_LeasesAcquiredInPlaceExcludingBelowMarketLeaseMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" abstract="true" nillable="true" xbrli:periodType="duration" />
  <xsd:element name="ExecutiveOfficersAndOthersMember" id="olp_ExecutiveOfficersAndOthersMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" abstract="true" nillable="true" xbrli:periodType="duration" />
  <xsd:element name="RelatedPartyTransactionAmountPaid" id="olp_RelatedPartyTransactionAmountPaid" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" abstract="false" nillable="true" xbrli:balance="debit" xbrli:periodType="duration" />
  <xsd:element name="AnnArborMIMember" id="olp_AnnArborMIMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" abstract="true" nillable="true" xbrli:periodType="duration" />
  <xsd:element name="ClemmonsNCMember" id="olp_ClemmonsNCMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" abstract="true" nillable="true" xbrli:periodType="duration" />
  <xsd:element name="ConcordNCMember" id="olp_ConcordNCMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" abstract="true" nillable="true" xbrli:periodType="duration" />
  <xsd:element name="FortMillSCMember" id="olp_FortMillSCMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" abstract="true" nillable="true" xbrli:periodType="duration" />
  <xsd:element name="IndianapolisINMember" id="olp_IndianapolisINMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" abstract="true" nillable="true" xbrli:periodType="duration" />
  <xsd:element name="KilleenTXMember" id="olp_KilleenTXMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" abstract="true" nillable="true" xbrli:periodType="duration" />
  <xsd:element name="MyrtleBeachSCMember" id="olp_MyrtleBeachSCMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" abstract="true" nillable="true" xbrli:periodType="duration" />
  <xsd:element name="RoundRockTXMember" id="olp_RoundRockTXMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" abstract="true" nillable="true" xbrli:periodType="duration" />
  <xsd:element name="OtherRealEstateMember" id="olp_OtherRealEstateMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" abstract="true" nillable="true" xbrli:periodType="duration" />
  <xsd:element name="UnconsolidatedJointVentureMember" id="olp_UnconsolidatedJointVentureMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" abstract="true" nillable="true" xbrli:periodType="duration" />
  <xsd:element name="RestaurantPropertyGreensboroNorthCarolinaMember" id="olp_RestaurantPropertyGreensboroNorthCarolinaMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" abstract="true" nillable="true" xbrli:periodType="duration" />
  <xsd:element name="RestaurantPropertyRichmondVirginiaMember" id="olp_RestaurantPropertyRichmondVirginiaMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" abstract="true" nillable="true" xbrli:periodType="duration" />
  <xsd:element name="MortgageLoanMaturingOn1May2014Member" id="olp_MortgageLoanMaturingOn1May2014Member" type="nonnum:domainItemType" substitutionGroup="xbrli:item" abstract="true" nillable="true" xbrli:periodType="duration" />
  <xsd:element name="MortgageLoanMaturingOnFebruary2024Member" id="olp_MortgageLoanMaturingOnFebruary2024Member" type="nonnum:domainItemType" substitutionGroup="xbrli:item" abstract="true" nillable="true" xbrli:periodType="duration" />
  <xsd:element name="DebtInstrumentTermOfInterestOnlyPayments" id="olp_DebtInstrumentTermOfInterestOnlyPayments" type="xbrli:durationItemType" substitutionGroup="xbrli:item" abstract="false" nillable="true" xbrli:periodType="duration" />
  <xsd:element name="BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedBuildingsImprovements" id="olp_BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedBuildingsImprovements" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" abstract="false" nillable="true" xbrli:balance="debit" xbrli:periodType="instant" />
  <xsd:element name="BusinessAcquisitionCostOfAcquiredEntityAssignmentFees" id="olp_BusinessAcquisitionCostOfAcquiredEntityAssignmentFees" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" abstract="false" nillable="true" xbrli:balance="debit" xbrli:periodType="instant" />
  <xsd:element name="RestaurantPropertiesKilleenTexasGreensboroNCAndRichmondVAMember" id="olp_RestaurantPropertiesKilleenTexasGreensboroNCAndRichmondVAMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" abstract="true" nillable="true" xbrli:periodType="duration" />
  <xsd:element name="BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedIntangibleLeaseLiability" id="olp_BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedIntangibleLeaseLiability" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" xbrli:balance="credit" xbrli:periodType="instant" />
  <xsd:element name="TotalWineAndMoreRetailStoreGreensboroNorthCarolinaMember" id="olp_TotalWineAndMoreRetailStoreGreensboroNorthCarolinaMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" abstract="true" nillable="true" xbrli:periodType="duration" />
  <xsd:element name="ChuckECheeseRestaurantIndianapolisIndianaMember" id="olp_ChuckECheeseRestaurantIndianapolisIndianaMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" abstract="true" nillable="true" xbrli:periodType="duration" />
  <xsd:element name="CurrentFiscalYearRealEstateAcquisitionsMember" id="olp_CurrentFiscalYearRealEstateAcquisitionsMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" abstract="true" nillable="true" xbrli:periodType="duration" />
  <xsd:element name="PriorFiscalYearRealEstateAcquisitionsMember" id="olp_PriorFiscalYearRealEstateAcquisitionsMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" abstract="true" nillable="true" xbrli:periodType="duration" />
</xsd:schema>
