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<!--Created on: 8/6/2015 8:09:26 AM-->
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  <xsd:import namespace="http://xbrl.sec.gov/dei/2014-01-31" schemaLocation="http://xbrl.sec.gov/dei/2014/dei-2014-01-31.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://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" />
  <import namespace="http://fasb.org/us-gaap/2015-01-31" schemaLocation="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="olp_NumberOfPropertiesUnderContractOfSale" name="NumberOfPropertiesUnderContractOfSale" nillable="true" type="xbrli:integerItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" xmlns="http://www.w3.org/2001/XMLSchema" />
  <xsd:element name="NumberOfTenantsInProperty" id="olp_NumberOfTenantsInProperty" type="xbrli:integerItemType" substitutionGroup="xbrli:item" abstract="false" nillable="true" 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="BoardOfDirectorsViceChairmanMember" id="olp_BoardOfDirectorsViceChairmanMember" 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="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="DebtInstrumentExcessOfEstimatedFairValueOverCarryingValue" id="olp_DebtInstrumentExcessOfEstimatedFairValueOverCarryingValue" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" abstract="false" nillable="true" xbrli:balance="credit" xbrli:periodType="instant" />
  <xsd:element name="DebtInstrumentWeightedAverageRemainingTerm" id="olp_DebtInstrumentWeightedAverageRemainingTerm" type="xbrli:durationItemType" substitutionGroup="xbrli:item" abstract="false" nillable="true" xbrli:periodType="duration" />
  <element id="olp_ReclassificationAbstract" name="ReclassificationAbstract" nillable="true" type="xbrli:stringItemType" substitutionGroup="xbrli:item" abstract="true" xbrli:periodType="duration" xmlns="http://www.w3.org/2001/XMLSchema" />
  <xsd:element name="DocumentAndEntityInformationAbstract" id="olp_DocumentAndEntityInformationAbstract" type="xbrli:stringItemType" 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" />
  <element id="olp_GouldInvestorsLPMember" name="GouldInvestorsLPMember" nillable="true" type="nonnum:domainItemType" substitutionGroup="xbrli:item" abstract="true" xbrli:periodType="duration" xmlns="http://www.w3.org/2001/XMLSchema" />
  <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" />
  <element id="olp_InvestmentsInUnconsolidatedJointVentureTextBlock" name="InvestmentsInUnconsolidatedJointVentureTextBlock" nillable="true" type="nonnum:textBlockItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="olp_InvestmentsInUnconsolidatedJointVenturesAbstract" name="InvestmentsInUnconsolidatedJointVenturesAbstract" nillable="true" type="xbrli:stringItemType" substitutionGroup="xbrli:item" abstract="true" xbrli:periodType="duration" xmlns="http://www.w3.org/2001/XMLSchema" />
  <xsd:element name="LeaseholdRent" id="olp_LeaseholdRent" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" xbrli:balance="debit" xbrli:periodType="duration" />
  <xsd:element name="LineOfCreditFacilityCommitmentAndExtensionFeeAmount" id="olp_LineOfCreditFacilityCommitmentAndExtensionFeeAmount" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" xbrli:balance="debit" xbrli:periodType="duration" />
  <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" />
  <element id="olp_MaximumAggregateSalesPriceOfSharesToBeSoldUnderEquityOfferingProgram" name="MaximumAggregateSalesPriceOfSharesToBeSoldUnderEquityOfferingProgram" nillable="true" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" xbrli:balance="credit" xmlns="http://www.w3.org/2001/XMLSchema" />
  <xsd:element name="NoncashAllocationOfIntangibleLeaseLiability" id="olp_NoncashAllocationOfIntangibleLeaseLiability" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" xbrli:balance="credit" 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="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="NumberOfPropertiesOwnedAndOperatedByEachUnconsolidatedJointVenture" id="olp_NumberOfPropertiesOwnedAndOperatedByEachUnconsolidatedJointVenture" type="xbrli:integerItemType" substitutionGroup="xbrli:item" abstract="false" nillable="true" xbrli:periodType="instant" />
  <xsd:element name="NumberOfTenantSpacesAtTheProperty" id="olp_NumberOfTenantSpacesAtTheProperty" 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" />
  <element id="olp_OtherComprehensiveIncomeLossDerivativesQualifyingAsHedgesNetOfTaxTheCompanyShareFromJointVenture" name="OtherComprehensiveIncomeLossDerivativesQualifyingAsHedgesNetOfTaxTheCompanyShareFromJointVenture" nillable="true" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" xbrli:balance="credit" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="olp_PaymentOfCommissionsOnSaleOfShares" name="PaymentOfCommissionsOnSaleOfShares" nillable="true" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" xbrli:balance="credit" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="olp_PaymentOfOfferingCostsOnSaleOfShares" name="PaymentOfOfferingCostsOnSaleOfShares" nillable="true" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" xbrli:balance="credit" xmlns="http://www.w3.org/2001/XMLSchema" />
  <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="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="RealEstateCostsAndExpensesRelatedParty" id="olp_RealEstateCostsAndExpensesRelatedParty" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" xbrli:balance="debit" xbrli:periodType="duration" />
  <xsd:element name="ShareBasedCompensationArrangementByShareBasedPaymentAwardWeightedAverageAwardVestingPeriod" id="olp_ShareBasedCompensationArrangementByShareBasedPaymentAwardWeightedAverageAwardVestingPeriod" type="xbrli:durationItemType" substitutionGroup="xbrli:item" abstract="false" nillable="true" xbrli:periodType="duration" />
  <element id="olp_UnamortizedIntangibleLeaseAssets" name="UnamortizedIntangibleLeaseAssets" nillable="true" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" xbrli:periodType="instant" xbrli:balance="debit" xmlns="http://www.w3.org/2001/XMLSchema" />
  <xsd:element name="UnconsolidatedJointVenturesMember" id="olp_UnconsolidatedJointVenturesMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" abstract="true" nillable="true" xbrli:periodType="duration" />
  <element id="olp_WeightedAverageNumberOfDilutedSharesIncludingUnvestedRestrictedStockSharesOutstanding" name="WeightedAverageNumberOfDilutedSharesIncludingUnvestedRestrictedStockSharesOutstanding" nillable="true" type="xbrli:sharesItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="olp_IncrementalCommonSharesAttributableToShareBasedPaymentArrangementsUnderlyingShares" name="IncrementalCommonSharesAttributableToShareBasedPaymentArrangementsUnderlyingShares" nillable="true" type="xbrli:sharesItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="olp_NumberOfControllingInterestJointVentures" name="NumberOfControllingInterestJointVentures" nillable="true" type="xbrli:integerItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" xmlns="http://www.w3.org/2001/XMLSchema" />
  <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="AcquiredFiniteLivedIntangibleLiabilitiesWeightedAverageAmortizationPeriod" id="olp_AcquiredFiniteLivedIntangibleLiabilitiesWeightedAverageAmortizationPeriod" type="xbrli:durationItemType" 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="DerivativeNumberOfMortgageLoansOutstanding" id="olp_DerivativeNumberOfMortgageLoansOutstanding" type="xbrli:integerItemType" substitutionGroup="xbrli:item" nillable="true" xbrli:periodType="instant" />
  <element id="olp_StockIssuedDuringPeriodValueNewIssuesNetProceedBeforeOfferingCosts" name="StockIssuedDuringPeriodValueNewIssuesNetProceedBeforeOfferingCosts" nillable="true" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" xbrli:balance="credit" xmlns="http://www.w3.org/2001/XMLSchema" />
  <xsd:element name="RealEstatePropertyInMichiganMember" id="olp_RealEstatePropertyInMichiganMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" abstract="true" nillable="true" xbrli:periodType="duration" />
  <xsd:element name="AcquiredPropertyPercentageLeased" id="olp_AcquiredPropertyPercentageLeased" type="num:percentItemType" substitutionGroup="xbrli:item" abstract="false" 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="BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedBuildingsImprovements" id="olp_BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedBuildingsImprovements" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" abstract="false" nillable="true" xbrli:balance="debit" xbrli:periodType="instant" />
  <xsd:element name="BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedIntangibleLeaseLiability" id="olp_BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedIntangibleLeaseLiability" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" xbrli:balance="credit" xbrli:periodType="instant" />
  <element id="olp_PriorFiscalYearRealEstateAcquisitionsMember" name="PriorFiscalYearRealEstateAcquisitionsMember" nillable="true" type="nonnum:domainItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="olp_CurrentFiscalYearRealEstateAcquisitionsMember" name="CurrentFiscalYearRealEstateAcquisitionsMember" nillable="true" type="nonnum:domainItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="olp_IncrementalCommonSharesNotIncludedInComputationOfEarningPerShare" name="IncrementalCommonSharesNotIncludedInComputationOfEarningPerShare" nillable="true" type="xbrli:sharesItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="olp_AvailableForSaleSecuritiesGrossRealizedGainLossNetToRelatedParty" name="AvailableForSaleSecuritiesGrossRealizedGainLossNetToRelatedParty" nillable="true" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" xbrli:balance="credit" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="olp_LeaseTerminationFeeNet" name="LeaseTerminationFeeNet" nillable="true" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" xbrli:balance="credit" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="olp_RestrictedCashForTenantImprovementsAndOtherReserve" name="RestrictedCashForTenantImprovementsAndOtherReserve" nillable="true" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" xbrli:balance="debit" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="olp_RealEstateAcquisitionsAndContingentLiabilityDisclosureAbstract" name="RealEstateAcquisitionsAndContingentLiabilityDisclosureAbstract" nillable="true" type="xbrli:stringItemType" substitutionGroup="xbrli:item" abstract="true" xbrli:periodType="duration" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="olp_RealEstateAcquisitionsAndContingentLiabilityDisclosureTextBlock" name="RealEstateAcquisitionsAndContingentLiabilityDisclosureTextBlock" nillable="true" type="nonnum:textBlockItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="olp_LeaseTerminationFeeIncomeDisclosureAbstract" name="LeaseTerminationFeeIncomeDisclosureAbstract" nillable="true" type="xbrli:stringItemType" substitutionGroup="xbrli:item" abstract="true" xbrli:periodType="duration" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="olp_LeaseTerminationFeeIncomeTextBlock" name="LeaseTerminationFeeIncomeTextBlock" nillable="true" type="nonnum:textBlockItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="olp_LeaseTerminationFeeGross" name="LeaseTerminationFeeGross" nillable="true" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" xbrli:balance="credit" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="olp_WriteoffOfUnbilledRentReceivableAndIntangibleLeaseAsset" name="WriteoffOfUnbilledRentReceivableAndIntangibleLeaseAsset" nillable="true" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" xbrli:balance="debit" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="olp_TenantReimbursementsOfRealEstateExpensesPolicyTextBlock" name="TenantReimbursementsOfRealEstateExpensesPolicyTextBlock" nillable="true" type="nonnum:textBlockItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="olp_NoxellCorporationIndustrialBuildingJoppaMarylandMember" name="NoxellCorporationIndustrialBuildingJoppaMarylandMember" nillable="true" type="nonnum:domainItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="olp_NumberOfApartmentComplexUnitsPurchased" name="NumberOfApartmentComplexUnitsPurchased" nillable="true" type="xbrli:integerItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="olp_LandRiverCrossingApartmentsSandySpringGeorgiaMember" name="LandRiverCrossingApartmentsSandySpringGeorgiaMember" nillable="true" type="nonnum:domainItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="olp_RelatedPartyTransactionNumberOfSharesSold" name="RelatedPartyTransactionNumberOfSharesSold" nillable="true" type="xbrli:sharesItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="olp_RelatedPartyTransactionPeriodBasedOnWhichAverageClosingPricesConsideredForProceeds" name="RelatedPartyTransactionPeriodBasedOnWhichAverageClosingPricesConsideredForProceeds" nillable="true" type="xbrli:durationItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="olp_PropertyLocatedInCherryHillNjMember" name="PropertyLocatedInCherryHillNjMember" nillable="true" type="nonnum:domainItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="olp_DebtInstrumentDecreaseInMinimumRequiredAverageOutstandingDepositBalances" name="DebtInstrumentDecreaseInMinimumRequiredAverageOutstandingDepositBalances" nillable="true" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" xbrli:balance="debit" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="olp_LineOfCreditFacilityAmendmentMember" name="LineOfCreditFacilityAmendmentMember" nillable="true" type="nonnum:domainItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="olp_RentalIncomeNet" name="RentalIncomeNet" nillable="true" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" xbrli:balance="credit" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="olp_InvestmentBuildingAndBuildingImprovementsNetOfDepreciation" name="InvestmentBuildingAndBuildingImprovementsNetOfDepreciation" nillable="true" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" xbrli:balance="debit" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="olp_FederalExciseTaxPaid" name="FederalExciseTaxPaid" nillable="true" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" xbrli:balance="credit" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="olp_NonVariableInterestEntityMember" name="NonVariableInterestEntityMember" nillable="true" type="nonnum:domainItemType" substitutionGroup="xbrli:item" abstract="true" xbrli:periodType="duration" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="olp_MCBRealEstateLLCAndItsAffiliatesMember" name="MCBRealEstateLLCAndItsAffiliatesMember" nillable="true" type="nonnum:domainItemType" substitutionGroup="xbrli:item" abstract="true" xbrli:periodType="duration" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="olp_RetailPropertyMarstonParkPlazaLakewoodColoradoMember" name="RetailPropertyMarstonParkPlazaLakewoodColoradoMember" nillable="true" type="nonnum:domainItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="olp_PropertyLocatedInInterlineBrandsLouisvilleKentuckyMember" name="PropertyLocatedInInterlineBrandsLouisvilleKentuckyMember" nillable="true" type="nonnum:domainItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="olp_PropertyLocatedInLandMeadowsApartmentsLakemoorIllinoisMember" name="PropertyLocatedInLandMeadowsApartmentsLakemoorIllinoisMember" nillable="true" type="nonnum:domainItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="olp_VariableInterestEntitiesContingentLiabilitiesAndConsolidatedJointVenturesDisclosureAbstract" name="VariableInterestEntitiesContingentLiabilitiesAndConsolidatedJointVenturesDisclosureAbstract" nillable="true" type="xbrli:stringItemType" substitutionGroup="xbrli:item" abstract="true" xbrli:periodType="duration" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="olp_VariableInterestEntitiesContingentLiabilitiesAndConsolidatedJointVenturesDisclosureTextBlock" name="VariableInterestEntitiesContingentLiabilitiesAndConsolidatedJointVenturesDisclosureTextBlock" nillable="true" type="nonnum:textBlockItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="olp_PaymentsToPurchasePartnersInterestInUnconsolidatedJointVenture" name="PaymentsToPurchasePartnersInterestInUnconsolidatedJointVenture" nillable="true" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" xbrli:balance="credit" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="olp_MortgageDebtExtinguishedUponConveyanceOfPropertyForForeclosure" name="MortgageDebtExtinguishedUponConveyanceOfPropertyForForeclosure" nillable="true" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" xbrli:balance="debit" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="olp_EquityMethodInvestmentOwnershipPercentageAcquired" name="EquityMethodInvestmentOwnershipPercentageAcquired" nillable="true" type="num:percentItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="olp_EquityMethodInvestmentOwnershipPercentageControlObtained" name="EquityMethodInvestmentOwnershipPercentageControlObtained" nillable="true" type="num:percentItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="olp_UnbilledRentReceivableMember" name="UnbilledRentReceivableMember" nillable="true" type="nonnum:domainItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="olp_NumberOfInterestRateDerivativesTerminated" name="NumberOfInterestRateDerivativesTerminated" nillable="true" type="xbrli:integerItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="olp_AcquisitionsOfRealEstateAndJointVenturePropertiesTableTextBlock" name="AcquisitionsOfRealEstateAndJointVenturePropertiesTableTextBlock" nillable="true" type="nonnum:textBlockItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="olp_PaymentsToPurchaseSubstantialInterestInUnconsolidatedJointVenture" name="PaymentsToPurchaseSubstantialInterestInUnconsolidatedJointVenture" nillable="true" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" xbrli:balance="credit" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="olp_RelatedPartyTransactionQuarterlyFees" name="RelatedPartyTransactionQuarterlyFees" nillable="true" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" xbrli:balance="debit" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="olp_RelatedPartyTransactionQuarterlyFeesOverheadExpenses" name="RelatedPartyTransactionQuarterlyFeesOverheadExpenses" nillable="true" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" xbrli:balance="debit" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="olp_RelatedPartyTransactionQuarterlyFeesManagementFees" name="RelatedPartyTransactionQuarterlyFeesManagementFees" nillable="true" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" xbrli:balance="debit" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="olp_RealEstatePropertyManagementAndAcquisitionCosts" name="RealEstatePropertyManagementAndAcquisitionCosts" nillable="true" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" xbrli:balance="debit" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="olp_FairValueAdjustmentsForNonperformanceRiskIncludedInTerminationLiability" name="FairValueAdjustmentsForNonperformanceRiskIncludedInTerminationLiability" nillable="true" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" xbrli:balance="debit" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="olp_GainLossOnDisposalNetOfTaxCashFlowImpact" name="GainLossOnDisposalNetOfTaxCashFlowImpact" nillable="true" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" xbrli:balance="credit" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="olp_UnconsolidatedJointVentureInLincolnNebraskaMember" name="UnconsolidatedJointVentureInLincolnNebraskaMember" nillable="true" type="nonnum:domainItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="olp_WriteoffOfUnbilledRentReceivable" name="WriteoffOfUnbilledRentReceivable" nillable="true" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" xbrli:balance="debit" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="olp_GainLossOnDispositionOfRealEstate" name="GainLossOnDispositionOfRealEstate" nillable="true" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" xbrli:balance="credit" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="olp_RealEstateInvestmentsConsolidatedRealEstateAndOtherJointVentures" name="RealEstateInvestmentsConsolidatedRealEstateAndOtherJointVentures" nillable="true" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" xbrli:periodType="instant" xbrli:balance="debit" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="olp_UnbilledRentReceivableRelatedToPropertyHeldForSaleIn2014" name="UnbilledRentReceivableRelatedToPropertyHeldForSaleIn2014" nillable="true" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" xbrli:periodType="instant" xbrli:balance="debit" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="olp_RetailPropertyLincolnNebraskaMember" name="RetailPropertyLincolnNebraskaMember" nillable="true" type="nonnum:domainItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="olp_ArchwayRoofingIndustrialFacilityLouisvilleKentuckyMember" name="ArchwayRoofingIndustrialFacilityLouisvilleKentuckyMember" nillable="true" type="nonnum:domainItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="olp_IndustrialPropertyLocatedInMccallaAlabamaMember" name="IndustrialPropertyLocatedInMccallaAlabamaMember" nillable="true" type="nonnum:domainItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="olp_UnconsolidatedJointVentureInManahawkinNewJerseyMember" name="UnconsolidatedJointVentureInManahawkinNewJerseyMember" nillable="true" type="nonnum:domainItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="olp_PropertyLocatedInLandMeadowsApartmentsLakemoorIllinoisAndLandRiverCrossingApartmentsSandySpringGeorgiaMember" name="PropertyLocatedInLandMeadowsApartmentsLakemoorIllinoisAndLandRiverCrossingApartmentsSandySpringGeorgiaMember" nillable="true" type="nonnum:domainItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="olp_PercentageOfFinancingFeesInOtherIncome" name="PercentageOfFinancingFeesInOtherIncome" nillable="true" type="num:percentItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="olp_DerivativeInstrumentsGainLossReclassifiedFromAccumulatedOciIntoEquityEarningsEffectivePortionNet" name="DerivativeInstrumentsGainLossReclassifiedFromAccumulatedOciIntoEquityEarningsEffectivePortionNet" nillable="true" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" xbrli:balance="credit" xmlns="http://www.w3.org/2001/XMLSchema" />
</xsd:schema>
