One embodiment can provide a method and a system for performing multiple radio frequency allocation. During operation, the system including a controller can receive, a Wi-Fi channel allocation and a filter bank configuration associated with a Wi-Fi radio transceiver. The system can determine one or more Internet of things (IoT) radio transceivers operating with the Wi-Fi radio transceiver. For a respective IoT radio transceiver, the system can perform the following operations: determining a set of scores based on a set of constraints associated with an application type for the IoT radio transceiver; and computing a weighted average score based on the set of scores; and determining a channel allocation for the IoT radio transceiver based on the weighted average score and the Wi-Fi channel allocation.