Midtown Tulsa Multifamily Investment
1239 S Rockford Avenue, Tulsa, OK 74120
- Added:
- Apr 16, 2026
- Days on Market:
- 32
- Last Refresh:
- May 17 at 2:06 am
Property Features for 1239 S Rockford Avenue
General Information
- Property type
- Commercial Sale
- Property subtype
- Apartment
- Zoning
- RM2
- Parking features
- Off Street
- Interior features
- Smoke Detector
- Exterior features
- Lighting, Sidewalk
- Standard status
- Pending
- APN
- 30775-93-07-10310
- Size
- 6,812 SF
- Lot size
- 0.26 Acres
Taxes and HOA fees
- Tax Year
- 2025
- Tax Description
- LTS 19 20 21 BLK 8, ORCHARD ADD, TULSA COUNTY, OK
- Tax Annual Amount
- 4454
Utilities
- Cooling system
- Central Air
Building Details
- Year built
- 1960
- Flooring type
- Hardwood, Tile, Vinyl
- Building materials
- Brick
- Roof type
- Composition
Listing agent Mary Benway (539) 367-1555
Listing office Realty One Group Dreamers 1601 S Eucalyptus Ave STE 200, Broken Arrow, OK (539) 367-1555
Listing date Apr 16, 2026
MLS# 2613646
Copyright © 2026 MLS Technology, Inc. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
HighLights
- Value‑add opportunity with one vacant unit and potential for rent increases on existing leases.
- Strong Midtown location near major employers and Gathering Place, driving rental demand.
- New roof (2023) and updated electrical system.
- Solid in‑place income of ~$72,000/year with 7 of 8 units occupied.
- Each unit has individual HVAC and separately metered electricity (tenant‑paid), reducing owner expenses.
- RM2 zoning on a corner lot with brick construction.
Overview
This eight-unit multifamily property is located in Midtown Tulsa at 1239 S Rockford Ave. The brick building offers approximately 6,812 square feet on a corner lot. The property is zoned RM2 and generates approximately $72,000 per year in income. Seven of the units are occupied, presenting an immediate value-add opportunity with one vacant unit available for lease-up. All units feature one bedroom and one bathroom, individual HVAC systems, and separate electricity meters, with tenants responsible for electricity costs. The owner covers water, gas, and trash expenses. Recent improvements include a new roof installed in 2023 and updated electrical systems. The property's location near Hillcrest Medical, St. John, the University of Tulsa, and Gathering Place supports strong rental demand. Leases are in place through August 2026, providing stability with future upside through rent increases. The property is located in Census Tract 34.00 and may be eligible for Opportunity Zone benefits; buyers should verify this independently. The property may also be eligible for CDBG, OHFA, and HOME programs.
Financial Insights
Value Estimation Calculated for Apartment 5plus
Conservative
$675.1K
NOI $60,762 @ 9.00% cap · cautious / downside scenario
Moderate
$868.0K
NOI $60,762 @ 7.00% cap · market / base-case scenario
Aggressive
$1.22M
NOI $60,762 @ 5.00% cap · optimistic / upside scenario
NOI & Cap Rate Calculator
NOI Build-Up
- Vacancy
- income lost from leasable area expected to sit empty during the year — subtracted from gross rent.
- EGI (Effective Gross Income)
- gross rent minus vacancy losses — the realistic income before paying operating costs.
- OpEx (Operating Expenses)
- recurring costs to operate the property (property tax, insurance, utilities, maintenance, management) — excludes financing and capital improvements.
- NOI (Net Operating Income)
- income a property generates after operating costs but before financing and taxes.
Calculated for Apartment 5plus
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $122.6k | $18.00 |
| − Vacancy | −$12.1k | −$1.78 |
| EGI | $110.5k | $16.22 |
| − OpEx | −$49.7k | −$7.30 |
| NOI | $60.8k | $8.92 |
6,812 SF · lease $18.00/SF/yr · vacancy 9.90% · expense 45.00%
Alternative Use Scenarios
Best Use
Apartment 5plus
$868.0K
$759.5K – $1.01M
NOI $60,762 @ 7.0% cap · market cap 8.38%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.45M
$1.27M – $1.70M
NOI $101,703 @ 7.0% cap · market cap 14.03%
Zoning and permitted uses should be independently verified with local authorities.
Property Profile
Insight Report
Location Intelligence
Current Use by Public Records
SEMIWORLDLLC
Advertising Agency
Location Insight
- Map
- Local Demand
- City
- Tulsa
- County
- Creek
- State
- Oklahoma
- Longitude
- -95.971829
- Latitude
- 36.144454
Nearby Similar for Sale
FAQs
What type of property is this?
Apartment building - Eight-unit multifamily property in Midtown Tulsa with value-add potential.
Where is this apartment building located?
The property is located at 1239 S Rockford Avenue Tulsa, OK.
What is the asking price?
The asking price for this property is $725,000.
What are key features of this property?
This property features: Value‑add opportunity with one vacant unit and potential for rent increases on existing leases.; Strong Midtown location near major employers and Gathering Place, driving rental demand.; New roof (2023) and updated electrical system.
