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    The Largest CRE Database in the US with Over 1 Million Listings

    1920 S Cheyenne Ave Tulsa, OK 74119

    Sponsored
    For Sale
    $4,500,000

    Apartment/5+ Units - Tulsa, OK

    Property size:
    27,394 SF
    Lot size:
    1.29 Acres
    Days on Market:
    6
    Last Refresh:
    Jan 21 at 3:06 pm

    Property Features for 1920 S Cheyenne Ave

    General Information

    Property type
    Commercial Sale
    Property subtype
    Other
    Standard status
    Active
    Zoning
    RM 2
    Parking features
    Carport
    Interior features
    Ceiling Fans, Window Treatment, Sheet Rock/Textured
    Exterior features
    Lighting, Sidewalk, Storage, Fence
    Fencing
    Fenced
    Size
    27,394 SF
    Lot size
    1.29 Acres

    Utilities

    Heating system
    Central, Natural Gas
    Cooling system
    Central Air

    Building Details

    Year built
    1950
    Floors in Building
    2
    Flooring type
    Wood
    Architectural style
    Other
    Additional Structures
    Storage

    We can help!

    Listing Contact
    Vicki L. Heitgrass

    Waterfront Realty LLC (918) 510-4377 [email protected]

    Listing agent Vicki L. Heitgrass (918) 219-6011 License #158004

    Listing date Jan 16, 2026

    MLS# 2600772 Listing URL

    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.

    Learn more

    Property Insight Report

    Overview

    Riverside Drive Apartment Opportunity

    This property, situated on 1.292 acres at the northeast corner of 21st and Riverside, offers 320 feet of frontage on Riverside Drive and approximately 300 feet of frontage on Cheyenne Avenue, with additional frontage on West 21st. The location is in a vibrant area of midtown Tulsa, across from Daigoro restaurant and river trails, around the corner from the Brut hotel, and near popular restaurants and bars. It is also located three blocks from the Gathering Place and four blocks from downtown. The property includes apartments featuring renovated two-bedroom units with refinished oak floors, 11 windows, 5 closets, washer/dryer hookups, crown molding, covered parking, and quartz kitchens. The complex is currently 100% occupied. A conceptual drawing exists for a 100-unit hotel and parking garage on the property. The site is zoned RM 2. The property size is 27394 square feet.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Hotels

    Suggested Use

    Realty agency Law Firm Restaurant Spa & Massage Hair Salon Nail Salon Clothing Store Building Supply Accounting Firm Daycare Center

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Tulsa
    County
    Creek
    State
    Oklahoma
    Longitude
    -95.9982576
    Latitude
    36.1830975

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    FAQs

    What type of property is this?
    Apartment building - Prime Tulsa location near Gathering Place with renovated apartments.
    Where is this apartment building located?
    The property is located at 1920 S Cheyenne Ave Tulsa, OK.
    What is the asking price?
    The asking price for this property is $4,500,000.
    What are key features of this property?
    This property features: - Prime location on Riverside Drive with significant 320' frontage and easy access to Cheyenne Ave.; - Large 1.33-acre lot in a desirable midtown Tulsa location.; - Close proximity to popular restaurants, bars, the Gathering Place, and downtown.
    (918) 219-6011
    Request Owner's contact information
    1920 S Cheyenne Ave Tulsa, OK 74119
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    Tulsa, OK 74119
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    1920 S Cheyenne Ave Tulsa, OK 74119
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    We can help!
    Listing Contact
    Vicki L. Heitgrass
    Real Estate License ID: 158004
    (918) 219-6011
    Learn more
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