Restaurant or Event
For Sale
$1,800,000
1 81st Street, Tulsa, OK 74132
Commercially zoned property with on-site parking and a commercial kitchen setup, suited for restaurant or event use.
Property Size9,515 SF
Lot Size4.85 Acres
Price / SF$189.17
Days on Market28
Property Features for 1 81st Street
General Information
Standard status
Active
Size
9,515 SF
Total Parking Spaces
300
Lot size
4.85 Acres
Property subtype
General Commercial
Taxes and HOA fees
Annual Taxes
$5,199
Amenities
Gas, A/C - Zone, A/C - Other
3
Other
Other.
Building Details
Year Built
1985
Listing Agency:
eXp Realty, LLC
(918) 574-1057
Listed By:
Nicci Atchley · License #174632
(918) 574-1057
Source:
Xome
Added: Jul 13
Changed: Aug 8
Last Checked: Aug 9 at 5:04AM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of eXp Realty, LLC
Investment Insights
Based on property information with market context.
This commercial property is zoned for a range of uses and includes a commercial kitchen setup along with tables, chairs, and linens. It is ready for updates and offers room to adapt the space for an operator’s needs.
The site includes 300+ car parking spaces and sits on 4.85 acres, with additional land available for development. It is located near Tulsa Hills Shopping Center, Tulsa Premium Outlet Mall, and REI Co-op Outlet stores.
The property also provides flexibility for additional development through pad site potential, supporting future expansion as permitted by zoning and approvals.
The site includes 300+ car parking spaces and sits on 4.85 acres, with additional land available for development. It is located near Tulsa Hills Shopping Center, Tulsa Premium Outlet Mall, and REI Co-op Outlet stores.
The property also provides flexibility for additional development through pad site potential, supporting future expansion as permitted by zoning and approvals.
Key Highlights
- Commercially zoned property (zoned commercial) with potential use for restaurant, church, or event center
- 4.85 acres with additional land available for development and room for pad sites
- 300+ car parking spaces on‑site
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$107,429
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
5.97%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$2,148,580
$2.1M
Cap Rate 7%
$1,534,700
$1.5M
Cap Rate 9%
$1,193,656
$1.2M
Market Conditions
NOI Build-Up for 9,515 SF
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.
Gross rent
$148.4K $15.60/SF
− Vacancy
−$5.2K −$0.55/SF
EGI
$143.2K $15.05/SF
− OpEx
−$35.8K −$3.76/SF
NOI
$107.4K $11.29/SF
Area
Tulsa, OK
Vacancy
3.50%
Lease Rate
$15.60 /SF/Yr
Expense Ratio
25.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$2,148,580
Cap Rate 7%
$1,534,700
Cap Rate 9%
$1,193,656
Alternative Uses
Best Use
Specialty Retail
$1.53M
$1.34M – $1.79M
NOI $107,429 @ 7.0% cap · market cap 5.97%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$2.03M
$1.78M – $2.37M
NOI $142,058 @ 7.0% cap · market cap 7.89%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
176
Businesses Nearby
533k
Monthly Visits Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Dining 48%
Shops & Services 21%
Superstores 20%
Groceries 5%
Sam's Club
Superstores
109,220 visits/mo
0.3 miles
Hobby Lobby
Shops & Services
51,332 visits/mo
0.2 miles
Texas Roadhouse
Dining
47,591 visits/mo
0.1 miles
Kum & Go
Shops & Services
40,653 visits/mo
0.1 miles
Buffalo Wild Wings
Dining
27,133 visits/mo
0.5 miles
Demographics for 74132, OK
10,968
Population
4,818
Households
2.3
Avg Household Size
37
Median Age
42%
College-Educated
95%
High-School Grad
12.6 sq mi
ZIP Area
870
Density / Sq Mi
$75,199
Median Household Income
$48,243
Median Earnings
$1,134
Median Rent
$271,400
Median Home Value
Market
Vacancy Rate% for Retail in Tulsa, OK
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Conventional restaurant - Commercially zoned property with on-site parking and a commercial kitchen setup, suited for restaurant or event use.
Where is this conventional restaurant located?
The property is located at 1 81st Street Tulsa, OK.
What is the asking price?
The asking price for this property is $1,800,000.
What are key features of this property?
This property features: Commercially zoned property (zoned commercial) with potential use for restaurant, church, or event center; 4.85 acres with additional land available for development and room for pad sites; 300+ car parking spaces on‑site
