Renovated East Village Creative
For Sale
Contact for pricing
1201 E 3rd St, Tulsa, OK 74120
Open-concept office space in Tulsa's East Village district.
Property Size4,480 SF
Price / SF$178.57
Days on Market113
Property Features for 1201 E 3rd St
General Information
Standard status
Active
Size
4,480 SF
Total Parking Spaces
20
Property subtype
Office
Lease Type
NNN
Investment Type
Owner/User
Building Details
Year Renovated
2017
Stories
1
Listing Agency:
Carlson Group
(918) 517-6220
Listed By:
Thomas Carlson CCIM · License #OK180271
Source:
Crexi
Added: May 9
Changed: Aug 13
Last Checked: Aug 28 at 5:17PM
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 Carlson Group
Investment Insights
Based on property information with market context.
This 4,480 square foot open-concept office space is located in Tulsa's East Village district. Renovated in 2017, the property features polished concrete floors, exposed brick, and exposed wood-joist ceilings. The layout includes a glass-walled conference room, a private office or secondary conference room, an open work bay, a full kitchen, two restrooms, and a garage bay with an overhead door. The property is offered furnished and has a security system in place. Twenty dedicated street parking spaces are located immediately adjacent to the property. I-244 and Highway 75 are within minutes, and the downtown core, Brady Arts, and Cherry Street are a five-minute drive away. It is suitable for design studios, professional services, and small headquarters. The property is owner-occupy ready, with a full kitchen, two restrooms, and security in place.
Key Highlights
- Move‑in ready, fully furnished office space renovated in 2017.
- 20 dedicated street parking spaces in a downtown location.
- Located in Tulsa's East Village district, minutes from I‑244 and Highway 75.
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
$51,710
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
6.46%
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%
$1,034,200
$1.0M
Cap Rate 7%
$738,714
$738.7K
Cap Rate 9%
$574,556
$574.6K
Market Conditions
NOI Build-Up for 4,480 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
$80.6K $18.00/SF
− Vacancy
−$11.7K −$2.61/SF
EGI
$68.9K $15.39/SF
− OpEx
−$17.2K −$3.85/SF
NOI
$51.7K $11.54/SF
Area
Tulsa, OK
Vacancy
14.50%
Lease Rate
$18.00 /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%
$1,034,200
Cap Rate 7%
$738,714
Cap Rate 9%
$574,556
Alternative Uses
Best Use
Office B
$738.7K
$646.4K – $861.8K
NOI $51,710 @ 7.0% cap · market cap 6.46%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$955.5K
$836.1K – $1.11M
NOI $66,886 @ 7.0% cap · market cap 8.36%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,308
Businesses Nearby
Explore this area
Business Placement
Demographics for 74120, OK
5,037
Population
3,308
Households
1.5
Avg Household Size
37
Median Age
52%
College-Educated
92%
High-School Grad
2.1 sq mi
ZIP Area
2,399
Density / Sq Mi
$66,280
Median Household Income
$46,823
Median Earnings
$1,071
Median Rent
$415,300
Median Home Value
Market
Vacancy Rate% for Office in Tulsa, OK
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Creative space - Open-concept office space in Tulsa's East Village district.
Where is this creative space located?
The property is located at 1201 E 3rd St Tulsa, OK.
What is the asking price?
The asking price for this property is $800,000.
What are key features of this property?
This property features: Move‑in ready, fully furnished office space renovated in 2017.; 20 dedicated street parking spaces in a downtown location.; Located in Tulsa's East Village district, minutes from I‑244 and Highway 75.
