Brick 8-Unit Corner
For Sale
Contact for pricing
Pending
1239 S Rockford Avenue, Tulsa, OK 74120
Brick 8-unit multifamily with individual HVAC and one currently vacant unit for lease-up in Midtown Tulsa.
Property Size6,812 SF
Days on Market118
Property Features for 1239 S Rockford Avenue
General Information
Standard status
Pending
Size
6,812 SF
Property subtype
Multifamily
Zoning
RM2
Occupancy
88%
Additional Details
Opportunity Zone
Yes
Multifamily Units
8
Building Details
Year Built
1960
Stories
2
Listing Agency:
Realty ONE Group Dreamers
Listed By:
Mary Benway · License #205479
Source:
Crexi
Added: Apr 17
Changed: Aug 8
Last Checked: Jul 24 at 1:49PM
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 Realty ONE Group Dreamers
Investment Insights
Based on property information with market context.
This brick 8-unit multifamily property includes 7 occupied units and 1 vacant unit ready for lease-up. Each unit is configured as a 1 bed / 1 bath with individual HVAC, and electricity is separately metered for tenant payment. The owner is responsible for water, gas, and trash. Recent improvements include a new roof installed in 2023 and updated electrical, supporting a more maintainable near-term ownership plan. The building totals approximately 6,812 square feet and sits on a corner lot.
The property is located in Midtown Tulsa at 1239 S Rockford Avenue and is in RM2 zoning. The surrounding area includes major employment and institutional users cited in the offering, including Hillcrest Medical, St. John, the University of Tulsa, and Gathering Place. Leases are in place through August 2026, providing occupancy stability while the current vacancy offers immediate repositioning opportunity.
For buyers seeking a small residential income asset, this setup offers straightforward unit mix and separately metered utility billing, which can simplify operations. With one unit available for immediate leasing and income supported by existing in-place occupancy, the property is suited to owner-operators and investors evaluating value-add execution. The offering notes the property may qualify for Opportunity Zone benefits, and possible eligibility for programs including CDBG, OHFA, and HOME should be verified by the buyer.
The property is located in Midtown Tulsa at 1239 S Rockford Avenue and is in RM2 zoning. The surrounding area includes major employment and institutional users cited in the offering, including Hillcrest Medical, St. John, the University of Tulsa, and Gathering Place. Leases are in place through August 2026, providing occupancy stability while the current vacancy offers immediate repositioning opportunity.
For buyers seeking a small residential income asset, this setup offers straightforward unit mix and separately metered utility billing, which can simplify operations. With one unit available for immediate leasing and income supported by existing in-place occupancy, the property is suited to owner-operators and investors evaluating value-add execution. The offering notes the property may qualify for Opportunity Zone benefits, and possible eligibility for programs including CDBG, OHFA, and HOME should be verified by the buyer.
Key Highlights
- Brick 8‑unit multifamily built in 1960 on a corner lot in Midtown Tulsa
- Approximately 6,812 SF total with 7 currently occupied units and 1 vacant unit ready for lease‑up
- All units are 1 bed/1 bath with individual HVAC and separately metered, tenant‑paid electricity
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
$60,762
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
8.38%
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%
$1,215,240
$1.2M
Cap Rate 7%
$868,029
$868.0K
Cap Rate 9%
$675,133
$675.1K
Market Conditions
NOI Build-Up for 6,812 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
$122.6K $18.00/SF
− Vacancy
−$12.1K −$1.78/SF
EGI
$110.5K $16.22/SF
− OpEx
−$49.7K −$7.30/SF
NOI
$60.8K $8.92/SF
Area
Tulsa, OK
Vacancy
9.90%
Lease Rate
$18.00 /SF/Yr
Expense Ratio
45.00%
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%
$1,215,240
Cap Rate 7%
$868,029
Cap Rate 9%
$675,133
Alternative Uses
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 authorities.
Property Analytics
Property Profile
Current Use
Lease Details
8
Residential units
87.5%
Occupancy
Location Intelligence
Trade Area within ½ mile
987
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 Multifamily in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Apartment building - Brick 8-unit multifamily with individual HVAC and one currently vacant unit for lease-up in Midtown Tulsa.
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: Brick 8‑unit multifamily built in 1960 on a corner lot in Midtown Tulsa; Approximately 6,812 SF total with 7 currently occupied units and 1 vacant unit ready for lease‑up; All units are 1 bed/1 bath with individual HVAC and separately metered, tenant‑paid electricity
