8-Unit Brick Apartment
For Sale
$725,000
Pending
1239 S Rockford Avenue, Tulsa, OK 74120
Commercial, Tulsa, OK
Property Size6,812 SF
Lot Size0.26 Acres
Days on Market149
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
Elementary school district
Tulsa - Sch Dist (1)
Middle school district
Tulsa - Sch Dist (1)
High school district
Tulsa - Sch Dist (1)
Directions
From downtown Tulsa, head south on S Peoria Ave to E 13th St and turn east. Continue on E 13th St approximately two blocks and turn south on S Rockford Ave. The property is located at the corner of S Rockford Ave and E 13th St at 1239 S Rockford Ave on the east side of the street. From the Broken Arrow Expressway (US-169) westbound, take the E 11th St exit and head west on E 11th St approximately half a mile to S Rockford Ave, turn south and continue two blocks - property will be on your right at the corner of E 13th St
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
Legal Description
LTS 19 20 21 BLK 8, ORCHARD ADD, TULSA COUNTY, OK
Utilities
Cooling system
Central Air
Building Details
Year built
1960
Flooring type
Hardwood, Tile, Vinyl
Building materials
Brick
Roof type
Composition
Listing Agency:
Realty One Group Dreamers
(539) 367-1555
Listed By:
Mary Benway · License #205479
(918) 638-6989
Added: Apr 16
Changed: Sep 7
Last Checked: Sep 11 at 9:06PM
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.
Investment Insights
Based on property information with market context.
This 8-unit apartment property in Tulsa’s Midtown area contains approximately 6,812 square feet on a 0.259-acre corner lot. Each residence is configured with 1 bedroom and 1 bathroom, along with individual HVAC and separately metered electricity paid by tenants. The brick building includes central air, hardwood, tile, and vinyl flooring, plus off-street parking, sidewalk access, exterior lighting, and smoke detectors.
Built in 1960, the property has a composition roof replaced in 2023 and updated electrical service. Seven units are occupied, while one unit is vacant and available for lease-up. Existing leases extend through Aug 2026. The owner pays water, gas, and trash. RM2 zoning applies. The property is near Hillcrest Medical, St. John, the University of Tulsa, and Gathering Place, with access to Midtown Tulsa amenities and institutions.
Built in 1960, the property has a composition roof replaced in 2023 and updated electrical service. Seven units are occupied, while one unit is vacant and available for lease-up. Existing leases extend through Aug 2026. The owner pays water, gas, and trash. RM2 zoning applies. The property is near Hillcrest Medical, St. John, the University of Tulsa, and Gathering Place, with access to Midtown Tulsa amenities and institutions.
Key Highlights
- 8‑unit apartment property with 7 occupied units
- Approximately 6,812 SF on a 0.259‑acre corner lot
- All units are 1 bed / 1 bath with individual HVAC
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
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Current Use
Lease Details
8
Residential units
Location Intelligence
Trade Area within ½ mile
2,534
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
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in South region
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Frequently Asked Questions
What type of property is this?
Apartment building - Central air and individually metered electricity serve one-bedroom apartments with hardwood, tile, and vinyl flooring.
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: 8‑unit apartment property with 7 occupied units; Approximately 6,812 SF on a 0.259‑acre corner lot; All units are 1 bed / 1 bath with individual HVAC
