Restored Historic Office
For Sale
$1,800,000
1306 South Denver Avenue, Tulsa, OK 74119
Restored 8,300 SF office building originally built as a mid-1920s apartment structure.
Property Size8,300 SF
Price / SF$216.87
Days on Market27
Property Features for 1306 South Denver Avenue
General Information
Standard status
Active
Size
8,300 SF
Property subtype
Office
Listing Agency:
CBRE - Tulsa
(918) 557-2231
Listed By:
Leslie Kirkpatrick
(918) 557-2231
Source:
Cbre
Added: Jul 17
Changed: Jul 21
Last Checked: Aug 12 at 12:59PM
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 CBRE - Tulsa
Investment Insights
Based on property information with market context.
The Pala-Dora office building is a restored historic property originally built as a mid-1920s apartment building. The building has been brought forward to accommodate modern office needs and offers 8,300 SF of office space.
Located just outside Tulsa’s CBD District, the property is positioned for close access to Downtown Tulsa and major transportation routes, supporting convenient day-to-day connectivity.
As a restored office building with a historic origin, this property provides a distinctive setting while remaining oriented toward office use.
Located just outside Tulsa’s CBD District, the property is positioned for close access to Downtown Tulsa and major transportation routes, supporting convenient day-to-day connectivity.
As a restored office building with a historic origin, this property provides a distinctive setting while remaining oriented toward office use.
Key Highlights
- Restored 8,300 SF office building originally built as a mid‑1920s apartment structure
- Converted to accommodate modern office needs after restoration
- Located just outside Tulsa’s CBD District
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
$95,803
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
5.32%
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%
$1,916,060
$1.9M
Cap Rate 7%
$1,368,614
$1.4M
Cap Rate 9%
$1,064,478
$1.1M
Market Conditions
NOI Build-Up for 8,300 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
$149.4K $18.00/SF
− Vacancy
−$21.7K −$2.61/SF
EGI
$127.7K $15.39/SF
− OpEx
−$31.9K −$3.85/SF
NOI
$95.8K $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%
$1,916,060
Cap Rate 7%
$1,368,614
Cap Rate 9%
$1,064,478
Alternative Uses
Best Use
Office B
$1.37M
$1.20M – $1.60M
NOI $95,803 @ 7.0% cap · market cap 5.32%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.77M
$1.55M – $2.07M
NOI $123,918 @ 7.0% cap · market cap 6.88%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
2,767
Businesses Nearby
Explore this area
Business Placement
Demographics for 74119, OK
3,445
Population
3,229
Households
1.1
Avg Household Size
40
Median Age
55%
College-Educated
95%
High-School Grad
0.8 sq mi
ZIP Area
4,306
Density / Sq Mi
$56,520
Median Household Income
$48,192
Median Earnings
$1,161
Median Rent
$207,500
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?
Office building - Restored 8,300 SF office building originally built as a mid-1920s apartment structure.
Where is this office building located?
The property is located at 1306 South Denver Avenue 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: Restored 8,300 SF office building originally built as a mid‑1920s apartment structure; Converted to accommodate modern office needs after restoration; Located just outside Tulsa’s CBD District
