Art Deco Office
For Sale
$1,550,000
1012 S Elgin Ave, Tulsa, OK 74120
Fully restored 1925 Art Deco office building with an open main floor and multiple private rooms and amenities.
Property Size4,680 SF
Days on Market58
Property Features for 1012 S Elgin Ave
General Information
Standard status
Active
Size
4,680 SF
Property subtype
Other
Building Details
Building Size
4,680 SF
Year Built
1925
Listing Agency:
Coldwell Banker Select
Listed By:
Amy Main · License #151368
(918) 720-4010
Source:
Commercialcafe
Added: Jul 13
Changed: Sep 7
Last Checked: Sep 7 at 5:25AM
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 Coldwell Banker Select
Investment Insights
Based on property information with market context.
This fully restored 1925 Art Deco office building offers approximately 4,680 +/- square feet and distinctive Streamline Art Deco architecture. The main interior includes about 2,500 square feet of open area with a 15-foot ceiling and abundant natural light, supported by an adaptable layout designed to accommodate a wide range of uses. Interior features include an Art Deco lobby, an original vault room, a private office, an upstairs break room/kitchen, two bathrooms, a shower, and an additional large work room, all within cinderblock construction.
The building is located on the 11th St roundabout and connects to Historic Route 66, positioning it as the southern entrance to downtown Tulsa. Reported nearby traffic generators include Home Depot and Tulsa Community College, along with retail activity in the Pearl and Cherry Street districts.
Major capital improvements include replacement of a 50-year TPO roof with extra insulation, updates to all three HVAC zones, plumbing, electrical, wiring, and windows. The property also includes a security system with cameras and was originally designed to accommodate additional levels.
The building is located on the 11th St roundabout and connects to Historic Route 66, positioning it as the southern entrance to downtown Tulsa. Reported nearby traffic generators include Home Depot and Tulsa Community College, along with retail activity in the Pearl and Cherry Street districts.
Major capital improvements include replacement of a 50-year TPO roof with extra insulation, updates to all three HVAC zones, plumbing, electrical, wiring, and windows. The property also includes a security system with cameras and was originally designed to accommodate additional levels.
Key Highlights
- Fully restored 1925 Streamline Art Deco building totaling 4,680 +/- SF
- Main interior offers approx 2,500 SF of open area with 15‑ft ceilings and abundant natural light
- Layout includes Art Deco lobby, original vault room, private office, upstairs break room/kitchen, and large work room
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
$54,019
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
3.49%
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%
$1,080,380
$1.1M
Cap Rate 7%
$771,700
$771.7K
Cap Rate 9%
$600,211
$600.2K
Market Conditions
NOI Build-Up for 4,680 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
$84.2K $18.00/SF
− Vacancy
−$12.2K −$2.61/SF
EGI
$72.0K $15.39/SF
− OpEx
−$18.0K −$3.85/SF
NOI
$54.0K $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%
$1,080,380
Cap Rate 7%
$771,700
Cap Rate 9%
$600,211
Alternative Uses
Best Use
Office B
$771.7K
$675.2K – $900.3K
NOI $54,019 @ 7.0% cap · market cap 3.49%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$998.2K
$873.4K – $1.16M
NOI $69,872 @ 7.0% cap · market cap 4.51%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
4,125
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?
Office building - Fully restored 1925 Art Deco office building with an open main floor and multiple private rooms and amenities.
Where is this office building located?
The property is located at 1012 S Elgin Ave Tulsa, OK.
What is the asking price?
The asking price for this property is $1,550,000.
What are key features of this property?
This property features: Fully restored 1925 Streamline Art Deco building totaling 4,680 +/- SF; Main interior offers approx 2,500 SF of open area with 15‑ft ceilings and abundant natural light; Layout includes Art Deco lobby, original vault room, private office, upstairs break room/kitchen, and large work room
