Newly Remodeled Office
For Sale
Contact for pricing
2816 E 51st St, Tulsa, OK 74105
Newly remodeled three-story office building with elevator service, ADA restrooms, and remodeled exterior and systems.
Property Size17,226 SF
Price / SF$144.84
Days on Market880
Property Features for 2816 E 51st St
General Information
Standard status
Active
Size
17,226 SF
Property subtype
OFFICE
Additional Details
Highway Access
Yes
Amenities
Monument Signage Directory
Elevator access
ADA restrooms
Building Details
Stories
3
Listing Agency:
Equitas Realty Advisors LLC
(918) 695-4162
Listed By:
Monty Berry · License #83879
(918) 695-4162
Source:
Moodyscre
Added: Mar 26, 2024
Changed: Aug 17
Last Checked: Aug 21 at 5:49AM
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 Equitas Realty Advisors LLC
Investment Insights
Based on property information with market context.
Newly remodeled three-story office building offering elevator access and ADA restrooms. The property includes extensive capital upgrades, including a new roof, chiller, and an exterior remodel. The building also presents a monument signage directory.
The property is located in central Tulsa on E 51st St, positioned between Harvard and Lewis, with convenient I-44 interstate access. Ample drive-up surface parking is available for tenant and visitor convenience.
The configuration supports owner-occupant use for the entire building, with the added advantage of premium building signage facing I-44.
The property is located in central Tulsa on E 51st St, positioned between Harvard and Lewis, with convenient I-44 interstate access. Ample drive-up surface parking is available for tenant and visitor convenience.
The configuration supports owner-occupant use for the entire building, with the added advantage of premium building signage facing I-44.
Key Highlights
- Newly remodeled 3‑story office building with elevator service and ADA restrooms
- Extensive capital upgrades including new roof and chiller, plus exterior remodel
- I‑44 facing premium building signage opportunity, including monument sign directory
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
$216,117
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
8.66%
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%
$4,322,340
$4.3M
Cap Rate 7%
$3,087,386
$3.1M
Cap Rate 9%
$2,401,300
$2.4M
Market Conditions
NOI Build-Up for 17,226 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
$351.4K $20.40/SF
− Vacancy
−$63.3K −$3.67/SF
EGI
$288.2K $16.73/SF
− OpEx
−$72.0K −$4.18/SF
NOI
$216.1K $12.55/SF
Area
ZIP 74105
Vacancy
18.00%
Lease Rate
$20.40 /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%
$4,322,340
Cap Rate 7%
$3,087,386
Cap Rate 9%
$2,401,300
Alternative Uses
Best Use
Office B
$3.09M
$2.70M – $3.60M
NOI $216,117 @ 7.0% cap · market cap 8.66%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$4.22M
$3.69M – $4.92M
NOI $295,185 @ 7.0% cap · market cap 11.83%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
1,290
Businesses Nearby
Explore this area
Business Placement
Demographics for 74105, OK
26,640
Population
14,531
Households
1.8
Avg Household Size
41
Median Age
49%
College-Educated
93%
High-School Grad
7.3 sq mi
ZIP Area
3,649
Density / Sq Mi
$69,864
Median Household Income
$47,580
Median Earnings
$989
Median Rent
$318,500
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 - Newly remodeled three-story office building with elevator service, ADA restrooms, and remodeled exterior and systems.
Where is this office building located?
The property is located at 2816 E 51st St Tulsa, OK.
What is the asking price?
The asking price for this property is $2,495,000.
What are key features of this property?
This property features: Newly remodeled 3‑story office building with elevator service and ADA restrooms; Extensive capital upgrades including new roof and chiller, plus exterior remodel; I‑44 facing premium building signage opportunity, including monument sign directory
