Listing Agency: Wiggin Properties - Tulsa Show Phone

Listed By: Shawna Hale, CCIM Show Phone

Source: Moodyscre

Added: Oct 21, 2024 Changed: Oct 11 Last Checked: Oct 16 at 11:18AM

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Investment Insights

Based on property information with market context.

This 1,650-square-foot flex property occupies approximately 0.23 acres and combines a reception area, two private offices, a break room, and a large climate-controlled assembly room. The building is fully climate controlled and includes double-door loading access for material movement. A small hard-surfaced yard is located behind the building.

Positioned at 7648 E 46th Pl in Tulsa, the property offers approximately 50 feet of frontage along 46th Place. Industrial Light zoning supports its current flex-oriented configuration, while an income-producing cell tower lease is included with the sale.

Key Highlights

• 1,650 SF flex property on ±0.23 acres
• Large climate‑controlled assembly room plus fully climate‑controlled building
• Reception area, (2) private offices, and break room

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$19,045

Cap Rate

4.23%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$380,900 $380.9K

Cap Rate 7%

$272,071 $272.1K

Cap Rate 9%

$211,611 $211.6K

Is this asking price fair?

Market Conditions

NOI Build-Up for 1,650 SF

Gross rent

$29.7K $18.00/SF

− Vacancy

−$4.3K −$2.61/SF

EGI

$25.4K $15.39/SF

− OpEx

−$6.3K −$3.85/SF

NOI

$19.0K $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 Rate 5%

$380,900

Cap Rate 7%

$272,071

Cap Rate 9%

$211,611

Alternative Uses

Best Use

Office B

$272.1K

$238.1K – $317.4K (±1% cap)

NOI $19,045 @ 7.0% cap · market cap 4.23%

Second Best

Flex RnD

$122.3K

$107.0K – $142.7K (±1% cap)

NOI $8,559 @ 7.0% cap · market cap 1.90%

Theoretical Best

Office A

$351.9K

$307.9K – $410.6K (±1% cap)

NOI $24,634 @ 7.0% cap · market cap 5.47%

Zoning and permitted uses should be independently verified with authorities. How Realmo checks its estimates

Property Analytics

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Current Use

Standard Testing & Engineering Engineer Balanced Bodies Yoga ... Gym & Fitness Center

Suggested Use

Top Pick Real Estate Agency Restaurant Pharmacy Hotel & Motel Food Market (Bike/Boat/Book/etc) Store

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Lease Details

Yes

Paved road access

Location Intelligence

Trade Area within ½ mile

1,194

Businesses Nearby

Under-served

Demand for This Use

Explore this area Business Placement

Demographics for 74145, OK

18,055

Population

8,523

Households

2.1

Avg Household Size

36

Median Age

27%

College-Educated

90%

High-School Grad

5.9 sq mi

ZIP Area

3,060

Density / Sq Mi

$55,118

Median Household Income

$37,021

Median Earnings

$1,039

Median Rent

$160,700

Median Home Value

Market

Vacancy Rate% for Office in Tulsa, OK

10.4% 2019

11.7% 2020

12.1% 2021

11.9% 2022

10.4% 2023

9.2% 2024

10.6% 2025

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Frequently Asked Questions

What type of property is this?

Flex space - Industrial Light-zoned property with loading access, office components, and a rear hard-surfaced yard.

Where is this flex space located?

The property is located at 7648 E 46th Pl Tulsa, OK.

What is the asking price?

The asking price for this property is $450,000.

What are key features of this property?

This property features: 1,650 SF flex property on ±0.23 acres; Large climate‑controlled assembly room plus fully climate‑controlled building; Reception area, (2) private offices, and break room