Three-Story Apartment
New
For Sale
$1,250,000
1408 S Troost Ave, Tulsa, OK 74120
Multifamily property with dedicated laundry facilities and on-site parking near dining, shopping, and entertainment.
Property Size9,840 SF
Price / SF$127.03
Days on Market2
Property Features for 1408 S Troost Ave
General Information
Standard status
Active
Size
9,840 SF
Additional Details
Highway Access
Yes
Multifamily Units
10
Amenities
laundry area
Building Details
Year Built
1931
Buildings
1
Stories
3
Listing Agency:
Chinowth & Cohen
Listed By:
Kay Sullivan · License #170810
(918) 924-2405
Source:
Theashleygroupok
Added: Sep 14
Last Checked: Sep 14 at 2:43PM
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 Chinowth & Cohen
Investment Insights
Based on property information with market context.
Built in 1931, this three-story apartment property contains 10 units and was originally configured as 12 units. The building includes a dedicated laundry area, four rear parking spaces, and additional parking at the front. The roof was replaced in 2025.
Located at 1408 S Troost Ave in Tulsa, the property is near dining, shopping, and entertainment. Highway access provides connections throughout the Tulsa Metro Area.
Located at 1408 S Troost Ave in Tulsa, the property is near dining, shopping, and entertainment. Highway access provides connections throughout the Tulsa Metro Area.
Key Highlights
- 10‑unit apartment building, originally configured as 12 units
- Three‑story building constructed in 1931
- Dedicated laundry area
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
$87,772
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
7.02%
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%
$1,755,440
$1.8M
Cap Rate 7%
$1,253,886
$1.3M
Cap Rate 9%
$975,244
$975.2K
Market Conditions
NOI Build-Up for 9,840 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
$177.1K $18.00/SF
− Vacancy
−$17.5K −$1.78/SF
EGI
$159.6K $16.22/SF
− OpEx
−$71.8K −$7.30/SF
NOI
$87.8K $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%
$1,755,440
Cap Rate 7%
$1,253,886
Cap Rate 9%
$975,244
Alternative Uses
Best Use
Apartment 5plus
$1.25M
$1.10M – $1.46M
NOI $87,772 @ 7.0% cap · market cap 7.02%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$2.10M
$1.84M – $2.45M
NOI $146,910 @ 7.0% cap · market cap 11.75%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
10
Residential units
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
2,897
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 - Multifamily property with dedicated laundry facilities and on-site parking near dining, shopping, and entertainment.
Where is this apartment building located?
The property is located at 1408 S Troost Ave Tulsa, OK.
What is the asking price?
The asking price for this property is $1,250,000.
What are key features of this property?
This property features: 10‑unit apartment building, originally configured as 12 units; Three‑story building constructed in 1931; Dedicated laundry area
