Three-Story Apartment
New
For Sale
$1,250,000
1408 S Troost Avenue, Tulsa, OK 74120
Commercial, Tulsa, OK
Property Size9,840 SF
Lot Size0.19 Acres
Price / SF$127.03
Days on Market5
Property Features for 1408 S Troost Avenue
General Information
Property type
Commercial Sale
Property subtype
Apartment
Zoning
RM2
Interior features
Mini-Kitchen, Smoke Detector, Window Treatment
Exterior features
Dumpster
Elementary school district
Tulsa - Sch Dist (1)
Middle school district
Tulsa - Sch Dist (1)
High school district
Tulsa - Sch Dist (1)
Directions
POB E. 15th (Cherry Street) go north on Troost, apartment on the left.
Standard status
Active
APN
08575-93-07-03220
Size
9,840 SF
Lot size
0.19 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
S50 OF LT 2 BLK 1, Clarks Add
Tax Annual Amount
5365
Legal Description
S50 OF LT 2 BLK 1, Clarks Add
Utilities
Utilities
Water Available
Amenities
dedicated laundry area
Building Details
Year built
1931
Floors in Building
3
Flooring type
Carpet, Vinyl, Tile
Building materials
Frame
Roof type
Composition
Listing Agency:
Chinowth & Cohen
(918) 943-3009
Listed By:
Kay Sullivan · License #170810
(918) 924-2405
Added: Sep 11
Changed: Sep 12
Last Checked: Sep 15 at 2:06AM
MLS# 2633723
Copyright © 2026 MLS Technology, Inc. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This three-story apartment property contains 9,840 square feet on a 0.19-acre lot. The building includes 10 units and was originally configured as 12 units, with four units combined. Interior features include mini-kitchens, smoke detectors, window treatments, and a mix of carpet, tile, and vinyl flooring. A dedicated laundry area supports the residential layout, while frame construction and a composition roof define the building’s existing improvements.
The property is located near dining, shopping, and entertainment, with access to highways serving the Tulsa metro area. Four rear parking spaces are provided, with additional parking available in front. RM2 zoning, water availability, and a roof replacement completed in 2025 add further detail to the asset profile.
The property is located near dining, shopping, and entertainment, with access to highways serving the Tulsa metro area. Four rear parking spaces are provided, with additional parking available in front. RM2 zoning, water availability, and a roof replacement completed in 2025 add further detail to the asset profile.
Key Highlights
- 10‑unit apartment building with 9,840 square feet
- Originally configured as 12 units, with four units combined
- 0.19‑acre lot with four rear parking spaces and additional front parking
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Multifamily in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Apartment building - Multifamily property with dedicated laundry, parking, RM2 zoning, and convenient highway connectivity.
Where is this apartment building located?
The property is located at 1408 S Troost Avenue 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 with 9,840 square feet; Originally configured as 12 units, with four units combined; 0.19‑acre lot with four rear parking spaces and additional front parking
