Walgreens Drug Store with Absolute
For Sale
Contact for pricing
1438 N LEWIS AVE, Tulsa, OK 74110
Corporate-backed occupancy at a signalized corner with access from both North Lewis Ave and East Pine St.
Property Size15,120 SF
Price / SF$193.33
Days on Market143
Property Features for 1438 N LEWIS AVE
General Information
Standard status
Active
Size
15,120 SF
Property subtype
Retail
Occupancy
100%
Lease Type
Absolute Net
Investment Type
Net Lease
Net Operating Income
$219,240
Site & Location
Corner Location
Yes
Highway Access
Yes
Road Access
Yes
Building Details
Year Built
2000
Buildings
1
Stories
1
Units
1
Tenancy
Single
Listing Agency:
Acropolis Commercial Advisors LLC
Listed By:
Eric Wasserman · License #FL CQ1057427
Source:
Crexi
Added: Apr 12
Changed: Aug 30
Last Checked: Aug 31 at 7:38PM
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 Acropolis Commercial Advisors LLC
Investment Insights
Based on property information with market context.
This Walgreens property is positioned at 1438 N Lewis Ave in Tulsa, Oklahoma, at the signalized intersection of North Lewis Ave and East Pine St. Separate ingress and egress points serve each street, supporting access from both corridors. The site is leased under an Absolute NNN structure with a corporate guarantee and no landlord responsibilities.
East Pine St is a commercial corridor with national retailers including McDonald’s, QuikTrip, Popeyes, Family Dollar, Church’s Texas Chicken, O’Reilly Auto, and AutoZone. North Lewis Ave and East Pine St connect to State Route 74, with additional connectivity to Interstate 244 and 444; North Lewis Ave also connects directly to I-244. Downtown Tulsa is approximately 3.5 miles away.
The property is within 5 miles of 151,000+ residents with average household income exceeding $72,000. It is less than 1 mile from 2,400,000+ square feet of industrial, manufacturing, and distribution centers and approximately 1 mile from the University of Tulsa’s North Campus. Colleges and universities within a 2-mile radius include the University of Tulsa Main Campus, Tulsa Community College – Northeast, Langston University – Tulsa, and Oklahoma State University – Tulsa.
East Pine St is a commercial corridor with national retailers including McDonald’s, QuikTrip, Popeyes, Family Dollar, Church’s Texas Chicken, O’Reilly Auto, and AutoZone. North Lewis Ave and East Pine St connect to State Route 74, with additional connectivity to Interstate 244 and 444; North Lewis Ave also connects directly to I-244. Downtown Tulsa is approximately 3.5 miles away.
The property is within 5 miles of 151,000+ residents with average household income exceeding $72,000. It is less than 1 mile from 2,400,000+ square feet of industrial, manufacturing, and distribution centers and approximately 1 mile from the University of Tulsa’s North Campus. Colleges and universities within a 2-mile radius include the University of Tulsa Main Campus, Tulsa Community College – Northeast, Langston University – Tulsa, and Oklahoma State University – Tulsa.
Key Highlights
- Absolute NNN lease with Walgreens and corporate guarantee
- Signalized corner at North Lewis Ave and East Pine St with two access points
- 151,000+ residents within a 5‑mile radius; average household income exceeds $72,000
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
$170,712
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
5.84%
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%
$3,414,240
$3.4M
Cap Rate 7%
$2,438,743
$2.4M
Cap Rate 9%
$1,896,800
$1.9M
Market Conditions
NOI Build-Up for 15,120 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
$235.9K $15.60/SF
− Vacancy
−$8.3K −$0.55/SF
EGI
$227.6K $15.05/SF
− OpEx
−$56.9K −$3.76/SF
NOI
$170.7K $11.29/SF
Area
Tulsa, OK
Vacancy
3.50%
Lease Rate
$15.60 /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%
$3,414,240
Cap Rate 7%
$2,438,743
Cap Rate 9%
$1,896,800
Alternative Uses
Best Use
Specialty Retail
$2.44M
$2.13M – $2.85M
NOI $170,712 @ 7.0% cap · market cap 5.84%
Second Best
Retail
$2.08M
$1.82M – $2.43M
NOI $145,551 @ 7.0% cap · market cap 4.98%
Theoretical Best
Office A
$3.22M
$2.82M – $3.76M
NOI $225,740 @ 7.0% cap · market cap 7.72%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Highway access
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
351
Businesses Nearby
44k
Monthly Visits Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 46%
Dining 27%
Groceries 14%
Electronics 12%
PLS Financial Services
Shops & Services
7,003 visits/mo
0.1 miles
Church's Chicken
Dining
6,745 visits/mo
0.1 miles
Save-A-Lot
Groceries
6,166 visits/mo
0.2 miles
Dollar General
Shops & Services
5,628 visits/mo
0.4 miles
Family Dollar
Shops & Services
5,127 visits/mo
0.2 miles
Demographics for 74110, OK
15,197
Population
5,992
Households
2.5
Avg Household Size
32
Median Age
9%
College-Educated
69%
High-School Grad
5.9 sq mi
ZIP Area
2,576
Density / Sq Mi
$40,116
Median Household Income
$26,571
Median Earnings
$909
Median Rent
$67,700
Median Home Value
Market
Vacancy Rate% for Retail in Tulsa, OK
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Similar Off Market Nearby
- COVID-19 Drive-Thru Testing at Walgreens — 1438 N Lewis Ave, Tulsa, OK 74110
- Walgreens Pharmacy — 1438 N Lewis Ave, Tulsa, OK 74110
- Clarence A. Roberts Jr, DPH — 1438 N Lewis Ave, Tulsa, OK 74110
- Everett Lacy — 1438 N Lewis Ave, Tulsa, OK 741104705
- Olivia R. Ochoa, PharmD — 1438 N Lewis Ave, Tulsa, OK 74110, United States
Frequently Asked Questions
What type of property is this?
Drug store - Corporate-backed occupancy at a signalized corner with access from both North Lewis Ave and East Pine St.
Where is this drug store located?
The property is located at 1438 N LEWIS AVE Tulsa, OK.
What is the asking price?
The asking price for this property is $2,923,200.
What are key features of this property?
This property features: Absolute NNN lease with Walgreens and corporate guarantee; Signalized corner at North Lewis Ave and East Pine St with two access points; 151,000+ residents within a 5‑mile radius; average household income exceeds $72,000
