Walgreens Drug Store at Signalized
For Sale
Contact for pricing
1440 S Lewis Ave, Tulsa, OK 74104
Retail facility at a signalized Midtown Tulsa intersection near established residential neighborhoods.
Property Size12,772 SF
Price / SF$169.04
Days on Market9
Property Features for 1440 S Lewis Ave
General Information
Standard status
Active
Size
12,772 SF
Class
A
Property subtype
Retail
Occupancy
100%
Lease Type
NN
Investment Type
Net Lease
Net Operating Income
$178,100
Additional Details
Corner Location
Yes
Building Details
Year Built
1993
Tenancy
Single
Listing Agency:
RX Syndicate
Listed By:
Arthur Griffith · License #CA 01876378
Source:
Crexi
Added: Aug 12
Changed: Aug 15
Last Checked: Aug 19 at 7:10PM
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 RX Syndicate
Investment Insights
Based on property information with market context.
The property is a Walgreens drug store containing 12,772 square feet and constructed in 1993. Its placement at 1440 S Lewis Ave provides a recognizable retail presence at the intersection of 15th Street and Lewis Avenue, where the traffic signal supports access from both corridors.
South Lewis Avenue serves as a north-south route through Midtown Tulsa, linking the area with Downtown Tulsa and South Tulsa. The surrounding trade area includes Cherry Street, Swan Lake, Maple Ridge, and Utica Square, with additional proximity to medical facilities, the University of Tulsa, and established retail, dining, and entertainment destinations. The location also sits near the Cherry Street entertainment district and Utica Square shopping district.
South Lewis Avenue serves as a north-south route through Midtown Tulsa, linking the area with Downtown Tulsa and South Tulsa. The surrounding trade area includes Cherry Street, Swan Lake, Maple Ridge, and Utica Square, with additional proximity to medical facilities, the University of Tulsa, and established retail, dining, and entertainment destinations. The location also sits near the Cherry Street entertainment district and Utica Square shopping district.
Key Highlights
- Walgreens drug store with 12,772 square feet
- Constructed in 1993
- Signalized intersection of 15th Street and Lewis Avenue
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
$144,202
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
6.68%
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%
$2,884,040
$2.9M
Cap Rate 7%
$2,060,029
$2.1M
Cap Rate 9%
$1,602,244
$1.6M
Market Conditions
NOI Build-Up for 12,772 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
$199.2K $15.60/SF
− Vacancy
−$7.0K −$0.55/SF
EGI
$192.3K $15.05/SF
− OpEx
−$48.1K −$3.76/SF
NOI
$144.2K $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%
$2,884,040
Cap Rate 7%
$2,060,029
Cap Rate 9%
$1,602,244
Alternative Uses
Best Use
Specialty Retail
$2.06M
$1.80M – $2.40M
NOI $144,202 @ 7.0% cap · market cap 6.68%
Second Best
Retail
$1.76M
$1.54M – $2.05M
NOI $122,948 @ 7.0% cap · market cap 5.69%
Theoretical Best
Office A
$2.72M
$2.38M – $3.18M
NOI $190,685 @ 7.0% cap · market cap 8.83%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
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 74104, OK
12,395
Population
6,367
Households
1.9
Avg Household Size
31
Median Age
46%
College-Educated
90%
High-School Grad
2.7 sq mi
ZIP Area
4,591
Density / Sq Mi
$51,886
Median Household Income
$30,951
Median Earnings
$1,109
Median Rent
$224,500
Median Home Value
Market
Vacancy Rate% for Retail in Tulsa, OK
Questions? Ask Rey
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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
- Olivia R. Ochoa, PharmD — 1438 N Lewis Ave, Tulsa, OK 74110, United States
- Clarence A. Roberts Jr, DPH — 1438 N Lewis Ave, Tulsa, OK 74110
- Everett Lacy — 1438 N Lewis Ave, Tulsa, OK 741104705
Frequently Asked Questions
What type of property is this?
Drug store - Retail facility at a signalized Midtown Tulsa intersection near established residential neighborhoods.
Where is this drug store located?
The property is located at 1440 S Lewis Ave Tulsa, OK.
What is the asking price?
The asking price for this property is $2,159,000.
What are key features of this property?
This property features: Walgreens drug store with 12,772 square feet; Constructed in 1993; Signalized intersection of 15th Street and Lewis Avenue
