Furnished Duplex with Hardwood
For Sale
$285,000
1509 S Indianapolis Avenue, Tulsa, OK 74112
Residential, Bungalow, Tulsa, OK
Property Size1,497 SF
Lot Size0.20 Acres
Price / SF$190.38
Days on Market74
Property Features for 1509 S Indianapolis Avenue
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Bedrooms
2
Bathrooms
2
Full bathrooms
2
Rooms
Bedroom 2, Bathroom 1, Bedroom 1, Bathroom 2
Window features
Vinyl Frames, Wood Frames
Patio and Porch features
Porch
Interior features
Smoke Detector
Exterior features
Gutters
Fencing
Chain Link
Fireplace
1
Appliances
Microwave, Range/Oven, Refrigerator
Subdivision
Sunrise Terrace
Lot features
Additional Residence, Mature Trees
Elementary school
Lanier
Middle school
Edison Prep.
High school
Edison
Elementary school district
Tulsa - Sch Dist (1)
Middle school district
Tulsa - Sch Dist (1)
High school district
Tulsa - Sch Dist (1)
Directions
From 15th and Harvard go east on Harvard to first right which is Indianapolis on the left.
Standard status
Active
APN
41350-93-09-13320
Size
1,497 SF
Lot size
0.20 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
Lt 3 Blk 2 Sunrise Terrace
Tax Annual Amount
3906
Legal Description
Lt 3 Blk 2 Sunrise Terrace
Utilities
Heating system
Central
Cooling system
Central Air
Amenities
private washer/dryer
Building Details
Year built
1930
Floors in Building
1
Flooring type
Tile, Wood
Building materials
Wood Frame
Roof type
Fiberglass
Architectural style
Bungalow
Listing Agency:
Chinowth & Cohen
(918) 943-3009
Listed By:
Val Gaudet · License #152736
(918) 605-7823
Added: Jun 10
Changed: Aug 20
Last Checked: Aug 22 at 12:06AM
MLS# 2621379
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 1,497-square-foot duplex, built in 1930, contains two furnished one-bedroom, one-bath residences. Each unit includes furniture, décor, bedding, linens, kitchen essentials, and a private washer and dryer. Interior details include hardwood and tile flooring, updated kitchens, central heating and cooling, porches, and fireplaces. The property also includes a range, oven, refrigerator, microwave, gutters, chain-link fencing, and a fiberglass roof.
Set in Tulsa’s Sunrise Terrace area, the duplex is near Cherry Street, Utica Square, Ascension St. John Medical Center, downtown Tulsa, and major expressways. The 0.201-acre property can accommodate executive rental, traveling medical professional, corporate housing, short-term rental, or traditional leasing uses as described in the listing. The sale is subject to the property’s as-is condition.
Set in Tulsa’s Sunrise Terrace area, the duplex is near Cherry Street, Utica Square, Ascension St. John Medical Center, downtown Tulsa, and major expressways. The 0.201-acre property can accommodate executive rental, traveling medical professional, corporate housing, short-term rental, or traditional leasing uses as described in the listing. The sale is subject to the property’s as-is condition.
Key Highlights
- Two furnished one‑bedroom, one‑bath residences
- 1,497 square feet on a 0.201‑acre lot
- Private washer and dryer provided for each residence
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
$14,583
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
5.12%
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%
$291,660
$291.7K
Cap Rate 7%
$208,329
$208.3K
Cap Rate 9%
$162,033
$162.0K
Market Conditions
NOI Build-Up for 1,497 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
$23.0K $15.36/SF
− Vacancy
−$2.2K −$1.44/SF
EGI
$20.8K $13.92/SF
− OpEx
−$6.2K −$4.17/SF
NOI
$14.6K $9.74/SF
Area
Tulsa, OK
Vacancy
9.40%
Lease Rate
$15.36 /SF/Yr
Expense Ratio
30.00%
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%
$291,660
Cap Rate 7%
$208,329
Cap Rate 9%
$162,033
Alternative Uses
Best Use
Multifamily LT 5
$208.3K
$182.3K – $243.1K
NOI $14,583 @ 7.0% cap · market cap 5.12%
Second Best
Apartment 5plus
$190.8K
$166.9K – $222.6K
NOI $13,353 @ 7.0% cap · market cap 4.69%
Theoretical Best
Office A
$319.3K
$279.4K – $372.5K
NOI $22,350 @ 7.0% cap · market cap 7.84%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
846
Businesses Nearby
Explore this area
Business Placement
Demographics for 74112, OK
20,810
Population
10,524
Households
2
Avg Household Size
38
Median Age
27%
College-Educated
87%
High-School Grad
6.8 sq mi
ZIP Area
3,060
Density / Sq Mi
$55,848
Median Household Income
$37,151
Median Earnings
$1,024
Median Rent
$149,800
Median Home Value
Market
Vacancy Rate% for Multifamily in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Duplex - Two furnished residences offer separate living spaces, kitchens, and private laundry for flexible leasing options.
Where is this duplex located?
The property is located at 1509 S Indianapolis Avenue Tulsa, OK.
What is the asking price?
The asking price for this property is $285,000.
What are key features of this property?
This property features: Two furnished one‑bedroom, one‑bath residences; 1,497 square feet on a 0.201‑acre lot; Private washer and dryer provided for each residence
