Renovated Office
New
For Sale
$335,000
1628 S Cincinnati, Tulsa, OK 74119
Professional office with private rooms, conference space, kitchen, basement storage, and an off-street parking lot.
Property Size1,671 SF
Price / SF$200.60
Days on Market4
Property Features for 1628 S Cincinnati
General Information
Standard status
Active
Size
1,671 SF
Property subtype
Office
Zoning
CH
Building Details
Building Size
1,671 SF
Year Built
1915
Stories
2
Listing Agency:
Coldwell Banker Select
(918) 695-6979
Listed By:
David Roberts · License #143180
(918) 695-6979
Source:
Cbcworldwide
Added: Aug 8
Changed: Aug 9
Last Checked: Aug 11 at 4:52AM
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 Coldwell Banker Select
Investment Insights
Based on property information with market context.
This 1,670 SF office building combines updated systems with preserved historic details. The layout includes three private offices, a conference room, reception area, full kitchen, full bathroom, and basement storage. A recent roof replacement adds to the property’s improvements, while original hardwood floors remain in place. Built in 1915, the building is configured for professional office use and carries CH zoning.
The property is located at 1628 S Cincinnati in Tulsa’s 18th & Boston District, with proximity to Downtown Tulsa, the Tulsa County Courthouse, Cherry Street, and Utica Square. A private off-street parking lot serves the building and its visitors.
The property is located at 1628 S Cincinnati in Tulsa’s 18th & Boston District, with proximity to Downtown Tulsa, the Tulsa County Courthouse, Cherry Street, and Utica Square. A private off-street parking lot serves the building and its visitors.
Key Highlights
- 1,670 SF office building on a 1915 structure
- Three private offices plus conference and reception areas
- Full kitchen, full bathroom, and basement storage
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
$19,276
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
5.75%
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%
$385,520
$385.5K
Cap Rate 7%
$275,371
$275.4K
Cap Rate 9%
$214,178
$214.2K
Market Conditions
NOI Build-Up for 1,670 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
$30.1K $18.00/SF
− Vacancy
−$4.4K −$2.61/SF
EGI
$25.7K $15.39/SF
− OpEx
−$6.4K −$3.85/SF
NOI
$19.3K $11.54/SF
Area
Tulsa, OK
Vacancy
14.50%
Lease Rate
$18.00 /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%
$385,520
Cap Rate 7%
$275,371
Cap Rate 9%
$214,178
Alternative Uses
Best Use
Office B
$275.4K
$241.0K – $321.3K
NOI $19,276 @ 7.0% cap · market cap 5.75%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$356.2K
$311.7K – $415.6K
NOI $24,933 @ 7.0% cap · market cap 7.44%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,936
Businesses Nearby
Explore this area
Business Placement
Demographics for 74119, OK
3,445
Population
3,229
Households
1.1
Avg Household Size
40
Median Age
55%
College-Educated
95%
High-School Grad
0.8 sq mi
ZIP Area
4,306
Density / Sq Mi
$56,520
Median Household Income
$48,192
Median Earnings
$1,161
Median Rent
$207,500
Median Home Value
Market
Vacancy Rate% for Office in Tulsa, OK
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Office building - Professional office with private rooms, conference space, kitchen, basement storage, and an off-street parking lot.
Where is this office building located?
The property is located at 1628 S Cincinnati Tulsa, OK.
What is the asking price?
The asking price for this property is $335,000.
What are key features of this property?
This property features: 1,670 SF office building on a 1915 structure; Three private offices plus conference and reception areas; Full kitchen, full bathroom, and basement storage
