Absolute NNN Retail
For Sale
$1,395,000
1820 N Lewis Pl, Tulsa, OK 74110
Absolute NNN lease structure supports a low landlord-involvement ownership model.
Property Size9,100 SF
Price / SF$153.30
Days on Market60
Property Features for 1820 N Lewis Pl
General Information
Standard status
Active
Size
9,100 SF
Property subtype
Discount
Lease Type
Absolute Net
Site & Location
Corner Location
Yes
Traffic Count
9,100 vehicles/day
Additional Details
Cap Rate
6.25%
Amenities
Absolute Net Features Zero Landlord Responsibilities And A Prime Corner Location At The Intersection Of North Lewis Avenue And East Tecumseh Street, Benefiting From Daily Traffic Exceeding 9,100
Outstanding Demographic Characteristics, Including More Than 144,200 Residents Within A 5-Mile Radius And Average Annual Household Incomes Exceeding $71,800, Supporting Long Term Tenant Success
7.5 Years Remaining On The Base Lease Term, The Property Benefits From 10% Rent Increases In Each Option Period, Delivering Long Term Income Security And A Strong Hedge Against Inflation
?Situated Just 3.5 Miles From Downtown Tulsa, The Subject Property Occupies A Prime Location Within The Heart Of The Tulsa MSA, Providing Access To A Metropolitan Population Of More Than 1.1 Million Residents And Strong Long-Term Consumer Demand
?Positioned Within 2 Miles From Four Highly Attended Schools, Springdale Elementary, Celia Clinton Elementary, Sequoyah Elementary, And Booker T. Washington High , with Combined Enrollment Exceeding 2,500 Students, Helping Support Recurring Traffic
Building Details
Building Size
9,100 SF
Listing Agency:
New York City Office
(212) 430-1491
Listed By:
Michael A. Cardone · License #License(s): NY: 10301224007
(212) 430-1491
Source:
Marcusmillichap
Added: Jul 3
Changed: Aug 30
Last Checked: Aug 30 at 1:05PM
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 New York City Office
Investment Insights
Based on property information with market context.
This retail property is offered with an absolute NNN lease structure, placing property-related responsibilities with the tenant under the stated arrangement. The building contains 9,100 square feet and is associated with DG.
The property is positioned at 1820 N Lewis Pl in Tulsa, Oklahoma, at the intersection of North Lewis Avenue and East Tecumseh Street. The corner setting records daily traffic exceeding 9,100, and 2,500 students are located within 2 miles.
The property is positioned at 1820 N Lewis Pl in Tulsa, Oklahoma, at the intersection of North Lewis Avenue and East Tecumseh Street. The corner setting records daily traffic exceeding 9,100, and 2,500 students are located within 2 miles.
Key Highlights
- Absolute NNN lease structure
- 9,100‑square‑foot retail property
- Corner position at North Lewis Avenue and East Tecumseh Street
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
$87,600
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
6.28%
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%
$1,752,000
$1.8M
Cap Rate 7%
$1,251,429
$1.3M
Cap Rate 9%
$973,333
$973.3K
Market Conditions
NOI Build-Up for 9,100 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
$131.0K $14.40/SF
− Vacancy
−$5.9K −$0.65/SF
EGI
$125.1K $13.75/SF
− OpEx
−$37.5K −$4.13/SF
NOI
$87.6K $9.63/SF
Area
Tulsa, OK
Vacancy
4.50%
Lease Rate
$14.40 /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%
$1,752,000
Cap Rate 7%
$1,251,429
Cap Rate 9%
$973,333
Alternative Uses
Best Use
Retail
$1.25M
$1.10M – $1.46M
NOI $87,600 @ 7.0% cap · market cap 6.28%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.94M
$1.70M – $2.26M
NOI $135,862 @ 7.0% cap · market cap 9.74%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
9,100 VPD
Traffic count
Location Intelligence
Trade Area within ½ mile
313
Businesses Nearby
44k
Monthly Visits Nearby
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
0.3 miles
Church's Chicken
Dining
6,745 visits/mo
0.3 miles
Save-A-Lot
Groceries
6,166 visits/mo
0.3 miles
Dollar General
Shops & Services
5,628 visits/mo
0.1 miles
Family Dollar
Shops & Services
5,127 visits/mo
0.3 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
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Frequently Asked Questions
What type of property is this?
NNN property - Absolute NNN lease structure supports a low landlord-involvement ownership model.
Where is this nnn property located?
The property is located at 1820 N Lewis Pl Tulsa, OK.
What is the asking price?
The asking price for this property is $1,395,000.
What are key features of this property?
This property features: Absolute NNN lease structure; 9,100‑square‑foot retail property; Corner position at North Lewis Avenue and East Tecumseh Street
