Midtown Tulsa Freestanding
For Sale
$900,000
1843 E 15th St, Tulsa, OK 74104
Renovated office/retail building with basement and on-site parking.
Property Size3,072 SF
Lot Size0.31 Acres
Price / SF$355.73
Days on Market96
Property Features for 1843 E 15th St
General Information
Standard status
Active
Size
3,072 SF
Class
A
Lot size
0.31 Acres
Property subtype
Single Tenant Office
Building Details
Building Size
3,072 SF
Year Built
1938
Listing Agency:
McGraw Commercial Properties
(918) 694-8331
Listed By:
Amanda Cherry · License #209551
(918) 694-8331
Source:
Thebrokerlist
Added: May 19
Changed: Aug 21
Last Checked: Aug 22 at 3:31AM
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 McGraw Commercial Properties
Investment Insights
Based on property information with market context.
This freestanding office/retail building in Midtown Tulsa offers approximately 2,530 square feet of space, complemented by an additional 542 square foot basement that is currently undergoing renovations. Situated on a 0.31-acre (13,290 square foot) lot, the property includes approximately 10 on-site parking spaces. Exterior and interior renovations are in progress. The location provides excellent visibility, convenient access, and walkability to the Cherry Street corridor. Monument signage is available. The property is surrounded by established medical, finance, wellness, retail, and restaurant businesses, and is near Hillcrest Medical Center and Ascension St. John Medical Center. The space will be delivered in standard office condition. The flexible floor plans are suitable for office, medical, wellness, or professional service users, featuring a mix of private offices, a reception area, open workspace, a conference room, a kitchenette, and restrooms.
Key Highlights
- High‑visibility location with convenient access and onsite parking in Midtown Tulsa.
- Flexible floor plans suitable for office, medical, wellness, or professional service users.
- Approximately ±2,530 SF office building with an additional ±542 SF basement undergoing renovations.
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
$29,203
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
3.24%
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%
$584,060
$584.1K
Cap Rate 7%
$417,186
$417.2K
Cap Rate 9%
$324,478
$324.5K
Market Conditions
NOI Build-Up for 2,530 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
$45.5K $18.00/SF
− Vacancy
−$6.6K −$2.61/SF
EGI
$38.9K $15.39/SF
− OpEx
−$9.7K −$3.85/SF
NOI
$29.2K $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%
$584,060
Cap Rate 7%
$417,186
Cap Rate 9%
$324,478
Alternative Uses
Best Use
Office B
$417.2K
$365.0K – $486.7K
NOI $29,203 @ 7.0% cap · market cap 3.24%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$539.6K
$472.2K – $629.6K
NOI $37,773 @ 7.0% cap · market cap 4.20%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
3,989
Businesses Nearby
Explore this area
Business Placement
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 Office in Tulsa, OK
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Office building - Renovated office/retail building with basement and on-site parking.
Where is this office building located?
The property is located at 1843 E 15th St Tulsa, OK.
What is the asking price?
The asking price for this property is $900,000.
What are key features of this property?
This property features: High‑visibility location with convenient access and onsite parking in Midtown Tulsa.; Flexible floor plans suitable for office, medical, wellness, or professional service users.; Approximately ±2,530 SF office building with an additional ±542 SF basement undergoing renovations.
