Freestanding Office
For Sale
$900,000
1843 E 15th St, Tulsa, OK 74104
Renovations are underway, with on-site parking and access to established medical, finance, wellness, retail, and restaurant users.
Property Size3,072 SF
Price / SF$292.97
Days on Market27
Property Features for 1843 E 15th St
General Information
Standard status
Active
Size
3,072 SF
Class
A
Property subtype
Office
Additional Details
Highway Access
Yes
Building Details
Building Size
3,072 SF
Year Built
1938
Listing Agency:
McGraw Commercial Properties
(918) 694-8331
Listed By:
AC Cherry · License #072008
(918) 694-8331
Source:
Mcgrawcp
Added: Aug 4
Changed: Aug 26
Last Checked: Aug 29 at 8:14AM
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 building is undergoing renovations and contains approximately 2,530 SF on the main level plus an additional approximately 542 SF basement, totaling 3,072 SF. On-site parking supports the property’s office configuration, while OL zoning provides the stated land-use designation.
The building is located at 1843 East 15th Street in Tulsa, within Midtown Tulsa proper and near the Cherry Street corridor. The surrounding area includes established medical, finance, wellness, retail, and restaurant users. Utica Square, Hillcrest Medical Center, and Ascension St. John Medical Center are nearby, with access to the Broken Arrow Expressway, Downtown Tulsa, and the greater metro.
The building is located at 1843 East 15th Street in Tulsa, within Midtown Tulsa proper and near the Cherry Street corridor. The surrounding area includes established medical, finance, wellness, retail, and restaurant users. Utica Square, Hillcrest Medical Center, and Ascension St. John Medical Center are nearby, with access to the Broken Arrow Expressway, Downtown Tulsa, and the greater metro.
Key Highlights
- Approximately 2,530 SF main level plus approximately 542 SF basement
- 3,072 SF total property size
- Freestanding office building 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
$35,459
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
3.94%
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%
$709,180
$709.2K
Cap Rate 7%
$506,557
$506.6K
Cap Rate 9%
$393,989
$394.0K
Market Conditions
NOI Build-Up for 3,072 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
$55.3K $18.00/SF
− Vacancy
−$8.0K −$2.61/SF
EGI
$47.3K $15.39/SF
− OpEx
−$11.8K −$3.85/SF
NOI
$35.5K $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%
$709,180
Cap Rate 7%
$506,557
Cap Rate 9%
$393,989
Alternative Uses
Best Use
Office B
$506.6K
$443.2K – $591.0K
NOI $35,459 @ 7.0% cap · market cap 3.94%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$655.2K
$573.3K – $764.4K
NOI $45,865 @ 7.0% cap · market cap 5.10%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Highway access
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 - Renovations are underway, with on-site parking and access to established medical, finance, wellness, retail, and restaurant users.
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: Approximately 2,530 SF main level plus approximately 542 SF basement; 3,072 SF total property size; Freestanding office building undergoing renovations
