Renovated Apartment
For Sale
$4,500,000
1920 S Cheyenne Ave, Tulsa, OK 74119
Fully occupied two-bedroom units feature quartz kitchens, covered parking, and updated interior finishes.
Property Size27,394 SF
Lot Size1.30 Acres
Price / SF$164.27
Days on Market54
Property Features for 1920 S Cheyenne Ave
General Information
Standard status
Active
Size
27,394 SF
Lot size
1.30 Acres
Occupancy
100%
Additional Details
Road Access
Yes
Amenities
covered parking
washer/dryer
Building Details
Year Built
1950
Listing Agency:
Waterfront Realty
(918) 457-3200
Listed By:
Vicki L. Heitgrass · License #143138
Source:
Cheathamrealty
Added: Jul 10
Changed: Aug 31
Last Checked: Aug 30 at 8:07PM
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 Waterfront Realty
Investment Insights
Based on property information with market context.
This apartment property was built in 1950 and has been fully renovated. The two-bedroom units include refinished oak flooring, quartz kitchen surfaces, in-unit washer and dryer connections, crown molding, 11 windows, five closets, and covered parking. The complex is currently 100% occupied.
The 1.3-acre site occupies the northeast corner of 21st Street and Riverside Drive, with approximately 322 feet of Riverside Drive frontage. The property also has approximately 300 feet of eastern frontage along Cheyenne Avenue. Its Midtown Tulsa setting places it across from Daigoro restaurant and river trails, near the Brut hotel, and close to area restaurants and bars. The Gathering Place park and downtown Tulsa are each approximately three blocks away.
The 1.3-acre site occupies the northeast corner of 21st Street and Riverside Drive, with approximately 322 feet of Riverside Drive frontage. The property also has approximately 300 feet of eastern frontage along Cheyenne Avenue. Its Midtown Tulsa setting places it across from Daigoro restaurant and river trails, near the Brut hotel, and close to area restaurants and bars. The Gathering Place park and downtown Tulsa are each approximately three blocks away.
Key Highlights
- Fully renovated two‑bedroom apartments with refinished oak floors, quartz kitchens, crown molding, and in‑unit washer and dryer connections
- 100% occupied apartment complex
- 1.3‑acre site at the northeast corner of 21st Street and Riverside Drive
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
$244,352
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
5.43%
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%
$4,887,040
$4.9M
Cap Rate 7%
$3,490,743
$3.5M
Cap Rate 9%
$2,715,022
$2.7M
Market Conditions
NOI Build-Up for 27,394 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
$493.1K $18.00/SF
− Vacancy
−$48.8K −$1.78/SF
EGI
$444.3K $16.22/SF
− OpEx
−$199.9K −$7.30/SF
NOI
$244.4K $8.92/SF
Area
Tulsa, OK
Vacancy
9.90%
Lease Rate
$18.00 /SF/Yr
Expense Ratio
45.00%
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%
$4,887,040
Cap Rate 7%
$3,490,743
Cap Rate 9%
$2,715,022
Alternative Uses
Best Use
Apartment 5plus
$3.49M
$3.05M – $4.07M
NOI $244,352 @ 7.0% cap · market cap 5.43%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$5.84M
$5.11M – $6.82M
NOI $408,990 @ 7.0% cap · market cap 9.09%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
100%
Occupancy
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
149
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 Multifamily in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Apartment building - Fully occupied two-bedroom units feature quartz kitchens, covered parking, and updated interior finishes.
Where is this apartment building located?
The property is located at 1920 S Cheyenne Ave Tulsa, OK.
What is the asking price?
The asking price for this property is $4,500,000.
What are key features of this property?
This property features: Fully renovated two‑bedroom apartments with refinished oak floors, quartz kitchens, crown molding, and in‑unit washer and dryer connections; 100% occupied apartment complex; 1.3‑acre site at the northeast corner of 21st Street and Riverside Drive
