Building Details

Year Built 1950

Listing Agency: Waterfront Realty

Listed By: Vicki L. Heitgrass · License #158004 Show Phone

Source: Cheathamrealty

Added: Jul 10 Changed: Oct 5 Last Checked: Oct 7 at 3:52PM

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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.

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 / Yr

$244,352

Cap Rate

5.43%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$4,887,040 $4.9M

Cap Rate 7%

$3,490,743 $3.5M

Cap Rate 9%

$2,715,022 $2.7M

Is this asking price fair?

Market Conditions

NOI Build-Up for 27,394 SF

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 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 (±1% cap)

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 (±1% cap)

NOI $408,990 @ 7.0% cap · market cap 9.09%

Zoning and permitted uses should be independently verified with authorities. How Realmo checks its estimates

Property Analytics

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Current Use

Apartment buildings

Suggested Use

Top Pick Building Supply Big Box & Wholesale Store Real Estate Agency Dental Office Auto Repair Shop Auto Parts Store

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

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

8.5% 2022

10.2% 2023

11.4% 2024

11.3% 2025

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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