Renovated 29-Unit Apartment
For Sale
$4,500,000
1920 S Cheyenne Avenue, Tulsa, OK 74119
Commercial, Tulsa, OK
Property Size27,394 SF
Lot Size1.29 Acres
Price / SF$164.27
Days on Market264
Property Features for 1920 S Cheyenne Avenue
General Information
Property type
Commercial Sale
Property subtype
Apartment
Zoning
RM 2
Parking features
Carport
Interior features
Window Treatment
Exterior features
Lighting, Sidewalk, Storage
Subdivision
Aaronsons sub Buena Vista Park
Elementary school district
Tulsa - Sch Dist (1)
Middle school district
Tulsa - Sch Dist (1)
High school district
Tulsa - Sch Dist (1)
Directions
NE corner of 21st and Riverside
Standard status
Active
APN
00525921200040
Size
27,394 SF
Lot size
1.29 Acres
Taxes and HOA fees
Tax Year
2024
Tax Description
S20 LT 3 and all LTS 4 thru 6 and PRT Lts 7 thru 9 Beg 3.32 N SECR LT 8 TH W78.26 TH on CRV RT 23.82 NW 319.75 E121.51 N20 E140 S306.78 POB Blk 7
Tax Annual Amount
12007
Legal Description
S20 LT 3 and all LTS 4 thru 6 and PRT Lts 7 thru 9 Beg 3.32 N SECR LT 8 TH W78.26 TH on CRV RT 23.82 NW 319.75 E121.51 N20 E140 S306.78 POB Blk 7
Utilities
Utilities
Cable Available
Heating system
Central
Cooling system
Central Air
Amenities
covered parking
washer/dryer
Building Details
Year built
1950
Floors in Building
2
Flooring type
Wood
Building materials
Brick
Roof type
Built-Up
Additional Structures
Storage
Listing Agency:
Waterfront Realty
(918) 219-6011
Listed By:
Vicki L. Heitgrass · License #158004
(918) 510-4377
Added: Jan 7
Changed: Aug 27
Last Checked: Sep 28 at 7:06AM
MLS# 2600772
Copyright © 2026 MLS Technology, Inc. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This 29-unit apartment property contains 28 two-bedroom residences and one furnished one-bedroom apartment across 27,394 square feet. The renovated two-bedroom units feature refinished oak flooring, quartz kitchens, washer and dryer connections, crown molding, multiple closets, and 11 windows. Brick construction, central heating and cooling, covered parking, storage, sidewalks, and a built-up roof are among the property improvements. The complex is 100% occupied.
Set on 1.292 acres at the northeast corner of South Cheyenne Avenue and West 21st Street, the property includes 322 feet of Riverside Drive frontage and approximately 320 feet of eastern frontage along Cheyenne Avenue. It is across from Daigoro restaurant and the river trails, near the Brut hotel and Midtown restaurants and bars, and three blocks from The Gathering Place and downtown Tulsa. RM 2 zoning is identified for the property. A conceptual drawing for a 100-unit hotel and parking garage is included with the property materials.
Set on 1.292 acres at the northeast corner of South Cheyenne Avenue and West 21st Street, the property includes 322 feet of Riverside Drive frontage and approximately 320 feet of eastern frontage along Cheyenne Avenue. It is across from Daigoro restaurant and the river trails, near the Brut hotel and Midtown restaurants and bars, and three blocks from The Gathering Place and downtown Tulsa. RM 2 zoning is identified for the property. A conceptual drawing for a 100-unit hotel and parking garage is included with the property materials.
Key Highlights
- 29 units: 28 two‑bedroom apartments and 1 furnished one‑bedroom apartment
- 100% occupied multifamily complex
- 1.292 acres with 27,394 square feet of property size
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
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Current Use
Lease Details
29
Residential units
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
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 multifamily property with renovated apartments, covered parking, and a prominent Midtown Tulsa location.
Where is this apartment building located?
The property is located at 1920 S Cheyenne Avenue 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: 29 units: 28 two‑bedroom apartments and 1 furnished one‑bedroom apartment; 100% occupied multifamily complex; 1.292 acres with 27,394 square feet of property size
