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    Prime Tulsa Location on Riverside Title is generated by Realmo AI

    1920 S Cheyenne Avenue, Tulsa, OK 74119

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    Claim this Listing
    For Sale
    $4,500,000

    COMMERCIAL - Tulsa, OK

    Type:Apartment
    Property size:
    27,394 SF
    Lot size:
    1.29 Acres
    Price / SF:
    $164/SF
    Added:
    Jan 7, 2026
    Days on Market:
    136
    Last Refresh:
    May 23 at 12:06 am

    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
    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

    Utilities

    Utilities
    Cable Available
    Heating system
    Central
    Cooling system
    Central Air

    Building Details

    Year built
    1950
    Floors in Building
    2
    Flooring type
    Wood
    Building materials
    Brick
    Roof type
    Built-Up
    Additional Structures
    Storage

    We can help!

    Listing Contact
    Vicki L. Heitgrass

    Listing agent Vicki L. Heitgrass License #158004

    Listing office Waterfront Realty 61943 E 360 Rd, Afton, OK

    Listing date Jan 7, 2026

    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.

    HighLights

    • Prime location on Riverside Drive with extensive frontage and high visibility.
    • Large 1.3‑acre lot in a desirable midtown Tulsa location.
    • Close proximity to popular restaurants, bars, the Gathering Place park, and downtown Tulsa.
    • Conceptual drawings available for a 100‑unit hotel and parking garage.
    • Renovated 2‑bedroom apartments with refinished oak floors, washer/dryer, and quartz kitchens.
    • Complex is 100% occupied, offering immediate income potential.

    Overview

    This 1.3-acre property is located at the northeast corner of 21st and Riverside in Tulsa, Oklahoma, offering 322 feet of frontage on Riverside Drive and approximately 300 feet of frontage on Cheyenne Avenue. Situated in a vibrant area of midtown Tulsa, the property is across the street from Daigoro restaurant and river trails, around the corner from the Brut hotel, and a short distance from popular restaurants and bars. It is also located three blocks from the nationally recognized Gathering Place park and three blocks from downtown Tulsa. Conceptual drawings are available for a 100-unit hotel and parking garage. The existing apartments feature renovated two-bedroom units with refinished oak floors, 11 windows, 5 closets, washer/dryer, crown molding, covered parking, and quartz kitchens. The complex is currently 100% occupied. The property is zoned RM 2.

    Financial Insights

    Value Estimation Calculated for Apartment 5plus

    Conservative
    $2.72M
    NOI $244,352 @ 9.00% cap · cautious / downside scenario
    Moderate
    $3.49M
    NOI $244,352 @ 7.00% cap · market / base-case scenario
    Aggressive
    $4.89M
    NOI $244,352 @ 5.00% cap · optimistic / upside scenario

    NOI & Cap Rate Calculator

    NOI Build-Up
    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.
         Calculated for Apartment 5plus

    Component $ $/SF
    Gross rent $493.1k $18.00
    − Vacancy −$48.8k −$1.78
    EGI $444.3k $16.22
    − OpEx −$199.9k −$7.30
    NOI $244.4k $8.92
    27,394 SF · lease $18.00/SF/yr · vacancy 9.90% · expense 45.00%

    Alternative Use Scenarios

    Best Use
    Apartment 5plus
    $3.49M
    $3.05M – $4.07M (±1% cap)
    NOI $244,352 @ 7.0% cap · market cap 5.43%
    Second Best
    Hotel Hospitality
    $981.5K
    $858.8K – $1.15M (±1% cap)
    NOI $68,704 @ 7.0% cap · market cap 1.53%
    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 local authorities.
    Property Profile Location Intelligence

    Current Use by Public Records

    Hotels

    Suggested Use

    Real Estate Agency Law Firm Restaurant Spa & Massage Center Hair Salon Nail Salon Building Supply Accounting Firm Daycare Center Skin Care Clinic

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Tulsa
    County
    Creek
    State
    Oklahoma
    Longitude
    -95.9982576
    Latitude
    36.1830975

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    FAQs

    What type of property is this?
    Apartment building - 1.3 acres on Riverside Dr. near Gathering Place park.
    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: Prime location on Riverside Drive with extensive frontage and high visibility.; Large 1.3‑acre lot in a desirable midtown Tulsa location.; Close proximity to popular restaurants, bars, the Gathering Place park, and downtown Tulsa.
    (918) 510-4377
    We can help!
    Listing Contact
    Vicki L. Heitgrass
    Real Estate License ID: 158004
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

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