Renovated 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 Market226
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) 219-6011
Added: Jan 7
Changed: Aug 4
Last Checked: Aug 21 at 4:06PM
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.
Located at 1920 S Cheyenne Avenue in Tulsa, this 27,394-square-foot apartment property occupies 1.292 acres and is 100% occupied. The apartments offer two-bedroom layouts with refinished oak floors, quartz kitchen surfaces, five closets, 11 windows, washer/dryers, crown detailing, and covered parking. Building features include brick construction, central heating and cooling, wood flooring, exterior lighting, sidewalks, storage, and a built-up roof.
The property fronts Riverside Dr. at the northeast corner of 21st and Riverside, with 322 feet of Riverside Dr. frontage and approximately 300 feet of eastern frontage on Cheyenne Ave. W. 21st forms the southern side. Daigoro restaurant and river trails are across the street, while the Brut hotel is nearby. The site is also three blocks from the Gathering Place park and three blocks from downtown Tulsa.
The property fronts Riverside Dr. at the northeast corner of 21st and Riverside, with 322 feet of Riverside Dr. frontage and approximately 300 feet of eastern frontage on Cheyenne Ave. W. 21st forms the southern side. Daigoro restaurant and river trails are across the street, while the Brut hotel is nearby. The site is also three blocks from the Gathering Place park and three blocks from downtown Tulsa.
Key Highlights
- 27,394‑square‑foot apartment property on 1.292 acres
- 100% occupied apartment complex
- Two‑bedroom apartments with refinished oak floors and quartz kitchens
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
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Apartment building - Fully occupied two-bedroom units feature wood flooring, quartz kitchens, washer/dryers, and covered parking.
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: 27,394‑square‑foot apartment property on 1.292 acres; 100% occupied apartment complex; Two‑bedroom apartments with refinished oak floors and quartz kitchens
