Prime Tulsa Location on
1920 S Cheyenne Avenue Tulsa, OK 74119
For Sale
$4,500,000
COMMERCIAL - Tulsa, OK
Property Size27,394 SF
Lot Size1.29 Acres
Price / SF$164.27
Days on Market201
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
Listing Agency:
Waterfront Realty
(918) 219-6011
Listed By:
Vicki L. Heitgrass · License #158004
(918) 510-4377
Added: Jan 7
Changed: May 14
Last Checked: Jul 27 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.
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.
Key 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.
Financial Insights For Apartment 5plus
Simulate Cap Rate and NOI
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.
| 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 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
Location Intelligence
Current Use
Frequently Asked Questions
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.
