Two-Building Flex and Warehouse
For Sale
Contact for pricing
2215 N Sheridan Road, Tulsa, OK 74115
Secured, paved commercial property on 4.25 acres with a two-story office building and a warehouse with garage-style space.
Property Size5,820 SF
Lot Size4.25 Acres
Price / SF$154.64
Days on Market61
Property Features for 2215 N Sheridan Road
General Information
Standard status
Active
Size
5,820 SF
Lot size
4.25 Acres
Property subtype
Industrial, Office
Site & Location
Road Access
Yes
Fenced Yard
Yes
Amenities
electric gate
secured grounds
Building Details
Year Built
2003
Listing Agency:
C21/First Choice Realty
Listed By:
Myrinda Morgan · License #205224
Source:
Crexi
Added: Jun 13
Changed: Aug 8
Last Checked: Aug 12 at 9:22AM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of C21/First Choice Realty
Investment Insights
Based on property information with market context.
This two-building commercial site is set on 4.25 acres and includes a two-story structure with office space plus a separate warehouse-style building offering interior storage and garage-style accommodations. The grounds are fully secured, with an electric gate opener controlling access, and an expansive paved lot supports convenient on-site operations.
The property is located along Sheridan Road in Tulsa, OK and provides access to public transit with a bus station just steps away. Surrounding amenities include Tulsa MET Junior High and High School, Mike Patrick Park, and the Warehouse Market grocery store.
With office space in the two-story building and flexible storage and garage-style space in the second building, the property is configured to support mixed administrative and operational needs on a larger acreage parcel.
The property is located along Sheridan Road in Tulsa, OK and provides access to public transit with a bus station just steps away. Surrounding amenities include Tulsa MET Junior High and High School, Mike Patrick Park, and the Warehouse Market grocery store.
With office space in the two-story building and flexible storage and garage-style space in the second building, the property is configured to support mixed administrative and operational needs on a larger acreage parcel.
Key Highlights
- Secured commercial site on 4.25 acres with electric gate opener and fully secured grounds
- Two distinct buildings: a two‑story office building plus a second building with interior storage and garage‑style space
- Expansive paved lot for parking and vehicle access for staff, clients, and commercial vehicles
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
$67,177
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
7.46%
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%
$1,343,540
$1.3M
Cap Rate 7%
$959,671
$959.7K
Cap Rate 9%
$746,411
$746.4K
Market Conditions
NOI Build-Up for 5,820 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
$104.8K $18.00/SF
− Vacancy
−$15.2K −$2.61/SF
EGI
$89.6K $15.39/SF
− OpEx
−$22.4K −$3.85/SF
NOI
$67.2K $11.54/SF
Area
Tulsa, OK
Vacancy
14.50%
Lease Rate
$18.00 /SF/Yr
Expense Ratio
25.00%
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%
$1,343,540
Cap Rate 7%
$959,671
Cap Rate 9%
$746,411
Alternative Uses
Best Use
Office B
$959.7K
$839.7K – $1.12M
NOI $67,177 @ 7.0% cap · market cap 7.46%
Second Best
Warehouse
$485.3K
$424.7K – $566.2K
NOI $33,974 @ 7.0% cap · market cap 3.77%
Theoretical Best
Office A
$1.24M
$1.09M – $1.45M
NOI $86,892 @ 7.0% cap · market cap 9.65%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Fenced yard
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
178
Businesses Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Demographics for 74115, OK
24,461
Population
9,583
Households
2.6
Avg Household Size
32
Median Age
9%
College-Educated
72%
High-School Grad
16.0 sq mi
ZIP Area
1,529
Density / Sq Mi
$43,111
Median Household Income
$27,179
Median Earnings
$987
Median Rent
$74,900
Median Home Value
Market
Vacancy Rate% for Office in Tulsa, OK
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Flex space - Secured, paved commercial property on 4.25 acres with a two-story office building and a warehouse with garage-style space.
Where is this flex space located?
The property is located at 2215 N Sheridan Road Tulsa, OK.
What is the asking price?
The asking price for this property is $900,000.
What are key features of this property?
This property features: Secured commercial site on 4.25 acres with electric gate opener and fully secured grounds; Two distinct buildings: a two‑story office building plus a second building with interior storage and garage‑style space; Expansive paved lot for parking and vehicle access for staff, clients, and commercial vehicles
