Climate-Controlled
New
For Sale
$1,395,000
23 West 4th Street, Tulsa, OK 74103
Urban warehouse with reinforced construction, dock loading, covered parking, and CBD zoning.
Property Size8,450 SF
Lot Size0.42 Acres
Price / SF$165.09
Days on Market2
Property Features for 23 West 4th Street
General Information
Standard status
Active
Size
8,450 SF
Total Parking Spaces
12
Lot size
0.42 Acres
Property subtype
Industrial
Zoning
CBD
Warehouse & Industrial
Clear Height
22 ft
Warehouse Space
8,450 SF
Dock-High Doors
2
Voltage
480 V
Three-Phase Power
Yes
Sprinkler System
Yes
Conditioned Warehouse
Yes
Building Details
Year Built
2016
Construction
reinforced concrete over steel frame
Listing Agency:
CBRE | Tulsa
Listed By:
Bob Pielsticker
(918) 392-7268
Source:
Cbre
Added: Sep 1
Last Checked: Sep 1 at 9:34PM
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 CBRE | Tulsa
Investment Insights
Based on property information with market context.
This warehouse contains 8,450 square feet within a reinforced concrete-over-steel frame structure finished with brick and decorative facade panels. The building was completed in 2016 and offers 22-foot clear height, a TPO membrane roof with skylights, and full climate control. A three-phase 480v electrical system and ESFR sprinkler protection support warehouse operations, while two dock-high loading doors provide direct freight access.
The property encompasses approximately 0.42 acres in downtown Tulsa at 23 West 4th Street and is zoned CBD. Twelve covered, concrete-striped parking spaces are positioned beneath the warehouse and secured by an entry gate. The combination of urban placement, loading infrastructure, parking, and controlled interior conditions creates a practical warehouse configuration for storage and related commercial use.
The property encompasses approximately 0.42 acres in downtown Tulsa at 23 West 4th Street and is zoned CBD. Twelve covered, concrete-striped parking spaces are positioned beneath the warehouse and secured by an entry gate. The combination of urban placement, loading infrastructure, parking, and controlled interior conditions creates a practical warehouse configuration for storage and related commercial use.
Key Highlights
- 8,450± SF warehouse on 0.42± AC
- 22' clear height with full climate control
- Two dock‑high loading doors
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
$49,327
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
3.54%
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%
$986,540
$986.5K
Cap Rate 7%
$704,671
$704.7K
Cap Rate 9%
$548,078
$548.1K
Market Conditions
NOI Build-Up for 8,450 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
$59.8K $7.08/SF
− Vacancy
−$1.8K −$0.21/SF
EGI
$58.0K $6.87/SF
− OpEx
−$8.7K −$1.03/SF
NOI
$49.3K $5.84/SF
Area
Tulsa, OK
Vacancy
3.00%
Lease Rate
$7.08 /SF/Yr
Expense Ratio
15.00%
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%
$986,540
Cap Rate 7%
$704,671
Cap Rate 9%
$548,078
Alternative Uses
Best Use
Warehouse
$704.7K
$616.6K – $822.1K
NOI $49,327 @ 7.0% cap · market cap 3.54%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.80M
$1.58M – $2.10M
NOI $126,158 @ 7.0% cap · market cap 9.04%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
22 ft
Clear height
2
Dock-high doors
Yes
Sprinkler system
Location Intelligence
Trade Area within ½ mile
4,695
Businesses Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Demographics for 74103, OK
3,082
Population
670
Households
4.6
Avg Household Size
37
Median Age
26%
College-Educated
83%
High-School Grad
0.7 sq mi
ZIP Area
4,403
Density / Sq Mi
$92,083
Median Household Income
$49,983
Median Earnings
$1,395
Median Rent
Market
Vacancy Rate% for Industrial in Tulsa, OK
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
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Frequently Asked Questions
What type of property is this?
Warehouse - Urban warehouse with reinforced construction, dock loading, covered parking, and CBD zoning.
Where is this warehouse located?
The property is located at 23 West 4th Street Tulsa, OK.
What is the asking price?
The asking price for this property is $1,395,000.
What are key features of this property?
This property features: 8,450± SF warehouse on 0.42± AC; 22' clear height with full climate control; Two dock‑high loading doors
