Historic 17-Unit Apartment
For Sale
$2,050,000
24 E 17th St, Tulsa, OK 74119
Established multifamily property with additional acreage in Tulsa’s midtown district.
Property Size15,495 SF
Price / SF$132.30
Days on Market42
Property Features for 24 E 17th St
General Information
Standard status
Active
Size
15,495 SF
Building Details
Year Built
1929
Listing Agency:
Ironstone Management Group LLC
Listed By:
Megan Dowell · License #183711
(720) 725-6677
Source:
Therentzteam
Added: Aug 17
Changed: Sep 18
Last Checked: Sep 26 at 10:56AM
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 Ironstone Management Group LLC
Investment Insights
Based on property information with market context.
Built in 1929, this apartment property contains 17 units and approximately 9,700 square feet of rentable space. The site encompasses approximately 0.57 total acres and includes additional acreage beyond the existing improvements.
Current occupancy is 94.1%, providing an established operating profile for the property. Located at 24 East 17th Street in Tulsa, the community sits within the city’s midtown district.
Current occupancy is 94.1%, providing an established operating profile for the property. Located at 24 East 17th Street in Tulsa, the community sits within the city’s midtown district.
Key Highlights
- 17‑unit apartment property
- Approximately 9,700 square feet of rentable space
- Approximately 0.57 total acres with additional acreage
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
$138,214
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
6.74%
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%
$2,764,280
$2.8M
Cap Rate 7%
$1,974,486
$2.0M
Cap Rate 9%
$1,535,711
$1.5M
Market Conditions
NOI Build-Up for 15,495 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
$278.9K $18.00/SF
− Vacancy
−$27.6K −$1.78/SF
EGI
$251.3K $16.22/SF
− OpEx
−$113.1K −$7.30/SF
NOI
$138.2K $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%
$2,764,280
Cap Rate 7%
$1,974,486
Cap Rate 9%
$1,535,711
Alternative Uses
Best Use
Apartment 5plus
$1.97M
$1.73M – $2.30M
NOI $138,214 @ 7.0% cap · market cap 6.74%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$3.30M
$2.89M – $3.86M
NOI $231,339 @ 7.0% cap · market cap 11.28%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Location Intelligence
Trade Area within ½ mile
1,416
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
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in South region
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Frequently Asked Questions
What type of property is this?
Apartment building - Established multifamily property with additional acreage in Tulsa’s midtown district.
Where is this apartment building located?
The property is located at 24 E 17th St Tulsa, OK.
What is the asking price?
The asking price for this property is $2,050,000.
What are key features of this property?
This property features: 17‑unit apartment property; Approximately 9,700 square feet of rentable space; Approximately 0.57 total acres with additional acreage
