Renovated Two-Story Office
For Sale
Contact for pricing
2417 E Skelly Drive, Tulsa, OK 74107
Recently renovated office property with reception, conference, coworking, and breakroom areas.
Property Size6,531 SF
Price / SF$152.35
Days on Market9
Property Features for 2417 E Skelly Drive
General Information
Standard status
Active
Size
6,531 SF
Class
A
Property subtype
Office
Additional Details
Asking Price
$995,000
Highway Access
Yes
Building Details
Year Renovated
2025
Buildings
1
Stories
2
Building Size
6,531 SF
Listing Agency:
Frisbie Lombardi
(918) 344-9904
Listed By:
Nick Lombardi · License #OK 152277
Source:
Crexi
Added: Aug 4
Changed: Aug 10
Last Checked: Aug 12 at 3:45AM
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 Frisbie Lombardi
Investment Insights
Based on property information with market context.
This recently renovated two-story office building provides approximately 6,531 SF of configured workspace within Twenty-Six Oaks Office Park. The first floor includes a reception area, 14 offices, a conference room, a large breakroom, dual restrooms, and coworking space. The second floor adds 7 offices, another breakroom, dual restrooms, and stairwell access. Upscale finishes are incorporated throughout the interior.
The property occupies the northeast corner of Skelly and Lewis, with ample parking and convenient access to I-44. Its combination of private offices, shared workspace, meeting space, support areas, and two-level configuration offers a substantial office layout for an owner-user or business operation.
The property occupies the northeast corner of Skelly and Lewis, with ample parking and convenient access to I-44. Its combination of private offices, shared workspace, meeting space, support areas, and two-level configuration offers a substantial office layout for an owner-user or business operation.
Key Highlights
- ±6,531 SF of recently renovated office space
- 21 total offices across two floors
- First‑floor reception, conference room, coworking space, and large breakroom
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
$75,384
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
7.58%
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%
$1,507,680
$1.5M
Cap Rate 7%
$1,076,914
$1.1M
Cap Rate 9%
$837,600
$837.6K
Market Conditions
NOI Build-Up for 6,531 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
$117.6K $18.00/SF
− Vacancy
−$17.0K −$2.61/SF
EGI
$100.5K $15.39/SF
− OpEx
−$25.1K −$3.85/SF
NOI
$75.4K $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%
$1,507,680
Cap Rate 7%
$1,076,914
Cap Rate 9%
$837,600
Alternative Uses
Best Use
Office B
$1.08M
$942.3K – $1.26M
NOI $75,384 @ 7.0% cap · market cap 7.58%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.39M
$1.22M – $1.63M
NOI $97,507 @ 7.0% cap · market cap 9.80%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
340
Businesses Nearby
Explore this area
Business Placement
Demographics for 74107, OK
19,453
Population
8,566
Households
2.3
Avg Household Size
36
Median Age
20%
College-Educated
86%
High-School Grad
25.4 sq mi
ZIP Area
766
Density / Sq Mi
$53,098
Median Household Income
$36,274
Median Earnings
$938
Median Rent
$124,100
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?
Office building - Recently renovated office property with reception, conference, coworking, and breakroom areas.
Where is this office building located?
The property is located at 2417 E Skelly Drive Tulsa, OK.
What is the asking price?
The asking price for this property is $995,000.
What are key features of this property?
This property features: ±6,531 SF of recently renovated office space; 21 total offices across two floors; First‑floor reception, conference room, coworking space, and large breakroom
