Flex Building Near Red
For Sale
Contact for pricing
2422 W 41st St, Tulsa, OK 74107
7,100 SF flex building near the Red Fork Historic District.
Property Size7,100 SF
Price / SF$79.58
Days on Market727
Property Features for 2422 W 41st St
General Information
Standard status
Active
Size
7,100 SF
Total Parking Spaces
27
Property subtype
Industrial, Mixed Use, Office, Retail
Zoning
CH
Lease Type
NNN
Investment Type
Owner/User
Building Details
Year Built
1975
Year Renovated
2022
Buildings
1
Stories
1
Units
3
Listing Agency:
Canvas Real Estate Partners
(918) 712-4310
Listed By:
Brandice Aitken · License #174893
Source:
Crexi
Added: Aug 13, 2024
Changed: Aug 8
Last Checked: May 12 at 8:27PM
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 Canvas Real Estate Partners
Investment Insights
Based on property information with market context.
This 7,100 SF flex building is located adjacent to the Red Fork Historic District on the corner of West 41st Street and 25th West Avenue. The space can serve one to three tenants with a mix of flex, showroom, and warehouse space. Suite 2422 is fully conditioned and finished with a showroom, work area, office, and restroom, and includes a 10x10 overhead door on the rear. Suite 2424 A is an insulated red steel warehouse with front and rear 10x10 overhead doors, a storage closet, shop sink closet, restroom, and conditioned office. The office serves as the pedestrian entrance to this suite. Suite 2424 B is fully conditioned and connected to 2424 A with a pass-through opening. This suite is wide open with a finished showroom and corner restroom. The building's current configuration is set up for a 2,100 SF tenant (2422) and a 5,000 SF tenant (2424 A and B). The entire building can easily be combined for a single 7,100 SF tenant. The parking lot features 27 marked parking spots. The rear overhead doors are accessible from alley access via 25th West Avenue on the west and 24th West Avenue on the east.
Key Highlights
- 7,100 SF flex building suitable for one to three tenants.
- Located on a hard corner adjacent to the Red Fork Historic District.
- Mix of flex, showroom, and warehouse space available.
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
$41,446
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
7.34%
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%
$828,920
$828.9K
Cap Rate 7%
$592,086
$592.1K
Cap Rate 9%
$460,511
$460.5K
Market Conditions
NOI Build-Up for 7,100 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
$50.3K $7.08/SF
− Vacancy
−$1.5K −$0.21/SF
EGI
$48.8K $6.87/SF
− OpEx
−$7.3K −$1.03/SF
NOI
$41.4K $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%
$828,920
Cap Rate 7%
$592,086
Cap Rate 9%
$460,511
Alternative Uses
Best Use
Retail
$976.4K
$854.3K – $1.14M
NOI $68,347 @ 7.0% cap · market cap 12.10%
Second Best
Warehouse
$592.1K
$518.1K – $690.8K
NOI $41,446 @ 7.0% cap · market cap 7.34%
Theoretical Best
Office A
$1.51M
$1.33M – $1.77M
NOI $106,002 @ 7.0% cap · market cap 18.76%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
204
Businesses Nearby
Under-served
Demand for This Use
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 Industrial in Tulsa, OK
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Flex space - 7,100 SF flex building near the Red Fork Historic District.
Where is this flex space located?
The property is located at 2422 W 41st St Tulsa, OK.
What is the asking price?
The asking price for this property is $565,000.
What are key features of this property?
This property features: 7,100 SF flex building suitable for one to three tenants.; Located on a hard corner adjacent to the Red Fork Historic District.; Mix of flex, showroom, and warehouse space available.
