Historic Two-Story Mixed-Use
For Sale
$800,000
309 S Main, Tulsa, OK 74103
First-floor restaurant space pairs with private-entry living quarters above, creating a flexible downtown commercial configuration.
Property Size5,530 SF
Days on Market41
Property Features for 309 S Main
General Information
Standard status
Active
Size
5,530 SF
Class
B
Property subtype
Office
Amenities
high ceilings
exposed brick
private entrance
Building Details
Building Size
5,530 SF
Buildings
1
Stories
2
Tenancy
Multi
Listing Agency:
McGraw Commercial Properties
Listed By:
Julie Buxton, CCIM · License #181195
(214) 500-4713
Source:
Mcgrawcp
Added: Jul 24
Changed: Sep 2
Last Checked: Sep 1 at 5:07PM
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 McGraw Commercial Properties
Investment Insights
Based on property information with market context.
This 5,530-square-foot historic mixed-use building is arranged across two stories with high ceilings and exposed brick. The first floor is leased to an operating restaurant, while the second floor provides living quarters with a private entrance, bedrooms, bathrooms, and a full kitchen. The layout supports the existing combination of commercial and residential space within one property.
Located downtown, the building is within walking distance of the Tulsa Performing Arts Center, BOK, the Arts District, the Blue Dome District, bars, and restaurants. Its two-story configuration and separate second-floor access accommodate an owner-occupier or investor seeking a property with established restaurant occupancy and upper-level living space.
Located downtown, the building is within walking distance of the Tulsa Performing Arts Center, BOK, the Arts District, the Blue Dome District, bars, and restaurants. Its two-story configuration and separate second-floor access accommodate an owner-occupier or investor seeking a property with established restaurant occupancy and upper-level living space.
Key Highlights
- 5,530‑square‑foot historic mixed‑use building
- Two‑story layout with high ceilings and exposed brick
- First floor leased to an operating restaurant
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
$63,830
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
7.98%
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%
$1,276,600
$1.3M
Cap Rate 7%
$911,857
$911.9K
Cap Rate 9%
$709,222
$709.2K
Market Conditions
NOI Build-Up for 5,530 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
$99.5K $18.00/SF
− Vacancy
−$14.4K −$2.61/SF
EGI
$85.1K $15.39/SF
− OpEx
−$21.3K −$3.85/SF
NOI
$63.8K $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%
$1,276,600
Cap Rate 7%
$911,857
Cap Rate 9%
$709,222
Alternative Uses
Best Use
Office B
$911.9K
$797.9K – $1.06M
NOI $63,830 @ 7.0% cap · market cap 7.98%
Second Best
Specialty Retail
$891.9K
$780.5K – $1.04M
NOI $62,436 @ 7.0% cap · market cap 7.80%
Theoretical Best
Office A
$1.18M
$1.03M – $1.38M
NOI $82,562 @ 7.0% cap · market cap 10.32%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
4,620
Businesses Nearby
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 Office in Tulsa, OK
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Mixed-use property - First-floor restaurant space pairs with private-entry living quarters above, creating a flexible downtown commercial configuration.
Where is this mixed-use property located?
The property is located at 309 S Main Tulsa, OK.
What is the asking price?
The asking price for this property is $800,000.
What are key features of this property?
This property features: 5,530‑square‑foot historic mixed‑use building; Two‑story layout with high ceilings and exposed brick; First floor leased to an operating restaurant
