Renovated Duplex with
For Sale
$439,900
3227 S Allegheny Ave, Tulsa, OK 74135
Fully leased two-unit property with updated interiors, private garages, and refreshed exterior improvements.
Property Size3,136 SF
Price / SF$140.27
Days on Market45
Property Features for 3227 S Allegheny Ave
General Information
Standard status
Active
Size
3,136 SF
Total Parking Spaces
4
Property subtype
Multi-Family
Occupancy
100%
Units
Unit Mix
2 x 3BR/2.5BA
Multifamily Units
2
Parking per Unit
2
Building Details
Year Built
1979
Tenancy
Multi
Listing Agency:
Listwithfreedom.com
(918) 456-5288
Listed By:
Century 21 Wright Real Estate
(918) 456-5288
Source:
Century21wright
Added: Jul 17
Changed: Aug 30
Last Checked: Aug 30 at 5:55PM
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 Listwithfreedom.com
Investment Insights
Based on property information with market context.
This Midtown Tulsa duplex contains 3,136 square feet and was built in 1979. Each unit offers 3 bedrooms, 2.5 bathrooms, and a two-car garage, providing a consistent layout across both sides. The property is fully leased, with improvements completed inside and out.
Renovations include painted cabinetry, granite countertops, updated flooring, and remodeled bathrooms. Exterior work includes a new roof, fresh paint, and a new privacy fence. Located on S Allegheny Ave in Midtown Tulsa, the property offers access to the surrounding area while presenting an updated configuration for residential income ownership.
Renovations include painted cabinetry, granite countertops, updated flooring, and remodeled bathrooms. Exterior work includes a new roof, fresh paint, and a new privacy fence. Located on S Allegheny Ave in Midtown Tulsa, the property offers access to the surrounding area while presenting an updated configuration for residential income ownership.
Key Highlights
- Both sides are leased
- Each unit includes 3 bedrooms and 2.5 bathrooms
- Each side has a 2‑car garage
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
$30,549
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
6.94%
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%
$610,980
$611.0K
Cap Rate 7%
$436,414
$436.4K
Cap Rate 9%
$339,433
$339.4K
Market Conditions
NOI Build-Up for 3,136 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
$48.2K $15.36/SF
− Vacancy
−$4.5K −$1.44/SF
EGI
$43.6K $13.92/SF
− OpEx
−$13.1K −$4.17/SF
NOI
$30.5K $9.74/SF
Area
Tulsa, OK
Vacancy
9.40%
Lease Rate
$15.36 /SF/Yr
Expense Ratio
30.00%
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%
$610,980
Cap Rate 7%
$436,414
Cap Rate 9%
$339,433
Alternative Uses
Best Use
Multifamily LT 5
$436.4K
$381.9K – $509.2K
NOI $30,549 @ 7.0% cap · market cap 6.94%
Second Best
Apartment 5plus
$399.6K
$349.7K – $466.2K
NOI $27,973 @ 7.0% cap · market cap 6.36%
Theoretical Best
Office A
$668.9K
$585.3K – $780.3K
NOI $46,820 @ 7.0% cap · market cap 10.64%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
100%
Occupancy
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
437
Businesses Nearby
Explore this area
Business Placement
Demographics for 74135, OK
20,173
Population
10,855
Households
1.9
Avg Household Size
40
Median Age
47%
College-Educated
95%
High-School Grad
6.1 sq mi
ZIP Area
3,307
Density / Sq Mi
$60,942
Median Household Income
$43,835
Median Earnings
$900
Median Rent
$230,700
Median Home Value
Market
Vacancy Rate% for Multifamily in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Duplex - Fully leased two-unit property with updated interiors, private garages, and refreshed exterior improvements.
Where is this duplex located?
The property is located at 3227 S Allegheny Ave Tulsa, OK.
What is the asking price?
The asking price for this property is $439,900.
What are key features of this property?
This property features: Both sides are leased; Each unit includes 3 bedrooms and 2.5 bathrooms; Each side has a 2‑car garage
