Retail Property in Midtown
For Sale
Contact for pricing
Pending
3701 S Harvard Ave, Tulsa, OK 74135
Renovated, fully occupied retail property in a high-traffic Tulsa corridor.
Property Size13,160 SF
Days on Market150
Property Features for 3701 S Harvard Ave
General Information
Standard status
Pending
Size
13,160 SF
Class
B
Property subtype
Retail
Occupancy
100%
Lease Type
NNN
Building Details
Year Built
1987
Year Renovated
2023
Buildings
2
Stories
1
Units
8
Tenancy
Multi
Listing Agency:
Summit Real Estate
(469) 844-8884
Listed By:
Hudson Lambert · License #TX 724882
Source:
Crexi
Added: Mar 24
Changed: Aug 8
Last Checked: Aug 8 at 6:33AM
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 Summit Real Estate
Investment Insights
Based on property information with market context.
This retail property, located in Midtown Tulsa, is 100% occupied. The property was renovated in 2023 and is situated in a heavily trafficked and dense retail corridor. The property size is 13160 square feet.
Key Highlights
- 100% Occupied
- Heavily Trafficked & Dense Retail Corridor
- 2023 Renovation
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
$126,683
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
3.26%
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%
$2,533,660
$2.5M
Cap Rate 7%
$1,809,757
$1.8M
Cap Rate 9%
$1,407,589
$1.4M
Market Conditions
NOI Build-Up for 13,160 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
$189.5K $14.40/SF
− Vacancy
−$8.5K −$0.65/SF
EGI
$181.0K $13.75/SF
− OpEx
−$54.3K −$4.13/SF
NOI
$126.7K $9.63/SF
Area
Tulsa, OK
Vacancy
4.50%
Lease Rate
$14.40 /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%
$2,533,660
Cap Rate 7%
$1,809,757
Cap Rate 9%
$1,407,589
Alternative Uses
Best Use
Retail
$1.81M
$1.58M – $2.11M
NOI $126,683 @ 7.0% cap · market cap 3.26%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$2.81M
$2.46M – $3.27M
NOI $196,478 @ 7.0% cap · market cap 5.05%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
654
Businesses Nearby
41k
Monthly Visits Nearby
Explore this area
Business Placement
Foot Traffic Nearby
Groceries 47%
Dining 23%
Shops & Services 22%
Beauty & Spa 6%
Sprouts Farmers Market
Groceries
19,292 visits/mo
0.4 miles
SONIC Drive In
Dining
9,367 visits/mo
0.1 miles
The UPS Store
Shops & Services
4,386 visits/mo
0.0 miles
Shell
Shops & Services
4,245 visits/mo
0.2 miles
Great Clips
Beauty & Spa
2,268 visits/mo
0.4 miles
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 Retail in Tulsa, OK
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Retail property - Renovated, fully occupied retail property in a high-traffic Tulsa corridor.
Where is this retail property located?
The property is located at 3701 S Harvard Ave Tulsa, OK.
What is the asking price?
The asking price for this property is $3,890,000.
What are key features of this property?
This property features: 100% Occupied; Heavily Trafficked & Dense Retail Corridor; 2023 Renovation
