Multi-Tenant Medical Office
For Sale
Contact for pricing
4520 S Harvard Ave, Tulsa, OK 74135
Multi-tenant medical and professional building anchored by MyEyeDr with 93.7% occupancy by square footage.
Property Size23,144 SF
Price / SF$146.91
Days on Market51
Property Features for 4520 S Harvard Ave
General Information
Standard status
Active
Size
23,144 SF
Property subtype
Office
Occupancy
93%
Lease Type
Modified
Investment Type
Value Add
Net Operating Income
$282,691
Building Details
Year Built
1981
Buildings
1
Tenancy
Multi
Listing Agency:
Zeustra Healthcare Real Estate Advisors
Listed By:
Ryan Lupo · License #NJ 2189708
Source:
Crexi
Added: Jun 19
Changed: Aug 8
Last Checked: Aug 6 at 10:52AM
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 Zeustra Healthcare Real Estate Advisors
Investment Insights
Based on property information with market context.
Harvard Gardens is a multi-tenant medical and professional office building that totals 123,144 square feet and is 93.7% leased by square footage to six healthcare and professional tenants. The property’s tenancy is anchored by MyEyeDr (MED Southwest PLLC), occupying 12,400 square feet, which the offering materials describe as 54% of the building’s rentable area. The asset is presented as well-maintained and currently operated as an established outpatient optometry practice.
Located in Tulsa, Oklahoma at 4520 S Harvard Ave, Harvard Gardens is positioned along the Midtown healthcare corridor on South Harvard Avenue. The remarks cite proximity to major hospital systems, including Saint Francis, Hillcrest, and Ascension St. John, as well as a dense surrounding population base and a daytime employment pool supported by those networks.
For buyers seeking an operationally focused healthcare office asset, Harvard Gardens offers an in-place tenant mix spanning optometry, home health, psychology, mortgage, property management, and realty. With an anchor suite operating under the MyEyeDr banner and long-established occupancy at the location, the building may align with investors and operators looking to participate in the outpatient medical sector within a core midtown medical node.
Located in Tulsa, Oklahoma at 4520 S Harvard Ave, Harvard Gardens is positioned along the Midtown healthcare corridor on South Harvard Avenue. The remarks cite proximity to major hospital systems, including Saint Francis, Hillcrest, and Ascension St. John, as well as a dense surrounding population base and a daytime employment pool supported by those networks.
For buyers seeking an operationally focused healthcare office asset, Harvard Gardens offers an in-place tenant mix spanning optometry, home health, psychology, mortgage, property management, and realty. With an anchor suite operating under the MyEyeDr banner and long-established occupancy at the location, the building may align with investors and operators looking to participate in the outpatient medical sector within a core midtown medical node.
Key Highlights
- 93.7%-leased 123,144 SF multi‑tenant medical and professional office building in Tulsa, Oklahoma.
- Leased by square footage to six healthcare and professional tenants.
- MyEyeDr anchor suite totals 12,400 SF and is 54% of the building’s rentable area.
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
$267,140
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
7.86%
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%
$5,342,800
$5.3M
Cap Rate 7%
$3,816,286
$3.8M
Cap Rate 9%
$2,968,222
$3.0M
Market Conditions
NOI Build-Up for 23,144 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
$416.6K $18.00/SF
− Vacancy
−$60.4K −$2.61/SF
EGI
$356.2K $15.39/SF
− OpEx
−$89.0K −$3.85/SF
NOI
$267.1K $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%
$5,342,800
Cap Rate 7%
$3,816,286
Cap Rate 9%
$2,968,222
Alternative Uses
Best Use
Office B
$3.82M
$3.34M – $4.45M
NOI $267,140 @ 7.0% cap · market cap 7.86%
Second Best
Healthcare Medical
$3.72M
$3.26M – $4.34M
NOI $260,620 @ 7.0% cap · market cap 7.67%
Theoretical Best
Office A
$4.94M
$4.32M – $5.76M
NOI $345,538 @ 7.0% cap · market cap 10.16%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
25
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 Office in Tulsa, OK
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Medical center - Multi-tenant medical and professional building anchored by MyEyeDr with 93.7% occupancy by square footage.
Where is this medical center located?
The property is located at 4520 S Harvard Ave Tulsa, OK.
What is the asking price?
The asking price for this property is $3,400,000.
What are key features of this property?
This property features: 93.7%-leased 123,144 SF multi‑tenant medical and professional office building in Tulsa, Oklahoma.; Leased by square footage to six healthcare and professional tenants.; MyEyeDr anchor suite totals 12,400 SF and is 54% of the building’s rentable area.
