Flex Building with Drive-In
For Sale
Contact for pricing
4941 E ADMIRAL PL, Tulsa, OK 74115
Versatile flex property with retail frontage, multiple service bays, and on-site apartments for owner-operator use.
Property Size11,515 SF
Price / SF$60.79
Days on Market104
Property Features for 4941 E ADMIRAL PL
General Information
Standard status
Active
Size
11,515 SF
Class
C
Total Parking Spaces
7
Property subtype
Retail, Mixed Use
Zoning
CS
Investment Type
Owner/User
Additional Details
Highway Access
Yes
Heavy Power
Yes
Multifamily Units
2
Building Details
Year Built
1938
Buildings
1
Stories
2
Units
1
Listing Agency:
SVN | OAK Realty Advisors
Listed By:
Dakota Owen · License #210600
(832) 769-1128
Source:
Crexi
Added: May 28
Changed: Aug 31
Last Checked: Sep 8 at 4:03AM
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 SVN | OAK Realty Advisors
Investment Insights
Based on property information with market context.
This flex building totals 11,515 SF and is configured to support a mix of retail, service, and storage use. The property features a prominent retail showroom/storefront with street exposure, along with multiple garage/service bays with drive-in access. Dedicated warehouse or storage areas provide approximately 4,920 SF for inventory, equipment, or operational needs. The building also includes two small live-in apartments, currently under renovation, which can support on-site management or additional rental income. A two-story layout provides flexible rooming options for a variety of mixed-use concepts, and the property is equipped with a 600-amp electrical service. Surface parking is available for approximately seven vehicles.
The property is located on East Admiral Place in a high-visibility commercial corridor zoned CH. It sits directly across from a QuikTrip convenience store and gas station, and it offers convenient access to the I-244 interchange for regional connectivity. The positioning along a heavily trafficked corridor supports daily customer and delivery access.
With its combination of showroom frontage, drive-in service bays, and dedicated warehouse/storage space, the building is well-suited to automotive repair and service, retail or service operations, light industrial use, or live-work configurations. For an owner-user, the on-site apartments provide a practical way to keep management close to the operation during renovations and turn-key buildout planning.
The property is located on East Admiral Place in a high-visibility commercial corridor zoned CH. It sits directly across from a QuikTrip convenience store and gas station, and it offers convenient access to the I-244 interchange for regional connectivity. The positioning along a heavily trafficked corridor supports daily customer and delivery access.
With its combination of showroom frontage, drive-in service bays, and dedicated warehouse/storage space, the building is well-suited to automotive repair and service, retail or service operations, light industrial use, or live-work configurations. For an owner-user, the on-site apartments provide a practical way to keep management close to the operation during renovations and turn-key buildout planning.
Key Highlights
- 11,515 SF flexible commercial building for retail, service, automotive, warehouse, owner‑user, or mixed‑use uses
- About 4,920 SF dedicated warehouse/storage area plus a two‑story layout for versatile space configuration
- Multiple garage/service bays with drive‑in access and a prominent retail showroom/storefront with street exposure
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
$59,728
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
8.53%
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%
$1,194,560
$1.2M
Cap Rate 7%
$853,257
$853.3K
Cap Rate 9%
$663,644
$663.6K
Market Conditions
NOI Build-Up for 11,515 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
$96.7K $8.40/SF
− Vacancy
−$4.8K −$0.42/SF
EGI
$91.9K $7.98/SF
− OpEx
−$32.2K −$2.79/SF
NOI
$59.7K $5.19/SF
Area
Tulsa, OK
Vacancy
5.00%
Lease Rate
$8.40 /SF/Yr
Expense Ratio
35.00%
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%
$1,194,560
Cap Rate 7%
$853,257
Cap Rate 9%
$663,644
Alternative Uses
Best Use
Retail
$1.58M
$1.39M – $1.85M
NOI $110,848 @ 7.0% cap · market cap 15.84%
Second Best
Warehouse
$960.3K
$840.2K – $1.12M
NOI $67,218 @ 7.0% cap · market cap 9.60%
Theoretical Best
Office A
$2.46M
$2.15M – $2.87M
NOI $171,918 @ 7.0% cap · market cap 24.56%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Yes
Heavy power
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
302
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 74115, OK
24,461
Population
9,583
Households
2.6
Avg Household Size
32
Median Age
9%
College-Educated
72%
High-School Grad
16.0 sq mi
ZIP Area
1,529
Density / Sq Mi
$43,111
Median Household Income
$27,179
Median Earnings
$987
Median Rent
$74,900
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 - Versatile flex property with retail frontage, multiple service bays, and on-site apartments for owner-operator use.
Where is this flex space located?
The property is located at 4941 E ADMIRAL PL Tulsa, OK.
What is the asking price?
The asking price for this property is $700,000.
What are key features of this property?
This property features: 11,515 SF flexible commercial building for retail, service, automotive, warehouse, owner‑user, or mixed‑use uses; About 4,920 SF dedicated warehouse/storage area plus a two‑story layout for versatile space configuration; Multiple garage/service bays with drive‑in access and a prominent retail showroom/storefront with street exposure
