Retail Space with
For Sale
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502 E 3rd St, Tulsa, OK 74120
Retail space in Tulsa’s dining and entertainment corridor with an elevator in place and heavy daytime and nighttime traffic nearby.
Property Size11,280 SF
Price / SF$203.90
Days on Market692
Property Features for 502 E 3rd St
General Information
Standard status
Active
Size
11,280 SF
Property subtype
RETAIL
Amenities
elevator
Listing Agency:
Legacy Commercial Property Advisors
(918) 438-9999
Listed By:
Jonathan Cowan · License ##201517
(918) 728-9672
Source:
Moodyscre
Added: Nov 12, 2024
Changed: Sep 14
Last Checked: Oct 4 at 1:27PM
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 Legacy Commercial Property Advisors
Investment Insights
Based on property information with market context.
Retail space at 502 E 3rd St in Tulsa, OK, totaling 11,280 SF. The property includes an elevator in place, supporting move-in readiness and facilitating tenant access.
The asset benefits from a highly visible location within a proven dining and entertainment corridor. It is described as within walking distance to Santa Fe Square, Vast Bank, and The View, with heavy daytime and nighttime traffic generated by nearby office and entertainment venues.
A key operational point is limited occupancy, providing room for efficient re-positioning of the asset. The combination of corridor visibility, ongoing activity, and elevator access can support a range of retail and service concepts that value convenient customer reach.
The asset benefits from a highly visible location within a proven dining and entertainment corridor. It is described as within walking distance to Santa Fe Square, Vast Bank, and The View, with heavy daytime and nighttime traffic generated by nearby office and entertainment venues.
A key operational point is limited occupancy, providing room for efficient re-positioning of the asset. The combination of corridor visibility, ongoing activity, and elevator access can support a range of retail and service concepts that value convenient customer reach.
Key Highlights
- 11,280 SF retail space at 502 E 3rd St, Tulsa
- Elevator in place
- Highly visible location in a proven dining and entertainment corridor
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
$108,586
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
4.72%
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%
$2,171,720
$2.2M
Cap Rate 7%
$1,551,229
$1.6M
Cap Rate 9%
$1,206,511
$1.2M
Market Conditions
NOI Build-Up for 11,280 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
$162.4K $14.40/SF
− Vacancy
−$7.3K −$0.65/SF
EGI
$155.1K $13.75/SF
− OpEx
−$46.5K −$4.13/SF
NOI
$108.6K $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%
$2,171,720
Cap Rate 7%
$1,551,229
Cap Rate 9%
$1,206,511
Alternative Uses
Best Use
Retail
$1.55M
$1.36M – $1.81M
NOI $108,586 @ 7.0% cap · market cap 4.72%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$2.41M
$2.11M – $2.81M
NOI $168,409 @ 7.0% cap · market cap 7.32%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Location Intelligence
Trade Area within ½ mile
3,754
Businesses Nearby
30k
Monthly Visits Nearby
Explore this area
Business Placement
Foot Traffic Nearby
Hotels & Casinos 89%
Shops & Services 6%
Dining 5%
DoubleTree by Hilton Hotel Tulsa Downtown
Hotels & Casinos
13,860 visits/mo
0.2 miles
Residence Inn by Marriott Tulsa Downtown
Hotels & Casinos
5,304 visits/mo
0.3 miles
Hampton Inn & Suites Tulsa Downtown
Hotels & Casinos
4,160 visits/mo
0.3 miles
La Quinta Inn & Suites by Wyndham Tulsa Downtown/Route 66
Hotels & Casinos
3,425 visits/mo
0.2 miles
Arvest Bank
Shops & Services
1,766 visits/mo
0.5 miles
Demographics for 74120, OK
5,037
Population
3,308
Households
1.5
Avg Household Size
37
Median Age
52%
College-Educated
92%
High-School Grad
2.1 sq mi
ZIP Area
2,399
Density / Sq Mi
$66,280
Median Household Income
$46,823
Median Earnings
$1,071
Median Rent
$415,300
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Retail in Tulsa, OK
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Frequently Asked Questions
What type of property is this?
Retail space - Retail space in Tulsa’s dining and entertainment corridor with an elevator in place and heavy daytime and nighttime traffic nearby.
Where is this retail space located?
The property is located at 502 E 3rd St Tulsa, OK.
What is the asking price?
The asking price for this property is $2,300,000.
What are key features of this property?
This property features: 11,280 SF retail space at 502 E 3rd St, Tulsa; Elevator in place; Highly visible location in a proven dining and entertainment corridor
