26-Unit Multifamily
5623 S Quincy Ave Tulsa, OK 74105
For Sale
$1,950,000
Pending
Cornerstone Apartments is a 26-unit community built in 1970 with a separately metered non-revenue unit and recent roof replacements.
Property Size15,440 SF
Days on Market159
Property Features for 5623 S Quincy Ave
General Information
Standard status
Pending
Size
15,440 SF
Listing Agency:
Ironstone Management Group LLC
(720) 725-6677
Listed By:
Megan Dowell · License #183711
(720) 725-6677
Source:
Exprealty
Added: Feb 19
Changed: Jul 24
Last Checked: Jul 27 at 1:18AM
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 Ironstone Management Group LLC
Investment Insights
Based on property information with market context.
Cornerstone Apartments is a 26-unit multifamily community built in 1970. The property includes a non-revenue unit that is already separately metered for electricity, offering a conversion path to an additional rentable apartment. Ownership also completed new roof replacements in 2022.
The property is centrally located near I-44 and U.S. 75, and sits minutes from major employment centers including Saint Francis Health System, American Airlines, QuikTrip, and the Industrial Corridor.
In addition to the apartment building, the offering includes an undeveloped 0.33-acre tract zoned for multifamily use, which may support expansion or amenity development.
The property is centrally located near I-44 and U.S. 75, and sits minutes from major employment centers including Saint Francis Health System, American Airlines, QuikTrip, and the Industrial Corridor.
In addition to the apartment building, the offering includes an undeveloped 0.33-acre tract zoned for multifamily use, which may support expansion or amenity development.
Key Highlights
- 26‑unit multifamily community built in 1970
- Includes a non‑revenue unit that is already separately metered for electricity and can be converted to a rentable apartment
- New roofs completed in 2022
Financial Insights For Apartment 5plus
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $250.1k | $16.20 |
| − Vacancy | −$18.8k | −$1.22 |
| EGI | $231.4k | $14.99 |
| − OpEx | −$104.1k | −$6.74 |
| NOI | $127.3k | $8.24 |
15,440 SF · lease $16.20/SF/yr · vacancy 7.50% · expense 45.00%
Alternative Uses
Best Use
Apartment 5plus
$1.82M
$1.59M – $2.12M
NOI $127,253 @ 7.0% cap · market cap 6.53%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$3.78M
$3.31M – $4.41M
NOI $264,580 @ 7.0% cap · market cap 13.57%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Location Intelligence
Current Use
Frequently Asked Questions
What type of property is this?
Apartment building - Cornerstone Apartments is a 26-unit community built in 1970 with a separately metered non-revenue unit and recent roof replacements.
Where is this apartment building located?
The property is located at 5623 S Quincy Ave Tulsa, OK.
What is the asking price?
The asking price for this property is $1,950,000.
What are key features of this property?
This property features: 26‑unit multifamily community built in 1970; Includes a non‑revenue unit that is already separately metered for electricity and can be converted to a rentable apartment; New roofs completed in 2022
