Iconic Tulsa Property For
For Sale
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631 N Denver Ave, Tulsa, OK 74106
Turnkey opportunity with flexible seller financing and low down payment.
Property Size36,938 SF
Price / SF$54.14
Days on Market205
Property Features for 631 N Denver Ave
General Information
Standard status
Active
Size
36,938 SF
Property subtype
Hospitality, Mixed Use, Office, Retail, Special Purpose
Zoning
Residential Mutli-Family (RM1)
Investment Type
Value Add
Building Details
Year Built
1920
Buildings
2
Stories
3
Listing Agency:
NOI Ventures
Listed By:
david eliyahu · License #FL
Source:
Crexi
Added: Jan 27
Changed: Aug 8
Last Checked: Aug 19 at 12:42PM
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 NOI Ventures
Investment Insights
Based on property information with market context.
This 36,938 square foot property, appraised at $3,230,000, is offered for sale. Flexible seller financing is available with a 10% down payment, presenting a turnkey opportunity to transform one of Tulsa’s iconic properties into a high-yield destination asset.
Key Highlights
- Appraised at $3,230,000
- Flexible seller financing available with only 10% down
- Rare turnkey opportunity
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
$92,641
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
4.63%
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%
$1,852,820
$1.9M
Cap Rate 7%
$1,323,443
$1.3M
Cap Rate 9%
$1,029,344
$1.0M
Market Conditions
NOI Build-Up for 36,938 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
$354.6K $9.60/SF
− Vacancy
−$159.6K −$4.32/SF
EGI
$195.0K $5.28/SF
− OpEx
−$102.4K −$2.77/SF
NOI
$92.6K $2.51/SF
Area
Tulsa, OK
Vacancy
45.00%
Lease Rate
$9.60 /SF/Yr
Expense Ratio
52.50%
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%
$1,852,820
Cap Rate 7%
$1,323,443
Cap Rate 9%
$1,029,344
Alternative Uses
Best Use
Office B
$6.09M
$5.33M – $7.11M
NOI $426,357 @ 7.0% cap · market cap 21.32%
Second Best
Retail
$5.08M
$4.44M – $5.93M
NOI $355,580 @ 7.0% cap · market cap 17.78%
Theoretical Best
Office A
$7.88M
$6.89M – $9.19M
NOI $551,481 @ 7.0% cap · market cap 27.57%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,218
Businesses Nearby
Explore this area
Business Placement
Demographics for 74106, OK
16,805
Population
8,341
Households
2
Avg Household Size
35
Median Age
17%
College-Educated
83%
High-School Grad
7.6 sq mi
ZIP Area
2,211
Density / Sq Mi
$37,714
Median Household Income
$31,022
Median Earnings
$816
Median Rent
$98,900
Median Home Value
Market
Vacancy Rate% for Office in Tulsa, OK
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Mixed-use property - Turnkey opportunity with flexible seller financing and low down payment.
Where is this mixed-use property located?
The property is located at 631 N Denver Ave Tulsa, OK.
What is the asking price?
The asking price for this property is $2,000,000.
What are key features of this property?
This property features: Appraised at $3,230,000; Flexible seller financing available with only 10% down; Rare turnkey opportunity
