NNN Auto Parts
For Sale
Contact for pricing
6512 E ADMIRAL PL, Tulsa, OK 74115
Advance Auto Parts property with NNN structure/foundation responsibility and an expiring lease on December 31, 2026.
Property Size6,860 SF
Lot Size0.74 Acres
Price / SF$131.20
Days on Market137
Property Features for 6512 E ADMIRAL PL
General Information
Standard status
Active
Size
6,860 SF
Lot size
0.74 Acres
Property subtype
Retail
Zoning
Commercial
Lease Type
NNN
Investment Type
Value Add
Net Operating Income
$102,374
Site & Location
Traffic Count
64,000 vehicles/day
Highway Access
Yes
Road Access
Yes
Building Details
Year Built
2006
Stories
1
Units
1
Tenancy
Single
Listing Agency:
Marcus & Millichap - Seattle
Listed By:
Hank Wolfer · License #WA 110547
Source:
Crexi
Added: Apr 24
Changed: Aug 24
Last Checked: Sep 4 at 10:19PM
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 Marcus & Millichap - Seattle
Investment Insights
Based on property information with market context.
This NNN auto parts building is occupied by Advance Auto Parts and operates under a lease with landlord responsibility limited to foundation and structure. The 6,860-square-foot building was constructed in 2006 on a 0.74-acre parcel of land. The tenant has notified the landlord that it will not be renewing available extension options, with the lease scheduled to expire December 31, 2026.
The property has frontage along East Admiral Place, a heavily trafficked thoroughfare that follows the original, historic alignment of Route 66. It is also situated about one block from the Interstate-244 on/off ramp, where traffic at that point is stated to be approximately 64,000 vehicles per day.
For sale as a dark Advance Auto Parts property, the asset presents a value-add component beginning January 1, 2027 for an investor or owner-user.
The property has frontage along East Admiral Place, a heavily trafficked thoroughfare that follows the original, historic alignment of Route 66. It is also situated about one block from the Interstate-244 on/off ramp, where traffic at that point is stated to be approximately 64,000 vehicles per day.
For sale as a dark Advance Auto Parts property, the asset presents a value-add component beginning January 1, 2027 for an investor or owner-user.
Key Highlights
- 6,860 SF building constructed in 2006 on a 0.74‑acre parcel in Tulsa, OK
- Tenant operates under an NNN lease with landlord only responsible for foundation/structure
- Lease expires December 31, 2026; no renewal options to extend per tenant notice
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
$66,037
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
7.34%
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%
$1,320,740
$1.3M
Cap Rate 7%
$943,386
$943.4K
Cap Rate 9%
$733,744
$733.7K
Market Conditions
NOI Build-Up for 6,860 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
$98.8K $14.40/SF
− Vacancy
−$4.4K −$0.65/SF
EGI
$94.3K $13.75/SF
− OpEx
−$28.3K −$4.13/SF
NOI
$66.0K $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%
$1,320,740
Cap Rate 7%
$943,386
Cap Rate 9%
$733,744
Alternative Uses
Best Use
Retail
$943.4K
$825.5K – $1.10M
NOI $66,037 @ 7.0% cap · market cap 7.34%
Second Best
Industrial
$471.1K
$412.2K – $549.6K
NOI $32,978 @ 7.0% cap · market cap 3.66%
Theoretical Best
Office A
$1.46M
$1.28M – $1.71M
NOI $102,419 @ 7.0% cap · market cap 11.38%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
64,000 VPD
Traffic count
Yes
Highway access
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
502
Businesses Nearby
104k
Monthly Visits Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 59%
Dining 37%
Hotels & Casinos 3%
Home Improvements & Furnishings 1%
QuikTrip
Shops & Services
31,831 visits/mo
0.4 miles
Braum's Ice Cream & Dairy Stores
Dining
16,746 visits/mo
0.4 miles
Dollar Tree
Shops & Services
8,077 visits/mo
0.3 miles
Arby's
Dining
7,484 visits/mo
0.1 miles
Dollar General
Shops & Services
7,298 visits/mo
0.1 miles
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 Retail in Tulsa, OK
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Auto shop - Advance Auto Parts property with NNN structure/foundation responsibility and an expiring lease on December 31, 2026.
Where is this auto shop located?
The property is located at 6512 E ADMIRAL PL Tulsa, OK.
What is the asking price?
The asking price for this property is $900,000.
What are key features of this property?
This property features: 6,860 SF building constructed in 2006 on a 0.74‑acre parcel in Tulsa, OK; Tenant operates under an NNN lease with landlord only responsible for foundation/structure; Lease expires December 31, 2026; no renewal options to extend per tenant notice
