Retail Warehouse Campus with
For Sale
$2,500,000
851 S Sheridan Rd, Tulsa, OK 74112
Two steel showroom buildings plus a paved parking lot offer docked loading and CS zoning along Sheridan Road.
Property Size36,192 SF
Price / SF$69.08
Days on Market66
Property Features for 851 S Sheridan Rd
General Information
Standard status
Active
Size
36,192 SF
Property subtype
Vacant-User
Zoning
CS
Additional Details
Dock-High Doors
1
Amenities
Turnkey Owner-User Opportunity. Snow's Furniture, the long-time occupant, will vacate upon close, delivering a clean, fully available campus to an owner-user or value-add investor.
Hard-corner positioning on a heavily trafficked north-south arterial in central Tulsa, surrounded by national and regional retail.
A dedicated paved parking lot parcel plus surface parking around both buildings provide a parking ratio well above typical retail standards for customer and employee use.
Building Details
Building Size
36,192 SF
Year Built
1976
Year Renovated
2007
Stories
2
Construction
steel
Listing Agency:
Marcus & Millichap | San Diego
Listed By:
Peter Eltaeb · License #License(s): CA: 02143936
(858) 373-3140
Source:
Marcusmillichap
Added: Jul 3
Changed: Aug 10
Last Checked: Sep 2 at 1:18PM
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 | San Diego
Investment Insights
Based on property information with market context.
This sale offering consists of a retail and warehouse campus totaling 36,192 square feet, featuring two steel-construction showroom buildings and a separate 0.49-acre paved parking lot, all delivered together. The main showroom building is two stories and contains approximately 24,000 square feet (about 12,000 square feet per floor). A secondary showroom building adds approximately 12,192 square feet. Both improvements were originally built in 1976 and renovated in 2007, and the property includes one dock for loading.
The site is zoned CS (Commercial Shopping), supporting a broad range of retail and service uses. The campus is located with prominent frontage along Sheridan Road and offers ample on-site parking. The current occupant is Snow’s Furniture, with the ownership expected to vacate upon sale, delivering a fully available campus at close.
Offered as a clean, fully available owner-user or investor acquisition, the property provides multiple showroom spaces within a docked retail/warehouse configuration and a dedicated paved parking area on-site.
The site is zoned CS (Commercial Shopping), supporting a broad range of retail and service uses. The campus is located with prominent frontage along Sheridan Road and offers ample on-site parking. The current occupant is Snow’s Furniture, with the ownership expected to vacate upon sale, delivering a fully available campus at close.
Offered as a clean, fully available owner-user or investor acquisition, the property provides multiple showroom spaces within a docked retail/warehouse configuration and a dedicated paved parking area on-site.
Key Highlights
- 36,192 SF retail and warehouse campus in central Tulsa, OK, offered with two steel showroom buildings plus a separate 0.49‑acre paved parking lot
- Main showroom is a two‑story 24,000 SF building (~12,000 SF per floor) with one dock for loading
- Secondary showroom building offers 12,192 SF of additional space
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
$211,269
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
8.45%
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%
$4,225,380
$4.2M
Cap Rate 7%
$3,018,129
$3.0M
Cap Rate 9%
$2,347,433
$2.3M
Market Conditions
NOI Build-Up for 36,192 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
$256.2K $7.08/SF
− Vacancy
−$7.7K −$0.21/SF
EGI
$248.6K $6.87/SF
− OpEx
−$37.3K −$1.03/SF
NOI
$211.3K $5.84/SF
Area
Tulsa, OK
Vacancy
3.00%
Lease Rate
$7.08 /SF/Yr
Expense Ratio
15.00%
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%
$4,225,380
Cap Rate 7%
$3,018,129
Cap Rate 9%
$2,347,433
Alternative Uses
Best Use
Retail
$4.98M
$4.35M – $5.81M
NOI $348,399 @ 7.0% cap · market cap 13.94%
Second Best
Warehouse
$3.02M
$2.64M – $3.52M
NOI $211,269 @ 7.0% cap · market cap 8.45%
Theoretical Best
Office A
$7.72M
$6.75M – $9.01M
NOI $540,344 @ 7.0% cap · market cap 21.61%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
1
Dock-high doors
Location Intelligence
Trade Area within ½ mile
580
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 74112, OK
20,810
Population
10,524
Households
2
Avg Household Size
38
Median Age
27%
College-Educated
87%
High-School Grad
6.8 sq mi
ZIP Area
3,060
Density / Sq Mi
$55,848
Median Household Income
$37,151
Median Earnings
$1,024
Median Rent
$149,800
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 - Two steel showroom buildings plus a paved parking lot offer docked loading and CS zoning along Sheridan Road.
Where is this flex space located?
The property is located at 851 S Sheridan Rd Tulsa, OK.
What is the asking price?
The asking price for this property is $2,500,000.
What are key features of this property?
This property features: 36,192 SF retail and warehouse campus in central Tulsa, OK, offered with two steel showroom buildings plus a separate 0.49‑acre paved parking lot; Main showroom is a two‑story 24,000 SF building (~12,000 SF per floor) with one dock for loading; Secondary showroom building offers 12,192 SF of additional space
