Remodeled Retail Building on
For Sale
Contact for pricing
7315 S Memorial Dr, Tulsa, OK 74133
Remodeled 7,766 SF retail building on 1.56 acres.
Property Size7,766 SF
Lot Size1.56 Acres
Price / SF$256.89
Days on Market1401
Property Features for 7315 S Memorial Dr
General Information
Standard status
Active
Size
7,766 SF
Lot size
1.56 Acres
Property subtype
Retail
Zoning
CS
Lease Type
NNN
Listing Agency:
Frisbie Lombardi
(918) 344-9904
Listed By:
Nick Lombardi · License #OK 152277
Source:
Crexi
Added: Oct 12, 2022
Changed: Aug 8
Last Checked: Aug 11 at 8:41AM
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 Frisbie Lombardi
Investment Insights
Based on property information with market context.
This is a fully remodeled dispensary building located on South Memorial Drive, just south of 71st Street. The building has a size of approximately 7,766 square feet and is situated on a lot of approximately 1.56 acres. The zoning is CS. The property will be delivered vacant. The large lot offers abundant parking and the potential to carve out an additional pad site.
Key Highlights
- Fully remodeled ±7,766/sf building.
- High‑traffic location fronting South Memorial Drive near 71st Street.
- Large ±1.56 Acre lot with abundant parking.
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
$93,530
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
4.69%
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%
$1,870,600
$1.9M
Cap Rate 7%
$1,336,143
$1.3M
Cap Rate 9%
$1,039,222
$1.0M
Market Conditions
NOI Build-Up for 7,766 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
$144.4K $18.60/SF
− Vacancy
−$10.8K −$1.40/SF
EGI
$133.6K $17.21/SF
− OpEx
−$40.1K −$5.16/SF
NOI
$93.5K $12.04/SF
Area
ZIP 74133
Vacancy
7.50%
Lease Rate
$18.60 /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%
$1,870,600
Cap Rate 7%
$1,336,143
Cap Rate 9%
$1,039,222
Alternative Uses
Best Use
Retail
$1.34M
$1.17M – $1.56M
NOI $93,530 @ 7.0% cap · market cap 4.69%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$2.06M
$1.80M – $2.40M
NOI $144,261 @ 7.0% cap · market cap 7.23%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
549
Businesses Nearby
102k
Monthly Visits Nearby
Explore this area
Business Placement
Foot Traffic Nearby
Dining 68%
Home Improvements & Furnishings 22%
Shops & Services 7%
Apparel 3%
McDonald's
Dining
26,551 visits/mo
0.5 miles
McAlister's Deli
Dining
15,096 visits/mo
0.5 miles
Westlake Ace Hardware
Home Improvements & Furnishings
11,533 visits/mo
0.3 miles
Old Time Pottery
Home Improvements & Furnishings
10,698 visits/mo
0.5 miles
Chicken Express
Dining
9,674 visits/mo
0.4 miles
Demographics for 74133, OK
48,331
Population
22,638
Households
2.1
Avg Household Size
38
Median Age
42%
College-Educated
95%
High-School Grad
13.7 sq mi
ZIP Area
3,528
Density / Sq Mi
$73,983
Median Household Income
$43,897
Median Earnings
$1,129
Median Rent
$254,700
Median Home Value
Market
Vacancy Rate% for Retail 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?
Retail space - Remodeled 7,766 SF retail building on 1.56 acres.
Where is this retail space located?
The property is located at 7315 S Memorial Dr Tulsa, OK.
What is the asking price?
The asking price for this property is $1,995,000.
What are key features of this property?
This property features: Fully remodeled ±7,766/sf building.; High‑traffic location fronting South Memorial Drive near 71st Street.; Large ±1.56 Acre lot with abundant parking.
