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    8246 Lewis Ave Tulsa, OK 74137

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    8246 Lewis Ave Tulsa, OK 74137

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    • Retail properties & Spaces
    • 35,623 SF
    Off-Market
    Value Estimations
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • The Vintage Pearl / (Bike/Boat/Book/etc) Store

    Property Details for 8246 Lewis Ave

    Year built
    1998
    Property size
    35,623 SF
    Property type
    Retail properties & Spaces
    Property subtype
    Office properties & Spaces

    Description

    Riverbend Towne Square, located at 8246 & 8250 S Lewis Ave, Tulsa, OK 74137, presents a unique opportunity for businesses seeking executive office space in a thriving South Tulsa location. This single-story, 35,623 square foot shopping center, built in 1998, sits on a 4-acre lot and is zoned CS. The property boasts excellent visibility and accessibility, situated at the southeast corner of 81st Street & Lewis Avenue, with easy access from Riverside Drive, 81st Street, 91st Street, and the Creek Turnpike. Multiple tenancies are available, with a minimum divisible space of 3,000 square feet and a maximum contiguous space of 7,394 square feet

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

    Location Insight

    • Map
    • Local Demand
    City
    Tulsa
    County
    Tulsa
    State
    Oklahoma
    Longitude
    -95.9589
    Latitude
    36.0434

    Comparable in this City

    • Value Estimation by Request
      11,200 SF

      10145 Riverside Pkwy

      Neighborhood centers • 11,200 SF
      10145 Riverside Pkwy, Tulsa, OK 74137
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    • Value Estimation by Request
      1,920 SF

      6305 120Th Ct

      Retail properties & Spaces • 1,920 SF
      6305 120Th Ct, Tulsa, OK 74137
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    • Value Estimation by Request
      43,746 SF

      9900 Riverside Pkwy

      Individual retail properties • 43,746 SF
      9900 Riverside Pkwy, Tulsa, OK 74137
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    • Value Estimation by Request
      250 SF

      6305 120Th Ct

      Retail properties & Spaces • 250 SF
      6305 120Th Ct, Tulsa, OK 74137
      View Details
    • Value Estimation
      $655,000
      43,814 SF

      9411 Delaware Ave

      ROADSIDE MARKET • 43,814 SF
      9411 Delaware Ave, Tulsa, OK 74137-5614
      View Details
    • Value Estimation by Request

      9011 Yale Ave

      Office properties & Spaces
      9011 Yale Ave, Tulsa, OK 74137
      View Details

    Similar Nearby for Sale

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      250 SF

      Tulsa Retail Suite - Move-In Ready

      Prime Tulsa retail space, ideal for office or medical.
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    • $2,690,910

      Fully Occupied Office Building

      9340 SF office building near Creek Expressway, Tulsa, OK.
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      Ground floor office space available for rent near 101st.
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      1,300 SF

      11911 Oxford Ave, Tulsa, OK 74137

      Commercial real estate • 1,300 SF
      11911 Oxford Ave, Tulsa, OK 74137
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    • $1,150,000
      5.96 Acres

      Vacant Land in Jenks Southeast

      Nearly 6 acres of prime vacant land in Tulsa, Oklahoma.
      111th E 111Th St S, Tulsa, OK 74137
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    • $465,000
      0.58 Acres

      South Tulsa Homesite Opportunity

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      10912 S New Haven Ave, Tulsa, OK 74137
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    Similar Nearby for Lease

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      12,100 SF

      Riverside Parkway Retail Opportunity

      Retail property available for lease on Riverside Parkway.
      9521-9675 Riverside Pkwy, Tulsa, OK 74137
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    • Contact for pricing

      New Retail Center Space Available

      New retail center with spaces suitable for retail, restaurant, office.
      10133 Riverside Pkwy, Tulsa, OK 74137
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    • $21 SF/Yr
      1,800 SF

      Versatile Retail/Office/Restaurant Space Available

      Adaptable space suitable for retail, restaurant, or office tenants.
      10133-10145 S Riverside Pkwy, Tulsa, OK 74137
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    • Contact for pricing
      1,925 SF

      Turnkey Medical Office Space

      Medical office space for lease in South Tulsa.
      6139 E 91St St, Tulsa, OK 74137
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      1,400 SF

      Second Floor Office Space Available

      Office space for rent, sublease ending November 30, 2024.
      10051 S Yale Ave, Tulsa, OK 74137
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    • Contact for pricing

      Multi-Building Office Complex For Rent

      Office complex with three buildings near hotels and shopping.
      2488 E 81St St, Tulsa, OK 74137
      View Details
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    8246 Lewis Ave
    Tulsa, OK 74137
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
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