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    The Largest CRE Database in the US with Over 1 Million Listings
    Property profile & analytics

    2516 15th St Tulsa, OK 74104-4621

    • Medical offices
    • 9,778 SF
    • 0.44 lot acres
    OFF-MARKET
    Last Sale
    Aug 12, 2024
    $2,200,000
    Value Estimations
    $1,750,000
    Show details
    Cap Rate Potential
    6.7%
    Medical offices
    Location Intelligence
    Property ID
    US69-2426489
    The Realmo ID is a unique identifier assigned to every property, incorporating country codes and precise geo-coordinates for 300x300-foot land blocks. It enables standardized data collection and seamless integration of disparate sources such as ownership, tax, title data and physical specifications. By aggregating current and historical records, the Realmo ID powers advanced analytics and delivers deep, verifiable insights for real estate professionals.

    Current Use by Public Records

    • CareFirst Getman Pharmacy / Pharmacy / Pharmaceutical Lab
    • SGOK3, INC. / Department Store

    Property Details for 2516 15th St

    Year built
    1936
    Construction
    MASONRY/CONCRETE MASONRY UNITS (CMUS)
    Lot size
    0.44 lot acres
    Property size
    9,778 SF
    Zone code
    CH
    Property type
    Medical offices
    Property subtype
    Medical centers
    APN
    14350-93-08-10280
    APU
    14350930810280

    Description

    This Tulsa, OK mixed-use property offers a compelling investment opportunity. The 9,775 square foot building, constructed in 1936 and renovated in 2017, sits on a 19,180 square foot lot at 2516 E 15th St, 74104. Currently, 59% occupied, it generates a strong $9,035 monthly net income (NNN) from two tenants. A ground-floor pharmacy tenant, with a lease expiring September 30, 2028, pays $6,368.18 per month (increasing to $6,463.70 in 2026), and owes approximately $295,229 in remaining rent. A medical office tenant contributes $2,666.67 monthly, with 3% annual increases. The 4,000 square foot vacant upper floor offers flexible leasing options for individual offices, half-floor, or full-floor setups, ideal for various tenants. The ground floor pharmacy lease buyout option provides immediate capital for renovations or owner-use. The building's prominent location on 15th Street, near Hwy 51, presents additional income potential through mural or advertising leases. This property combines stable income with significant upside potential through lease-up of the vacant space and the potential pharmacy lease buyout. The building features include one building, 7,775 net rentable square feet, and flexible office layouts in the upper floor. The property offers a unique blend of immediate cash flow and future growth opportunities.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      $1,640,000
      ML approach
      $1,745,000

    • CAP approach

      CAP Return
      Estimation
      6%
      $1,835,000
      6.5%
      $1,695,000
      7%
      $1,575,000

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $1,921,000
      Market price range: $957k - $2.35M

    • Alternative Use

      Use
      Estimation
      MEDICAL BUILDING
      $1,680,000
      Current use
      RESTAURANT
      $2,330,000
      Change: +39% Conversion: Difficult
      OFFICE BUILDING
      $1,405,000
      Change: -16% Conversion: Easy

    Get a detailed, property-specific valuation — fast and free

    Location Insight

    • Map
    • Local Demand
    City
    Tulsa
    County
    Tulsa
    State
    Oklahoma
    Longitude
    -95.9552
    Latitude
    36.1402
    CBSA code
    46140
    CBSA name
    TULSA, OK METROPOLITAN STATISTICAL AREA

    Property Tax & Assessments

    Tax date
    Tax Amount
    Assessed Land Value
    Assessed Improvement Value
    Total Assessed Value
    Applied Tax Rate
    Land Market Value
    Improvement Market Value
    Total Market Value
    2023
    $27,468
    $42,196
    $162,404
    $204,600
    -
    $383,600
    $1,476,400
    $1,860,000

    Comparable in this City

    • Value Estimation
      $510,000
      4,622 SF

      1717 Utica Ave

      MEDICAL BUILDING • 4,622 SF
      1717 Utica Ave, Tulsa, OK 74104-5337
      View Details
    • Value Estimation
      $515,000
      3,660 SF

      1822 15th St

      MEDICAL BUILDING • 3,660 SF
      1822 15th St, Tulsa, OK 74104-4645
      View Details
    • Value Estimation
      $515,000
      6,372 SF

      2732 15th St

      MEDICAL BUILDING • 6,372 SF
      2732 15th St, Tulsa, OK 74104-4742
      View Details
    • Value Estimation
      $900,000
      6,797 SF

      1121 Lewis Ave

      MEDICAL BUILDING • 6,797 SF
      1121 Lewis Ave, Tulsa, OK 74104-3905
      View Details
    • Value Estimation
      $9,890,000
      135,807 SF

      1924 Utica Ave

      MEDICAL BUILDING • 135,807 SF
      1924 Utica Ave, Tulsa, OK 74104-6510
      View Details
    • Value Estimation by Request
      3,786 SF

      1440 Ter Dr

      MEDICAL BUILDING • 3,786 SF
      1440 Ter Dr, Tulsa, OK 74104-4626
      View Details

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    Similar Nearby for Lease

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      Prime Tulsa retail space, 8,400 SF available.
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      View Details
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    2516 15th St
    Tulsa, OK 74104-4621
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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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