2516 15th St Tulsa, OK 74104-4621
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.
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CareFirst Getman Pharmacy Medical Supply Store Drug Store
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SGOK3, INC. Department Store
CH Commercial-High CBD Central Business IL Industrial-Light IM Industrial-Moderate IH Industrial-Heavy Most intensive O, C or I district B. Purposes. 1. General. Office, commercial and industrial zoning districts are intended to accommodate and promote neighborhood, community- and region-serving commercial uses, as well as industrial and employment uses. 2.…
Cap rate
Implied · in-place · derived from last sale + estimated NOIValue
AI, CAP & Alternative Use estimations · Realmo proprietary blendProperty tax & assessments
Tax year 2023Comparables
6 recent transactions · within 1.5 miComparable in this City
Similar Nearby for Sale
Similar Nearby for Lease
Property description
Physical attributes from public recordsZoning & alternative use
CH · Tulsa, OKCH Commercial-High CBD Central Business IL Industrial-Light IM Industrial-Moderate IH Industrial-Heavy Most intensive O, C or I district B. Purposes. 1. General. Office, commercial and industrial zoning districts are intended to accommodate and promote neighborhood, community- and region-serving commercial uses, as well as industrial and employment uses. 2. OL district. The OL district is primarily intended to facilitate the development and preservation of low-intensity office development. 3. OM district. The OM district is primarily intended to accommodate medium-intensity office development, together with community facilities typically found in conjunction with offices. 4. OMH district. The OMH district is primarily intended to provide for multi-story office development. 5. OH district. The OH district is primarily intended to provide areas for high-intensity office use, together with community facilities, and commercial uses typically found in conjunction with high-intensity office uses. 6. CS district. The CS district is primarily intended to accommodate convenience, neighborhood, subcommunity, community, and regional shopping centers providing a range of retail and personal service uses. 7. CG district. The CG district is primarily intended to: a. Accommodate established commercial uses, while providing protection to adjacent residential area; and b. Accommodate the grouping of compatible commercial and light industrial uses. 8. CH district. The CH district is primarily intended to: a. Accommodate high-intensity commercial and related uses primarily in the core area of the city; and b. Encourage use of properties and existing buildings along older commercial corridors; and c. Minimize encroachment and adverse land use impacts on stable residential neighborhoods. 9. CBD district. The CBD district is primarily intended to: a. Accommodate and encourage the most desirable, most productive, most intense use of land, without regard to the regulation of building height, floor area, land coverage and parking requirements, within the central core area of the city. b. Encourage a diversity of high-intensity uses that mutually benefit from close proximity to, and from the available services of, the high transportation carrying capacity afforded by locations within the boundaries of the Inner Dispersal Loop. c. Preserve and promote the public and private investment of the existing central core area. 10. IL district.
Costs & Benchmarks
Operating expenses, capex projections, utility benchmarks, and submarket comparables — all in one view.
Risks
Flood, climate, environmental, title, and tenant-concentration risk — surfaced with mitigations and source citations.
