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    Property profile & analytics

    2940 Skelly Dr Tulsa, OK 74107-9007

    • Retail space
    • 3,756 SF
    • 1.65 lot acres
    OFF-MARKET
    Last Sale
    Feb 02, 2025
    $495,000
    Value Estimations
    $540,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US69-0321275
    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

    • Gray's Jewelry Gun and Pawn / Discount Store / (Bike/Boat/Book/etc) Store

    Property Details for 2940 Skelly Dr

    Year built
    1990
    Construction
    STEEL FRAME
    Lot size
    1.65 lot acres
    Property size
    3,756 SF
    Zone code
    CS
    Property type
    Retail space
    APN
    19780-92-34-00256
    APU
    19780923400256

    Description

    This exceptional 3,756 square foot industrial property, situated on a 2.47-acre lot at 2940 W Skelly Drive in Tulsa, Oklahoma, presents a compelling investment opportunity. Built in 1990 and zoned CS (Commercial Services), this versatile building boasts six spacious bay doors, previously utilized as a gas station. Its prime location offers unparalleled visibility and accessibility, situated directly on Skelly Drive and Highway 44, ensuring high traffic exposure and ample opportunities for prominent signage. The large paved lot provides extensive parking and maneuvering space, a significant advantage for businesses requiring ample vehicle access. The property's excellent condition and adaptable layout make it suitable for a variety of commercial uses, including automotive services, light industrial operations, or retail ventures. Its strategic location near major thoroughfares guarantees convenient access for both customers and suppliers. The combination of high visibility, functional design, and ample parking makes this a rare find for entrepreneurs and investors seeking a thriving business location in Tulsa. The property is priced at $700,000.

    Value Estimations

    based on Realmo’s proprietary methodology

    • CAP approach

      CAP Return
      Estimation
      6%
      $605,000
      6.5%
      $555,000
      7%
      $515,000

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $601,000
      Market price range: $173k - $601k
      AI Estimate
      $559,000
      Market price range: $169k - $560k

    • Alternative Use

      Use
      Estimation
      RETAIL STORES
      $410,000
      Current use
      MEDICAL BUILDING
      $645,000
      Change: +58% Conversion: Difficult
      AUTO REPAIR, GARAGE
      $515,000
      Change: +26% Conversion: Difficult
      COMMERCIAL (GENERAL)
      $510,000
      Change: +25% Conversion: Easy
      OFFICE BUILDING
      $445,000
      Change: +9% Conversion: Easy

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

    Location Insight

    • Map
    • Local Demand
    City
    Tulsa
    County
    Tulsa
    State
    Oklahoma
    Longitude
    -96.0273
    Latitude
    36.0877
    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
    $4,646
    $13,618
    $20,988
    $34,606
    -
    $126,400
    $194,800
    $321,200

    Comparable in this City

    • Value Estimation by Request
      256 SF

      4101 Un Ave

      RETAIL STORES (PERSONAL SERVICES) • 256 SF
      4101 Un Ave, Tulsa, OK 74107-6908
      View Details
    • Value Estimation by Request
      2,960 SF

      2923 40th St

      RETAIL STORES (PERSONAL SERVICES) • 2,960 SF
      2923 40th St, Tulsa, OK 74107-5323
      View Details
    • Value Estimation by Request
      3,375 SF

      2609 40th Pl

      RETAIL STORES (PERSONAL SERVICES) • 3,375 SF
      2609 40th Pl, Tulsa, OK 74107-5417
      View Details
    • Value Estimation
      $1,170,000
      8,000 SF

      1419 51st St

      RETAIL STORES (PERSONAL SERVICES) • 8,000 SF
      1419 51st St, Tulsa, OK 74107-8033
      View Details
    • Value Estimation by Request
      1,939 SF

      4117 Swsw Blvd

      RETAIL STORES (PERSONAL SERVICES) • 1,939 SF
      4117 Swsw Blvd, Tulsa, OK 74107-6540
      View Details
    • Value Estimation by Request
      1,944 SF

      2614 Skelly Dr

      RETAIL STORES (PERSONAL SERVICES) • 1,944 SF
      2614 Skelly Dr, Tulsa, OK 74107-9040
      View Details

    Similar Nearby for Sale

    • New
      $475,000
      3,000 SF

      Versatile Building on Acreage

      3,000 sq ft building on 5.32 acres near 51st St.
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    • $999,999
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      Historic Route 66 Restaurant

      Tulsa eatery, established business.
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      5,450 SF

      Route 66 Restaurant Opportunity

      5,450 SF restaurant with equipment and 46 parking spaces.
      4070 Southwest Blvd, Tulsa, OK 74107
      View Details
    • $140,000
      1.51 Acres

      Residential Land Ready to Build

      1.51-acre lot ready for your dream home in Tulsa.
      5104 S 85Th West Ave W, Tulsa, OK 74107
      View Details
    • $485,000
      2.31 Acres

      Tulsa Land: 2.31 Acres Prime Location

      Exceptional Tulsa County land, ideal for development.
      - 2.31 AC 81 Ave, Tulsa, OK 74107
      View Details
    • $1,900,000
      46,005 SF

      Midtown Tulsa Redevelopment Opportunity

      Prime location with I-44 visibility and flexible zoning.
      2600-2745 E Skelly Dr, Tulsa, OK 74107
      View Details

    Similar Nearby for Lease

    • Contact for pricing
      1,200 SF

      Retail Space in Central Tulsa

      Retail space with high visibility and traffic in central Tulsa.
      5602-5636 E Skelly Dr, Tulsa, OK 74107
      View Details
    • Contact for pricing
      17,343 SF

      Retail Space For Lease

      Retail space available for lease in Tulsa, Oklahoma.
      4227-4289 Southwest Blvd, Tulsa, OK 74107
      View Details
    • $4 SF/Yr
      158,735 SF

      Town West Shopping Center: Prime Tulsa Space

      Versatile Retail, Office, & Warehouse Space
      5610 Skelly Dr, Tulsa, OK 74107
      View Details
    • Contact for pricing
      2,500 SF

      Retail Center at I-44 Harvard

      High-profile retail center located at a major intersection.
      3502 E 51St St, Tulsa, OK 74107
      View Details
    • $5 SF/Yr
      17,360 SF

      Tulsa Industrial Warehouse

      17,360 SF Warehouse, 2.5 Acres
      5100 21St St, Tulsa, OK 74107
      View Details
    • Contact for pricing
      6,880 SF

      Industrial Warehouse Space Available

      6,880 SF warehouse with office space for lease.
      7360-7362 E 38Th St, Tulsa, OK 74107
      View Details
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    Tulsa, OK 74107-9007
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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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