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    3917 28Th St Tulsa, OK 74114
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    Property profile & analytics

    3917 28Th St Tulsa, OK 74114

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    • Commercial real estate
    Off-Market
    Property ID
    US69-2396547
    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.
    Value Estimations
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Commercial real estate

    Property Details for 3917 28Th St

    Year built
    1960
    Property type
    Commercial real estate

    Description

    Thatcher on 28th, located at 3917 E 28th St, Tulsa, OK 74114, presents a compelling value-add investment opportunity in Tulsa's Midtown area. This 22-unit apartment complex, built in 1960 and extensively renovated in 2022/2023, boasts a strong 95% occupancy rate. The property features six single-story buildings situated on a 40,650 sq ft lot, totaling 11,232 net rentable square feet. Recent renovations included new exterior paint, roofs, columns, interior paint, flooring, granite countertops, and updated bathrooms. Seventeen of the twenty-two units are fully renovated, with one unit featuring new windows and doors. Four units are ready for renovation, and five units, occupied by long-term tenants, offer potential for rent increases upon renovation. The property is zoned RM2 and offers a current NOI of $133,421, resulting in an 8.66% cap rate. The asking price is $1,540,000, or $70,000 per unit. The property's convenient location near the BA expressway provides easy access to the entire Tulsa metro area. Further upside potential exists through the possibility of increasing rents to cover utility costs currently paid by the landlord. This property represents a strong cash-flowing asset with significant potential for future growth.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

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

    Location Insight

    • Map
    • Local Demand
    City
    Tulsa
    County
    Tulsa
    State
    Oklahoma
    Longitude
    -95.9329011
    Latitude
    36.1228931

    Comparable in this City

    • Contact for pricing

      Land For Sale

      Land available for sale.
      2211 E 21St St, Tulsa, OK 74114
      View Details
    • Contact for pricing

      Prime Pad Site For Sale

      0.49 AC pad site, zoned OL, prime Tulsa location.
      2211 E 21St St, Tulsa, OK 74114
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    • $4,500,000
      Pending

      New Industrial Facility Under Construction

      40,000 SF industrial building under construction in Tulsa, Oklahoma.
      3000 N Florence Ave, Tulsa, OK 74114
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    • Contact for pricing

      Land For Sale

      1.96 acres of land available for sale.
      U.S Rte 169 & Pne St, Tulsa, OK 74114
      View Details

    Similar Nearby for Sale

    • Contact for pricing

      Land For Sale

      Land available for sale.
      2211 E 21St St, Tulsa, OK 74114
      View Details
    • Contact for pricing

      Prime Pad Site For Sale

      0.49 AC pad site, zoned OL, prime Tulsa location.
      2211 E 21St St, Tulsa, OK 74114
      View Details
    • $4,500,000
      Pending

      New Industrial Facility Under Construction

      40,000 SF industrial building under construction in Tulsa, Oklahoma.
      3000 N Florence Ave, Tulsa, OK 74114
      View Details
    • Contact for pricing

      Land For Sale

      1.96 acres of land available for sale.
      U.S Rte 169 & Pne St, Tulsa, OK 74114
      View Details

    Similar Nearby for Lease

    • Contact for pricing
      4,427 SF

      Midtown Office Space for Rent

      Office space in Midtown Tulsa, ideal for business growth.
      2200 S Utica Pl, Tulsa, OK 74114
      View Details
    • Contact for pricing
      645 SF

      Midtown Tulsa Office Space Available

      Classic office building near Broken Arrow Expressway and Utica Square.
      2121 S Columbia Ave, Tulsa, OK 74114
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    • Contact for pricing
      2,899 SF

      Restaurant Space in Ranch Plaza

      Restaurant space available just off high-traffic intersection.
      3023 S Harvard Ave, Tulsa, OK 74114
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      90,000 SF

      Tulsa Retail Space Available

      Retail property available for lease in Tulsa, Oklahoma.
      5103 East 21St St, Tulsa, OK 74114
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    • $32 SF/Yr
      13,000 SF

      Commercial Land For Lease

      Commercial land for lease in central Harvard/Midtown location.
      2819 S Harvard Ave, Tulsa, OK 74114
      View Details
    • Contact for pricing
      320 SF

      Midtown Office Space Available

      Office space for rent in Tulsa's Midtown.
      2108 S Utica Plz, Tulsa, OK 74114
      View Details
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    Tulsa, OK 74114
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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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