3917 28Th St Tulsa, OK 74114

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.