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    Property profile & analytics

    402 2nd St Tulsa, OK 74120-1807

    • Turn key restaurants
    • 4,920 SF
    • 0.12 lot acres
    OFF-MARKET
    Value Estimations
    $270,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US69-0633996
    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

    • This Machine - 2nd & Elgin Station / Bicycle Rental Service
    • Dilly Diner / Diner / Bar

    Property Details for 402 2nd St

    Year built
    1920
    Construction
    MASONRY/CONCRETE MASONRY UNITS (CMUS)
    Lot size
    0.12 lot acres
    Property size
    4,920 SF
    Zone code
    CBD
    Property type
    Turn key restaurants
    APN
    00500-92-01-36050
    APU
    500920136050

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      ML approach
      $270,000

    • Comparable approach

      Method
      Estimation
      AI Estimate
      $250,000
      Market price range: $250k - $563k

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

    Location Insight

    • Map
    • Local Demand
    City
    Tulsa
    County
    Tulsa
    State
    Oklahoma
    Longitude
    -95.9865
    Latitude
    36.1559
    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
    $4,746
    $14,828
    $20,526
    $35,354
    -
    $134,800
    $186,600
    $321,400

    Comparable in this City

    • Value Estimation
      $295,000
      4,550 SF

      1525 15th St

      RESTAURANT • 4,550 SF
      1525 15th St, Tulsa, OK 74120-6042
      View Details
    • Value Estimation
      $260,000
      4,000 SF

      1522 15th St

      RESTAURANT • 4,000 SF
      1522 15th St, Tulsa, OK 74120-6041
      View Details
    • Value Estimation
      $280,000
      2,404 SF

      1436 Peoria Ave

      RESTAURANT • 2,404 SF
      1436 Peoria Ave, Tulsa, OK 74120
      View Details
    • Value Estimation
      $260,000
      5,670 SF

      1302 6th St

      RESTAURANT • 5,670 SF
      1302 6th St, Tulsa, OK 74120-4022
      View Details
    • Value Estimation
      $245,000
      2,542 SF

      324 3rd St

      RESTAURANT • 2,542 SF
      324 3rd St, Tulsa, OK 74120-2402
      View Details
    • Value Estimation
      $335,000
      6,600 SF

      1624 15th St

      RESTAURANT • 6,600 SF
      1624 15th St, Tulsa, OK 74120-6008
      View Details

    Similar Nearby for Sale

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      Downtown Tulsa Retail Opportunity

      Freestanding building in Tulsa's East Village District.
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    • $975,000
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      Freestanding Building with Heavy Commercial Zoning

      14,000 SF building with redevelopment potential in Tulsa, OK.
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    • $399,000

      2.31 Acres Secured Industrial Land

      2.31 acres of secured industrial land near downtown Tulsa.
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      141,000 SF

      Downtown Tulsa Development Opportunity

      3.237 acre CBD-zoned land in downtown Tulsa.
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    • $1,300,000
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      Modern Office Building with Garage

      Renovated office building with drive-in garage and solar panels.
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    • $499,000
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      Six-unit residential income property with ADU potential in up-and-coming neighborhood.
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    Similar Nearby for Lease

    • Contact for pricing
      4,800 SF

      Retail Location for Lease

      Retail space suitable for bar, restaurant, brewery, or event center.
      723 E 2Nd St, Tulsa, OK 74120
      View Details
    • Contact for pricing
      22,864 SF

      Santa Fe Square Office Suites

      Tulsa Class A Office Space Available
      0 Elgin Ave, Tulsa, OK 74120
      View Details
    • $22 SF/Yr
      7,000 SF

      Downtown Tulsa Commercial Gem

      7,000 SF, Flexible Space, RT 66
      924 Detroit Ave, Tulsa, OK 74120
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    • $19 SF/Yr
      2,604 SF

      New Retail Space Available

      New construction retail space with dedicated parking and patio.
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      View Details
    • Contact for pricing
      50,000 SF

      Downtown Tulsa Restaurant Space

      Prime Retail, 2,550 SF Available
      111 Greenwood Ave, Tulsa, OK 74120
      View Details
    • Contact for pricing
      1,500 SF

      Retail Space with Highway Access

      Retail space with immediate highway access and pylon signage.
      1605 N Peoria Ave, Tulsa, OK 74120
      View Details

    Property Visit Statistics

    • Visits by month
      6.2k
    • Visitors by month
      6.1k
    • Avg Time on site
      56 min
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    402 2nd St
    Tulsa, OK 74120-1807
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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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