2516 15Th StTulsa, OK 74104

Property Details for 2516 15Th St

Year built

1936

Construction

MASONRY/CONCRETE MASONRY UNITS (CMUS)

Lot size

0.44 AC

Property size (Sq ft)

9,778 SF

Zone code

CH

Property type

Medical offices

Property subtype

Medical centers

APN

14350-93-08-10280

APU

14350930810280

Description

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.

• CAP approach

  CAP return

  Valuation

  6%

  $1,320,864

  6.5%

  $1,219,259

  7%

  $1,132,169

• Comparable approach

  Method

  Valuation

  Relative Method

  $699,420

  Geo Method

  $699,420

• Alternative Use

  Use

  Valuation

  Residential

  $1,511,882

  Hospitality

  $1,384,875

  Educational

  $1,152,200

  Medical

  $1,191,826

  Retail

  $1,792,311

Location Insight

City

Tulsa

County

Tulsa

State

Oklahoma

Latitude

36.1402

Longitude

-95.9552

CBSA code

46140

CBSA name

TULSA, OK METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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