Valuing a 4–40 unit apartment building in Tulsa sits somewhere between residential and commercial logic. In 2025, buyers are more data-driven and selective than they were a few years ago.

1. Start With Actual NOI

Net operating income—income minus operating expenses—is the foundation. Serious buyers want rent rolls, a trailing-12 income statement, real expenses, and realistic vacancy assumptions.

2. Cap Rates Are Contextual

Cap rates in Tulsa vary widely based on location, age, tenant profile, condition, and renovation level. A clean B-class 16-unit in midtown doesn’t trade at the same cap rate as a tired C-class asset in a weaker submarket.

3. Unit Mix Matters

The mix of studios, one-bedrooms, and two-bedrooms affects both demand and valuation. In many submarkets, two-bedroom units track strongest for stability and rent growth.

4. Rents Must Be Supported by Comps

Underwriting depends on real nearby leases: what similar product is actually achieving within a one-mile radius, how quickly units lease, and whether concessions are required.

5. Condition Can Move Value 10–20%

Roof, structure, plumbing, electrical, HVAC, and common areas all influence price. Well-renovated buildings with clean operations produce meaningfully better offers than deferred-maintenance properties.

Why Owners Work With Kevin

Kevin underwrites and sells small and mid-size multifamily regularly and has handled everything from local 18-unit deals to a 200-unit closing in Florida. He reads rent rolls, expenses, and market comps through the lens of both a broker and an investor.