Tulsa OK Cap Rates and Price Per Unit

[Aaron W.]

Hi all,

We are looking at going under contract on a 20 unit multifamily in Tulsa and want to get the opinion of the group on the investments in the Tulsa market.  We've done research on the market and traveled to Tulsa to walk the property. We see opportunity there, but is the juice worth the squeeze as the projects we take on are usually heavier value adds.

The area we are looking to initially purchase is in South Peoria. We were told by contractors, project managers, and our agent during our visit that the area north is gentrifying and it is flowing toward South Peoria. 

What cap rates are we seeing in Tulsa right now? Also, what are you seeing as far as price per unit for rehabbed properties?

Thank you in advance! Have a great day!