Delaware Gardens

SVN Oak Realty Advisors is pleased to present the exclusive offering of Delaware Gardens Apartments, a 30-unit multifamily community located at S104 South Delaware Place, Tulsa, OK. Built in 1990, Delaware Gardens Apartments offers a diverse mix of one- and two-bedroom units totaling 15,644 rentable square feet. The asset maintains classic interiors and original finishes, providing a strong foundation for value creation through a targeted renovation strategy. 

Delaware Gardens Apartments presents a compelling light value-add opportunity, with a proven capital improvement plan focused on modest unit interior upgrades and amenity enhancements. Renovation scope averages just $1,240 per unit, yet delivers an average rent premium of $140/unit, generating over $50,400 in new annual income. This translates to a compelling ROI ofl3S.48% on renovation expenditures. 

At the current asking price of $2,450,000 ($81,667 per unit / $115.19 per SF), investors can acquire the property well below replacement cost and capitalize on Tulsa's rental growth trajectory. In-place operations generate a 6.73% cap rate and 4.67% cash-on-cash return, with SVN pro forma metrics projecting up to 7.27% cap rate and 6.SS% cash-on-cash return. The asset's pro form a DSCR of l.26x reflects conservative leverage and strong cash flow coverage. 

Centrally located near key employers, shopping centers, and public transit corridors, Delaware Gardens Apartments is ideally positioned to benefit from continued population inflows and strong rental demand in Tulsa's southeast submarket. This offering provides investors with immediate yield, scalable upside, and long-term value appreciation.