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    Restaurant and Gallery Investment Opportunity Title is generated by Realmo AI

    105 N Main Street, Spavinaw, OK 74366

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    For Sale
    $399,000

    COMMERCIAL - Spavinaw, OK

    Property size:
    3,360 SF
    Lot size:
    0.16 Acres
    Price / SF:
    $118/SF
    Added:
    Jun 6, 2025
    Days on Market:
    346
    Last Refresh:
    May 17 at 8:06 am

    Property Features for 105 N Main Street

    General Information

    Property type
    Commercial Sale
    Property subtype
    Other
    Rooms
    Basement
    Parking
    1
    Standard status
    Active
    APN
    T001-00-004-027-0-001-00
    Size
    3,360 SF
    Lot size
    0.16 Acres

    Taxes and HOA fees

    Tax Year
    2024
    Tax Description
    SPAVINAW CITY 1251/202 BLK 4 LOTS 25-28
    Tax Annual Amount
    486

    Utilities

    Sewer type
    Septic Tank
    Heating system
    Electric (Heating), Central
    Cooling system
    Central Air
    Water source
    Public

    Building Details

    Year built
    1950
    Floors in Building
    1
    Building materials
    Brick, Frame
    Roof type
    Metal, Composition

    We can help!

    Listing Contact
    Dana Lyn Shrum
    Dana Lyn Shrum

    Listing agent Dana Lyn Shrum License #185510

    Listing office Solid Rock REALTORS - Vinita 113 E Canadian, Claremore, OK

    Listing date Jun 6, 2025

    MLS# 25-1240

    Copyright © 2026 Northeast Oklahoma Board of Realtors. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.

    HighLights

    • Two businesses for the price of one: a restaurant (with franchise option) and a gallery.
    • Prime location near Spavinaw Lake, Spavinaw Creek State Park, South Grand Lake, and Lake Hudson.
    • High traffic location on Main Street with over 1500 cars passing daily.
    • Restaurant building (3360 sq.ft) is fully equipped with a dining hall, kitchen, walk‑in cooler, and office.
    • Second building (1240 sq.ft) suitable for various business ventures (gift shop, coffee shop, etc.).
    • Located in a destination area that draws customers from NE Oklahoma and NW Arkansas.

    Overview

    This property features a restaurant and a gallery, situated at the base of Spavinaw Hills and Spavinaw Lake on Main Street. The location is a destination for recreation, attracting people seeking areas off the beaten path. Spavinaw Creek State Park and Spavinaw Lake are both within a mile radius. The property draws customers from Northeast Oklahoma and Northwest Arkansas, located within an hour of Tulsa and Bentonville, and is also 10 minutes from South Grand Lake and 15 minutes from Lake Hudson. The main building, spanning 3360 square feet, is set up as a restaurant with a dining hall, prep/kitchen area, walk-in cooler, storage spaces, wash room, two customer restrooms, and an office space. The exterior includes space for outdoor cooking and dining. The second building, measuring 1240 square feet, is currently used as a gallery but could also function as a gift shop, coffee shop, donut shop, or bait and tackle shop. The property also includes a mobile home for storage. Other businesses on Main Street in Spavinaw are currently drawing an active customer base. Traffic reports indicate over 1500 cars pass through the town daily. The lot size is 0.16 acres.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Conventional restaurants

    Suggested Use

    Building Supply Storage Facility Garden Center (Bike/Boat/Book/etc) Store

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Spavinaw
    County
    Mayes
    State
    Oklahoma
    Longitude
    -95.047046
    Latitude
    36.390242

    FAQs

    What type of property is this?
    Conventional restaurant - Restaurant and gallery near Spavinaw Lake, Oklahoma. Destination location!
    Where is this conventional restaurant located?
    The property is located at 105 N Main Street Spavinaw, OK.
    What is the asking price?
    The asking price for this property is $399,000.
    What are key features of this property?
    This property features: Two businesses for the price of one: a restaurant (with franchise option) and a gallery.; Prime location near Spavinaw Lake, Spavinaw Creek State Park, South Grand Lake, and Lake Hudson.; High traffic location on Main Street with over 1500 cars passing daily.
    (918) 637-3415
    We can help!
    Listing Contact
    Dana Lyn Shrum
    Dana Lyn Shrum
    Real Estate License ID: 185510
    Learn More
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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.

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