Restaurant with Large Parking
For Sale
Contact for pricing
6616 N Western Ave, Oklahoma City, OK
Single tenant restaurant with ample parking in Nichols Hills.
Property Size6,035 SF
Lot Size2.16 Acres
Price / SF$347.97
Days on Market1499
Property Features for 6616 N Western Ave
General Information
Standard status
Active
Size
6,035 SF
Lot size
2.16 Acres
Property subtype
RETAIL
Listing Agency:
Creek Price Edwards and Company - Oklahoma City
(405) 843-7474
Listed By:
Paul Ravencraft · License #OK 078872
(405) 226-5467
Source:
Moodyscre
Added: Jul 27, 2022
Changed: Aug 26
Last Checked: Sep 1 at 7:51PM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Creek Price Edwards and Company - Oklahoma City
Investment Insights
Based on property information with market context.
This single-tenant restaurant property includes a 32,025 square foot (MOL) parking lot, offering a parking ratio of 14 per 1000. It is situated in Nichols Hills, benefiting from traffic counts of 19,603 cars per day on Western Avenue and 14,325 cars per day on NW 63rd Street. The property is located one mile from Interstate 77 and Interstate 44 and is surrounded by multiple retailers. The building size is 6,035 square feet.
Key Highlights
- Single tenant restaurant property
- Large 32,025 sf (mol) parking lot
- Located in nichols hills
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$144,478
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
6.88%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$2,889,560
$2.9M
Cap Rate 7%
$2,063,971
$2.1M
Cap Rate 9%
$1,605,311
$1.6M
Market Conditions
NOI Build-Up for 6,035 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$202.8K $33.60/SF
− Vacancy
−$10.1K −$1.68/SF
EGI
$192.6K $31.92/SF
− OpEx
−$48.2K −$7.98/SF
NOI
$144.5K $23.94/SF
Area
Oklahoma City, OK
Vacancy
5.00%
Lease Rate
$33.60 /SF/Yr
Expense Ratio
25.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$2,889,560
Cap Rate 7%
$2,063,971
Cap Rate 9%
$1,605,311
Alternative Uses
Best Use
Specialty Retail
$2.06M
$1.81M – $2.41M
NOI $144,478 @ 7.0% cap · market cap 6.88%
Second Best
Retail
$1.70M
$1.49M – $1.99M
NOI $119,131 @ 7.0% cap · market cap 5.67%
Theoretical Best
—
—
same as Best Use
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
911
Businesses Nearby
72k
Monthly Visits Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 54%
Dining 41%
Home Improvements & Furnishings 3%
Electronics 2%
Braum's Ice Cream & Dairy Stores
Dining
18,436 visits/mo
0.3 miles
7-Eleven
Shops & Services
13,322 visits/mo
0.1 miles
Dollar General
Shops & Services
7,379 visits/mo
0.4 miles
EZPAWN
Shops & Services
6,936 visits/mo
0.4 miles
Church's Chicken
Dining
5,000 visits/mo
0.4 miles
Market
Vacancy Rate% for Retail in Oklahoma City, OK
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Restaurant - Single tenant restaurant with ample parking in Nichols Hills.
Where is this restaurant located?
The property is located at 6616 N Western Ave Oklahoma City, OK.
What is the asking price?
The asking price for this property is $2,100,000.
What are key features of this property?
This property features: Single tenant restaurant property; Large 32,025 sf (mol) parking lot; Located in nichols hills
