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    Established Restaurant in Checotah, OK Title is generated by Realmo AI

    123 S Broadway Street, Checotah, OK 74426

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    For Sale
    $550,000

    Profitable restaurant in restored 1901 building, downtown Checotah.

    Property size:
    4,200 SF
    Price / SF:
    $130/SF
    Added:
    Jul 7, 2024
    Days on Market:
    696
    Last Refresh:
    May 13 at 8:06 pm

    Property Features for 123 S Broadway Street

    General Information

    Standard status
    Active
    Size
    4,200 SF
    Property subtype
    Other

    Building Details

    Year Built
    1901

    We can help!

    Listing Contact
    Stephanie Abbott

    Listing agent Stephanie Abbott

    Listing office Re/max Preferred

    Listing date Jul 7, 2024

    Source Xome

    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 Re/max Preferred

    HighLights

    • Established restaurant with 57+ years of family ownership.
    • Prime location capturing Lake Eufaula, I‑40, and Highway 69 traffic.
    • Beautifully restored 1901 building in downtown Checotah.
    • Large dining area with additional second‑level seating.
    • Updated and well‑maintained commercial kitchen equipment.
    • Downtown location with ample street parking and proximity to shopping.

    Overview

    This established restaurant for sale in Checotah, Oklahoma, presents a significant opportunity to acquire a well-known business in McIntosh County. The restaurant benefits from traffic from Lake Eufaula, I-40, and Highway 69. Situated in downtown Checotah, the restaurant occupies a restored 1901 building and has been owned by the same family for over 57 years. The 4,200 square foot property features a large dining area with additional second-level seating suitable for overflow or private events. The commercial kitchen is equipped with updated and well-maintained equipment. Downtown street parking is available. The location is near antique and boutique shopping and is approximately 20 minutes from Muskogee. The restaurant's name and recipes are available for purchase separately.
    Property Profile Location Intelligence

    Current Use by Public Records

    June's Restaurant

    Suggested Use

    Law Firm Restaurant Real Estate Agency Spa & Massage Center Dental Office Hair Salon Nail Salon Food Market Grocery & Convenience Store Skin Care Clinic

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

    Location Insight

    • Map
    • Local Demand
    City
    Checotah
    County
    McIntosh
    State
    Oklahoma
    Longitude
    -95.522482
    Latitude
    35.470739

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    FAQs

    What type of property is this?
    Conventional restaurant - Profitable restaurant in restored 1901 building, downtown Checotah.
    Where is this conventional restaurant located?
    The property is located at 123 S Broadway Street Checotah, OK.
    What is the asking price?
    The asking price for this property is $550,000.
    What are key features of this property?
    This property features: Established restaurant with 57+ years of family ownership.; Prime location capturing Lake Eufaula, I‑40, and Highway 69 traffic.; Beautifully restored 1901 building in downtown Checotah.
    (405) 751-4848
    We can help!
    Listing Contact
    Stephanie Abbott
    Request Owner's contact information
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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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