Hall of Fame Restaurant
For Sale
$2,500,000
223 E Hall Of Fame Avenue, Stillwater, OK 74075
Turn-key restaurant/retail building near Boone Pickens Stadium.
Property Size12,151 SF
Price / SF$205.74
Days on Market720
Property Features for 223 E Hall Of Fame Avenue
General Information
Standard status
Active
Size
12,151 SF
Property subtype
Commercial/Industrial
Taxes and HOA fees
Annual Taxes
$30,067
Building Details
Year Built
1997
Listing Agency:
Realty ONE Group Champion
(405) 314-5437
Listed By:
Sharyl Pickens
(405) 314-5437
Source:
Exitrealty
Added: Aug 20, 2024
Changed: Aug 8
Last Checked: Aug 8 at 6:23AM
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 Realty ONE Group Champion
Investment Insights
Based on property information with market context.
This iconic 12,128 sq. ft. restaurant and retail building is located near Boone Pickens Stadium and Gallagher Iba arena. The property is a turn-key and operational site suitable for a sports bar, restaurant, or music venue. The building can also accommodate multiple retail outlets. A prospect is interested in a lease purchase option to acquire the bowling alley for a restaurant. Constructed with steel beams and a cinder block outer, the building features a Geo system that saves approximately $1,000 per month in utilities. The hot water heater system has a full-size backup. The kitchen features Silikal quartz flooring and a vent hood system. A large, lighted pole sign is included. The property benefits from high traffic counts and is located near businesses such as Starbucks, McAlister's, Mexico Joes, Chipotle, Chili's, and Panera Bread.
Key Highlights
- Prime location near Boone Pickens Stadium and Gallagher Iba Arena with high traffic counts.
- Turn‑key, operational 12,128 sq. ft. building suitable for various venues.
- Potential lease purchase option for the bowling alley space.
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
$175,021
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
7.00%
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%
$3,500,420
$3.5M
Cap Rate 7%
$2,500,300
$2.5M
Cap Rate 9%
$1,944,678
$1.9M
Market Conditions
NOI Build-Up for 12,151 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
$246.4K $20.28/SF
− Vacancy
−$13.1K −$1.07/SF
EGI
$233.4K $19.21/SF
− OpEx
−$58.3K −$4.80/SF
NOI
$175.0K $14.40/SF
Area
Payne County, OK
Vacancy
5.30%
Lease Rate
$20.28 /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%
$3,500,420
Cap Rate 7%
$2,500,300
Cap Rate 9%
$1,944,678
Alternative Uses
Best Use
Specialty Retail
$2.50M
$2.19M – $2.92M
NOI $175,021 @ 7.0% cap · market cap 7.00%
Second Best
Retail
$2.33M
$2.04M – $2.72M
NOI $163,353 @ 7.0% cap · market cap 6.53%
Theoretical Best
Office A
$2.99M
$2.61M – $3.49M
NOI $209,164 @ 7.0% cap · market cap 8.37%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
701
Businesses Nearby
402k
Monthly Visits Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Dining 34%
Superstores 24%
Shops & Services 19%
Home Improvements & Furnishings 8%
Walmart
Superstores
96,828 visits/mo
0.1 miles
Raising Cane's Chicken Fingers
Dining
36,999 visits/mo
0.2 miles
Hobby Lobby
Shops & Services
35,589 visits/mo
0.1 miles
Taco Bell
Dining
24,661 visits/mo
0.4 miles
HomeGoods
Home Improvements & Furnishings
22,749 visits/mo
0.2 miles
Demographics for 74075, OK
25,033
Population
12,255
Households
2
Avg Household Size
28
Median Age
50%
College-Educated
95%
High-School Grad
94.8 sq mi
ZIP Area
264
Density / Sq Mi
$45,540
Median Household Income
$23,292
Median Earnings
$933
Median Rent
$220,900
Median Home Value
Market
Vacancy Rate% for Retail in South region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Similar Off Market Nearby
- Keystone Foodservice — 502 S Main St, Stillwater, OK 74074
- Fruity Patooties Food Truck Stillwater — 105 N Main St, Stillwater, OK 74075
- Celebrations Catering — 179 Student Un, Stillwater, OK 74078
Frequently Asked Questions
What type of property is this?
Restaurant - Turn-key restaurant/retail building near Boone Pickens Stadium.
Where is this restaurant located?
The property is located at 223 E Hall Of Fame Avenue Stillwater, OK.
What is the asking price?
The asking price for this property is $2,500,000.
What are key features of this property?
This property features: Prime location near Boone Pickens Stadium and Gallagher Iba Arena with high traffic counts.; Turn‑key, operational 12,128 sq. ft. building suitable for various venues.; Potential lease purchase option for the bowling alley space.
