Drive-Through Restaurant
For Sale
$325,000
3017 South 129th East Avenue, Tulsa, OK 74134
Former Sonic Drive-In with canopy-covered drive-in stalls, pylon signage, and about 128 feet of frontage.
Property Size1,208 SF
Price / SF$269.04
Days on Market49
Property Features for 3017 South 129th East Avenue
General Information
Standard status
Active
Size
1,208 SF
Property subtype
Retail
Additional Details
Road Access
Yes
Amenities
pylon signage
canopy-covered drive-in stalls
Building Details
Building Size
1,208 SF
Listing Agency:
McGraw Commercial Properties
(918) 694-8331
Listed By:
AC Cherry · License #072008
(918) 694-8331
Source:
Mcgrawcp
Added: Jun 25
Changed: Aug 11
Last Checked: Aug 11 at 6:24AM
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 McGraw Commercial Properties
Investment Insights
Based on property information with market context.
This property is a ±1,208 SF former Sonic Drive-In featuring canopy-covered drive-in stalls and pylon signage. The existing structure is designed to support a variety of restaurant, coffee, beverage, retail, and service-oriented uses.
The site provides approximately 128 feet of frontage along S 129th E Avenue, offering dedicated frontage for customer access and visibility.
For investors and operators, the configuration includes drive-through functionality and signage, with an adaptable footprint for multiple commercial service concepts.
The site provides approximately 128 feet of frontage along S 129th E Avenue, offering dedicated frontage for customer access and visibility.
For investors and operators, the configuration includes drive-through functionality and signage, with an adaptable footprint for multiple commercial service concepts.
Key Highlights
- 1,208 SF former Sonic Drive‑In with canopy‑covered drive‑in stalls
- Approximately 128 ft of frontage along S 129th E Avenue
- Includes pylon signage
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
$16,525
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
5.08%
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%
$330,500
$330.5K
Cap Rate 7%
$236,071
$236.1K
Cap Rate 9%
$183,611
$183.6K
Market Conditions
NOI Build-Up for 1,208 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
$23.2K $19.20/SF
− Vacancy
−$1.2K −$0.96/SF
EGI
$22.0K $18.24/SF
− OpEx
−$5.5K −$4.56/SF
NOI
$16.5K $13.68/SF
Area
ZIP 74134
Vacancy
5.00%
Lease Rate
$19.20 /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%
$330,500
Cap Rate 7%
$236,071
Cap Rate 9%
$183,611
Alternative Uses
Best Use
Specialty Retail
$236.1K
$206.6K – $275.4K
NOI $16,525 @ 7.0% cap · market cap 5.08%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$284.9K
$249.3K – $332.4K
NOI $19,946 @ 7.0% cap · market cap 6.14%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
288
Businesses Nearby
58k
Monthly Visits Nearby
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 56%
Dining 42%
Electronics 1%
QuikTrip
Shops & Services
25,920 visits/mo
0.2 miles
Braum's Ice Cream & Dairy Stores
Dining
11,581 visits/mo
0.2 miles
SONIC Drive In
Dining
5,522 visits/mo
0.1 miles
IHOP
Dining
4,368 visits/mo
0.2 miles
Dollar General
Shops & Services
4,221 visits/mo
0.1 miles
Demographics for 74134, OK
23,505
Population
9,068
Households
2.6
Avg Household Size
33
Median Age
31%
College-Educated
88%
High-School Grad
12.1 sq mi
ZIP Area
1,943
Density / Sq Mi
$73,421
Median Household Income
$42,808
Median Earnings
$979
Median Rent
$216,900
Median Home Value
Market
Vacancy Rate% for Retail in Tulsa, OK
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Drive through restaurant - Former Sonic Drive-In with canopy-covered drive-in stalls, pylon signage, and about 128 feet of frontage.
Where is this drive through restaurant located?
The property is located at 3017 South 129th East Avenue Tulsa, OK.
What is the asking price?
The asking price for this property is $325,000.
What are key features of this property?
This property features: 1,208 SF former Sonic Drive‑In with canopy‑covered drive‑in stalls; Approximately 128 ft of frontage along S 129th E Avenue; Includes pylon signage
