Listing Agency: Newmark Robinson Park | Oklahoma City Show Phone

Listed By: Michael Almaraz Show Phone

Source: Moodyscre

Added: Jan 30, 2023 Changed: Sep 2 Last Checked: Sep 13 at 9:46AM

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Investment Insights

Based on property information with market context.

Former restaurant building available for sale or lease on busy NE 23rd Street in Harrah, close to the new Turnpike. The property includes ample parking and a covered drive-through area designed for quick service operations.

The offering notes excellent access and visibility from all directions, with ongoing new home construction in the surrounding area.

A lease-to-purchase option is available, making the site well suited for a food or coffee concept seeking drive-through convenience.

Key Highlights

• Former restaurant building for sale or lease on busy NE 23rd Street in Harrah.
• Ample parking, including a covered drive‑through area.
• Access and visibility from all directions.

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

$14,474

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

8.77%

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%

$289,480 $289.5K

Cap Rate 7%

$206,771 $206.8K

Cap Rate 9%

$160,822 $160.8K

Market Conditions

NOI Build-Up for 1,376 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

$20.6K $15.00/SF

− Vacancy

−$1.3K −$0.98/SF

EGI

$19.3K $14.03/SF

− OpEx

−$4.8K −$3.51/SF

NOI

$14.5K $10.52/SF

Area

Oklahoma County, OK

Vacancy

6.50%

Lease Rate

$15.00 /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%

$289,480

Cap Rate 7%

$206,771

Cap Rate 9%

$160,822

Alternative Uses

Best Use

Specialty Retail

$206.8K

$180.9K – $241.2K (±1% cap)

NOI $14,474 @ 7.0% cap · market cap 8.77%

Second Best

—

—

no second resolved use

Theoretical Best

Office A

$286.6K

$250.8K – $334.4K (±1% cap)

NOI $20,062 @ 7.0% cap · market cap 12.16%

Zoning and permitted uses should be independently verified with authorities.

Property Analytics

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Current Use

Harrah Family Chiropractic Alternative Medicine Practice Harrah Smoke Shop Grocery & Convenience Store

Suggested Use

Top Pick Real Estate Agency Electrical Service Locksmith Bakery Big Box & Wholesale Store Storage Facility

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Lease Details

Yes

Highway access

Location Intelligence

Trade Area within ½ mile

94

Businesses Nearby

Explore this area Business Placement

Demographics for 73045, OK

11,272

Population

4,488

Households

2.5

Avg Household Size

41

Median Age

23%

College-Educated

92%

High-School Grad

65.0 sq mi

ZIP Area

173

Density / Sq Mi

$80,117

Median Household Income

$42,850

Median Earnings

$962

Median Rent

$212,800

Median Home Value

Market

Vacancy Rate% for Retail in South region

7% 2020

6.2% 2021

5.1% 2022

4.8% 2023

4.9% 2024

5.4% 2025

Questions? Ask Rey

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What type of property is this? Where is this drive through restaurants located? What is the asking price? Find similar properties What are key features of this property?

Frequently Asked Questions

What type of property is this?

Drive through restaurant - Former restaurant building with ample parking and a covered drive-through area for quick-service concepts.

Where is this drive through restaurant located?

The property is located at 19857 NE 23rd St Harrah, OK.

What is the asking price?

The asking price for this property is $165,000.

What are key features of this property?

This property features: Former restaurant building for sale or lease on busy NE 23rd Street in Harrah.; Ample parking, including a covered drive‑through area.; Access and visibility from all directions.