Listing Agency: Newmark Robinson Park | Oklahoma City Show Phone

Listed By: Michael Almaraz Show Phone

Source: Moodyscre

Added: Jan 30, 2023 Changed: Oct 25 Last Checked: Oct 28 at 8:12AM

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Review the available facts, identify missing information and prepare questions for the agent.

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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 / Yr

$14,474

Cap Rate

8.77%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$289,480 $289.5K

Cap Rate 7%

$206,771 $206.8K

Cap Rate 9%

$160,822 $160.8K

Is this asking price fair?

Market Conditions

NOI Build-Up for 1,376 SF

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 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. How Realmo checks its estimates

Property Analytics

Who owns this building? See the owner, sales and loan history

Open Analytics

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

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.