Restaurant Building with Retail
For Sale
$2,500,000
223 E Hall Of Fame Avenue, Stillwater, OK 74075
Commercial Sale, Stillwater, OK
Property Size12,151 SF
Lot Size1.26 Acres
Price / SF$205.74
Days on Market742
Property Features for 223 E Hall Of Fame Avenue
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning
Commercial
Directions
from Hall of Fame and Main Street go east on Hall of fame. Property on your right next to McAlester's.
Standard status
Active
APN
223EHallOfFame74075
Size
12,151 SF
Lot size
1.26 Acres
Amenities
geothermal system
hot water backup system
Building Details
Year built
1997
Listing Agency:
Realty ONE Group Champion
(405) 612-1799
Listed By:
Sharyl Pickens
(405) 314-5437
Added: Aug 12, 2024
Changed: Aug 19
Last Checked: Aug 23 at 1:06AM
MLS# 1131150
Copyright © 2026 MLSOK, Inc. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This 1997 restaurant and retail building occupies 1.26 acres in Stillwater’s commercial district. The structure uses steel beams with a cinder-block exterior and includes a kitchen finished with Silikal quartz flooring, a vent hood system, and a full-size backup for the hot-water system. A Geo system is also in place, along with a large lighted pole sign.
The property is located at 223 E Hall Of Fame Avenue near Boone Pickens Stadium and Gallagher Iba Arena. Nearby businesses include Starbucks, McAlister's, Mexico Joes, Chipotle, Chili's, and Panera Bread. Commercial zoning supports the property’s existing restaurant use and its stated potential for retail, sports bar, music venue, or other hospitality-oriented concepts.
The property is located at 223 E Hall Of Fame Avenue near Boone Pickens Stadium and Gallagher Iba Arena. Nearby businesses include Starbucks, McAlister's, Mexico Joes, Chipotle, Chili's, and Panera Bread. Commercial zoning supports the property’s existing restaurant use and its stated potential for retail, sports bar, music venue, or other hospitality-oriented concepts.
Key Highlights
- 1.26‑acre restaurant and retail property at 223 E Hall Of Fame Avenue
- Commercial zoning in Stillwater, OK
- 1997 building with steel‑beam construction and a cinder‑block exterior
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
—
—
no second resolved use
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
Lease Details
Yes
Commercial hood
Location Intelligence
Trade Area within ½ mile
985
Businesses Nearby
517k
Monthly Visits Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Dining 38%
Shops & Services 26%
Superstores 19%
Home Improvements & Furnishings 6%
Walmart
Superstores
96,828 visits/mo
0.4 miles
Raising Cane's Chicken Fingers
Dining
36,999 visits/mo
0.2 miles
Hobby Lobby
Shops & Services
35,589 visits/mo
0.3 miles
Taco Bell
Dining
24,661 visits/mo
0.4 miles
HomeGoods
Home Improvements & Furnishings
22,749 visits/mo
0.4 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.
Frequently Asked Questions
What type of property is this?
Conventional restaurant - Commercially zoned property with a restaurant kitchen, retail potential, and building systems suited to multiple venue concepts.
Where is this conventional 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: 1.26‑acre restaurant and retail property at 223 E Hall Of Fame Avenue; Commercial zoning in Stillwater, OK; 1997 building with steel‑beam construction and a cinder‑block exterior
