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229 Heritage Street, Ardmore, OK 73443
Remodeled restaurant with high traffic, ready for immediate operation.
Property Size3,859 SF
Price / SF$194.35
Days on Market1041
Property Features for 229 Heritage Street
General Information
Standard status
Active
Size
3,859 SF
Property subtype
Office
Building Details
Year Built
1990
Year Renovated
2021
Buildings
1
Stories
1
Listing Agency:
Turner Land Company
Listed By:
Michael Faulkner · License #135917
(580) 465-3571
Source:
Crexi
Added: Nov 14, 2023
Changed: Sep 17
Last Checked: Sep 20 at 5:53AM
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 Turner Land Company
Investment Insights
Based on property information with market context.
This 3859 square foot commercial restaurant is located in Lone Grove, OK, on Highway 70, less than 5 miles from Interstate 35 and Ardmore, OK, and just minutes from Lone Grove High School. The location benefits from an average daily traffic count of 13,000. The recently remodeled building is designed for a diner, sandwich shop, ice cream hangout, or fast-food restaurant. The dining room features an updated counter area complete with overhead menu boards, a drink and prep area, and soft serve ice cream and shake machines. The dining area includes seven 6-top tables and nine 8-top tables, with a corner bench area and middle high-top bar suitable for parties or large groups. The full kitchen is equipped with warming ovens, a scale, a prep area, fryers, a large griddle, a large walk-in cooler/freezer, a dishwashing area, and additional coolers. A drive-through menu board is posted outside, and the kitchen has a separate drive-through drink and prep area. The building also has several large storage areas for restaurant supplies. The restaurant comes with the TOAST POS system, including waitstaff tablets and kitchen displays. A concrete parking lot provides ample parking, and a fence separates the building from the lots behind it. The property is located at 229 Heritage Street, Ardmore, OK 73443.
Key Highlights
- High‑traffic location on Highway 70 with 13,000 average daily traffic count, near I‑35 and Ardmore, OK.
- Fully equipped commercial restaurant (3800 sq ft) with a complete kitchen including warming ovens, fryers, large griddle, and walk‑in cooler/freezer.
- Recently remodeled with a versatile design suitable for various restaurant types (diner, sandwich shop, ice cream, fast food).
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
$47,772
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
6.37%
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%
$955,440
$955.4K
Cap Rate 7%
$682,457
$682.5K
Cap Rate 9%
$530,800
$530.8K
Market Conditions
NOI Build-Up for 3,859 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
$69.5K $18.00/SF
− Vacancy
−$5.8K −$1.49/SF
EGI
$63.7K $16.51/SF
− OpEx
−$15.9K −$4.13/SF
NOI
$47.8K $12.38/SF
Area
Carter County, OK
Vacancy
8.30%
Lease Rate
$18.00 /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%
$955,440
Cap Rate 7%
$682,457
Cap Rate 9%
$530,800
Alternative Uses
Best Use
Specialty Retail
$682.5K
$597.2K – $796.2K
NOI $47,772 @ 7.0% cap · market cap 6.37%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$989.7K
$866.0K – $1.15M
NOI $69,277 @ 7.0% cap · market cap 9.24%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
3
Businesses Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Demographics for 73443, OK
3,170
Population
1,259
Households
2.5
Avg Household Size
36
Median Age
13%
College-Educated
89%
High-School Grad
40.7 sq mi
ZIP Area
78
Density / Sq Mi
$67,277
Median Household Income
$35,259
Median Earnings
$949
Median Rent
$181,300
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Retail in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Conventional restaurant - Remodeled restaurant with high traffic, ready for immediate operation.
Where is this conventional restaurant located?
The property is located at 229 Heritage Street Ardmore, OK.
What is the asking price?
The asking price for this property is $750,000.
What are key features of this property?
This property features: High‑traffic location on Highway 70 with 13,000 average daily traffic count, near I‑35 and Ardmore, OK.; Fully equipped commercial restaurant (3800 sq ft) with a complete kitchen including warming ovens, fryers, large griddle, and walk‑in cooler/freezer.; Recently remodeled with a versatile design suitable for various restaurant types (diner, sandwich shop, ice cream, fast food).
