Popeyes Leasehold Opportunity For
For Sale
$612,500
4015 W Owen K Garriott Rd, Enid, OK 73703
Popeyes leasehold opportunity in regional retail hub near Vance AFB.
Property Size2,565 SF
Price / SF$238.79
Days on Market106
Property Features for 4015 W Owen K Garriott Rd
General Information
Standard status
Active
Size
2,565 SF
Property subtype
Restaurant
Lease Type
Absolute Net
Amenities
8.00% CAP Rate | Absolute-Net Leasehold Interest
2.5% Annual Rent Increases
High-Visibility Corridor (21,000 VPD)
Regional Retail Corridor Anchored By National Tenants
Large 1.09-Acre Parcel With Drive-Thru Configuration
Vance Air Force Base Enid's Largest Economic Driver
Building Details
Building Size
2,565 SF
Listing Agency:
Deltondo Advisory Group Irvine
Listed By:
Peter Deltondo · License #License(s): CA: 01797033
(949) 419-3200
Source:
Marcusmillichap
Added: May 20
Changed: Sep 2
Last Checked: Sep 2 at 1:34PM
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 Deltondo Advisory Group Irvine
Investment Insights
Based on property information with market context.
This property presents an absolute net Popeyes leasehold opportunity. The site is located within a regional retail hub near Vance Air Force Base. The property size is 2565 square feet.
Key Highlights
- Absolute net Popeyes leasehold opportunity
- Regional retail hub location
- Near Vance AFB
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
$26,539
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
4.33%
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%
$530,780
$530.8K
Cap Rate 7%
$379,129
$379.1K
Cap Rate 9%
$294,878
$294.9K
Market Conditions
NOI Build-Up for 2,565 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
$36.9K $14.40/SF
− Vacancy
−$1.6K −$0.60/SF
EGI
$35.4K $13.80/SF
− OpEx
−$8.8K −$3.45/SF
NOI
$26.5K $10.35/SF
Area
Garfield County, OK
Vacancy
4.20%
Lease Rate
$14.40 /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%
$530,780
Cap Rate 7%
$379,129
Cap Rate 9%
$294,878
Alternative Uses
Best Use
Specialty Retail
$379.1K
$331.7K – $442.3K
NOI $26,539 @ 7.0% cap · market cap 4.33%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$706.4K
$618.1K – $824.1K
NOI $49,447 @ 7.0% cap · market cap 8.07%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
468
Businesses Nearby
387k
Monthly Visits Nearby
Explore this area
Business Placement
Foot Traffic Nearby
Dining 46%
Apparel 24%
Shops & Services 21%
Home Improvements & Furnishings 5%
Chick-fil-A
Dining
37,260 visits/mo
0.2 miles
Five Below
Shops & Services
36,875 visits/mo
0.3 miles
Academy Sports + Outdoors
Apparel
36,142 visits/mo
0.2 miles
Braum's Ice Cream & Dairy Stores
Dining
26,307 visits/mo
0.0 miles
Texas Roadhouse
Dining
25,636 visits/mo
0.3 miles
Demographics for 73703, OK
30,376
Population
13,610
Households
2.2
Avg Household Size
38
Median Age
31%
College-Educated
93%
High-School Grad
114.1 sq mi
ZIP Area
266
Density / Sq Mi
$74,202
Median Household Income
$41,860
Median Earnings
$1,039
Median Rent
$191,000
Median Home Value
Market
Vacancy Rate% for Retail in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Drive through restaurant - Popeyes leasehold opportunity in regional retail hub near Vance AFB.
Where is this drive through restaurant located?
The property is located at 4015 W Owen K Garriott Rd Enid, OK.
What is the asking price?
The asking price for this property is $612,500.
What are key features of this property?
This property features: Absolute net Popeyes leasehold opportunity; Regional retail hub location; Near Vance AFB
