C-3 Zoned Restaurant
For Sale
$550,000
5920 NW 23rd St, Oklahoma City, OK 73127
Established restaurant property with full occupancy, strong roadside exposure, and flexibility for restaurant or retail use.
Property Size1,935 SF
Price / SF$284.24
Days on Market109
Property Features for 5920 NW 23rd St
General Information
Standard status
Active
Size
1,935 SF
Class
B
Property subtype
Retail - Restaurant
Zoning
C-3
Occupancy
100%
Additional Details
Cap Rate
9.16%
Traffic Count
22,896 vehicles/day
Commercial Hood
No
Building Details
Building Size
1,935 SF
Year Built
1981
Buildings
1
Units
1
Listing Agency:
Creek Commercial Realty
(405) 510-0079
Listed By:
Tyler Huxley
Source:
Commercialcafe
Added: May 14
Changed: Aug 29
Last Checked: Aug 30 at 1:20PM
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 Creek Commercial Realty
Investment Insights
Based on property information with market context.
Built in 1981, this 1,935-square-foot restaurant property is configured for commercial food-service or retail operations. The building is 100% occupied and carries a 9.16 Cap Rate, with C-3 zoning supporting its established commercial setting.
The property fronts NW 23rd Street in Oklahoma City, where the reported daily traffic count is 22,896. Its surrounding context includes retail, dining, and entertainment uses, with access to major thoroughfares and proximity to Penn Square Mall, Will Rogers World Airport, and Lake Hefner.
The property fronts NW 23rd Street in Oklahoma City, where the reported daily traffic count is 22,896. Its surrounding context includes retail, dining, and entertainment uses, with access to major thoroughfares and proximity to Penn Square Mall, Will Rogers World Airport, and Lake Hefner.
Key Highlights
- 1,935 SF building constructed in 1981
- 100% occupancy with a 9.16 Cap Rate
- C‑3 zoning supports restaurant and retail uses
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
$46,324
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
8.42%
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%
$926,480
$926.5K
Cap Rate 7%
$661,771
$661.8K
Cap Rate 9%
$514,711
$514.7K
Market Conditions
NOI Build-Up for 1,935 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
$65.0K $33.60/SF
− Vacancy
−$3.3K −$1.68/SF
EGI
$61.8K $31.92/SF
− OpEx
−$15.4K −$7.98/SF
NOI
$46.3K $23.94/SF
Area
Oklahoma City, OK
Vacancy
5.00%
Lease Rate
$33.60 /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%
$926,480
Cap Rate 7%
$661,771
Cap Rate 9%
$514,711
Alternative Uses
Best Use
Specialty Retail
$661.8K
$579.1K – $772.1K
NOI $46,324 @ 7.0% cap · market cap 8.42%
Second Best
Retail
$545.7K
$477.5K – $636.6K
NOI $38,197 @ 7.0% cap · market cap 6.94%
Theoretical Best
—
—
same as Best Use
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
22,896 VPD
Traffic count
100%
Occupancy
Location Intelligence
Trade Area within ½ mile
507
Businesses Nearby
39k
Monthly Visits Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 63%
Groceries 37%
7-Eleven
Shops & Services
20,471 visits/mo
0.2 miles
Aldi
Groceries
14,200 visits/mo
0.1 miles
Valero Energy
Shops & Services
2,391 visits/mo
0.5 miles
U-Haul Moving & Storage Of Bethany
Shops & Services
1,454 visits/mo
0.2 miles
Demographics for 73127, OK
27,007
Population
11,329
Households
2.4
Avg Household Size
32
Median Age
16%
College-Educated
76%
High-School Grad
11.3 sq mi
ZIP Area
2,390
Density / Sq Mi
$46,020
Median Household Income
$28,766
Median Earnings
$926
Median Rent
$139,200
Median Home Value
Market
Vacancy Rate% for Retail in Oklahoma City, OK
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 - Established restaurant property with full occupancy, strong roadside exposure, and flexibility for restaurant or retail use.
Where is this conventional restaurant located?
The property is located at 5920 NW 23rd St Oklahoma City, OK.
What is the asking price?
The asking price for this property is $550,000.
What are key features of this property?
This property features: 1,935 SF building constructed in 1981; 100% occupancy with a 9.16 Cap Rate; C‑3 zoning supports restaurant and retail uses
