Building Details

Year Built 1965

Listing Agency: Keller Williams Realty

Listed By: Tanner Gregory · License #208763 Show Phone

Source: Accentrealtors

Added: Jul 21 Changed: Oct 4 Last Checked: Oct 7 at 4:58PM

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Investment Insights

Based on property information with market context.

This restaurant building is currently operated as Leon's BBQ. The sale includes all equipment, with the exception of the decor. The roof is approximately 12 years old, and the smoker was purchased about six months ago.

The building is positioned on a high-traffic intersection with signage.

Offered for sale as a conventional restaurant property with the existing operating components included.

Key Highlights

• Restaurant building built in 1965, currently known as Leon's BBQ
• Sold with included restaurant equipment (decor excluded)
• High‑traffic intersection location with signage

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$13,549

Cap Rate

6.02%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$270,980 $271.0K

Cap Rate 7%

$193,557 $193.6K

Cap Rate 9%

$150,544 $150.5K

Is this asking price fair?

Market Conditions

NOI Build-Up for 1,200 SF

Gross rent

$18.7K $15.60/SF

− Vacancy

−$655 −$0.55/SF

EGI

$18.1K $15.05/SF

− OpEx

−$4.5K −$3.76/SF

NOI

$13.5K $11.29/SF

Area

Tulsa, OK

Vacancy

3.50%

Lease Rate

$15.60 /SF/Yr

Expense Ratio

25.00%

Simulate Cap Rate and NOI

Suggested Prices Based on Cap Rates

Cap Rate 5%

$270,980

Cap Rate 7%

$193,557

Cap Rate 9%

$150,544

Alternative Uses

Best Use

Specialty Retail

$193.6K

$169.4K – $225.8K (±1% cap)

NOI $13,549 @ 7.0% cap · market cap 6.02%

Second Best

—

—

no second resolved use

Theoretical Best

Office A

$255.9K

$224.0K – $298.6K (±1% cap)

NOI $17,916 @ 7.0% cap · market cap 7.96%

Zoning and permitted uses should be independently verified with authorities. How Realmo checks its estimates

Property Analytics

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Current Use

Leon's Smoke Shack ... Restaurant Sugar Ruth Bakery Bakery

Suggested Use

Top Pick Real Estate Agency Law Firm Hair Salon Dental Office Nail Salon Spa & Massage Center

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

Turnkey business

Opportunity

Location Intelligence

Trade Area within ½ mile

652

Businesses Nearby

33k

Monthly Visits Nearby

Under-served

Demand for This Use

Explore this area Business Placement

Foot Traffic Nearby

Shops & Services 81% Dining 19% Hotels & Casinos 1%

QuikTrip Shops & Services

26,208 visits/mo 0.3 miles

Little Caesars Pizza Dining

6,138 visits/mo 0.2 miles

Budget Inn Hotels & Casinos

207 visits/mo 0.5 miles

Demographics for 74112, OK

20,810

Population

10,524

Households

2

Avg Household Size

38

Median Age

27%

College-Educated

87%

High-School Grad

6.8 sq mi

ZIP Area

3,060

Density / Sq Mi

$55,848

Median Household Income

$37,151

Median Earnings

$1,024

Median Rent

$149,800

Median Home Value

Market

Vacancy Rate% for Retail in Tulsa, OK

7.2% 2019

7.6% 2020

6.6% 2021

5.6% 2022

5.2% 2023

5.6% 2024

5.4% 2025

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Frequently Asked Questions

What type of property is this?

Conventional restaurant - Restaurant building for sale with included equipment and a 12-year-old roof.

Where is this conventional restaurant located?

The property is located at 601 S Sheridan Rd Tulsa, OK.

What is the asking price?

The asking price for this property is $225,000.

What are key features of this property?

This property features: Restaurant building built in 1965, currently known as Leon's BBQ; Sold with included restaurant equipment (decor excluded); High‑traffic intersection location with signage