Turnkey Restaurant
For Sale
$225,000
601 S Sheridan Rd, Tulsa, OK 74112
Restaurant building for sale with included equipment and a 12-year-old roof.
Property Size1,200 SF
Price / SF$187.50
Days on Market49
Property Features for 601 S Sheridan Rd
General Information
Standard status
Active
Size
1,200 SF
Additional Details
Business Included
Yes
Building Details
Year Built
1965
Listing Agency:
Keller Williams Realty
Listed By:
Tanner Gregory · License #208763
(918) 766-0001
Source:
Accentrealtors
Added: Jul 21
Changed: Sep 5
Last Checked: Sep 6 at 10:29AM
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 Keller Williams Realty
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.
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 = 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
$13,549
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
6.02%
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%
$270,980
$271.0K
Cap Rate 7%
$193,557
$193.6K
Cap Rate 9%
$150,544
$150.5K
Market Conditions
NOI Build-Up for 1,200 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
$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 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%
$270,980
Cap Rate 7%
$193,557
Cap Rate 9%
$150,544
Alternative Uses
Best Use
Specialty Retail
$193.6K
$169.4K – $225.8K
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
NOI $17,916 @ 7.0% cap · market cap 7.96%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
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
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 - 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
