Restaurant Building with Pole
For Sale
$225,000
601 S Sheridan Road, Tulsa, OK 74112
Commercial, Tulsa, OK
Property Size1,200 SF
Lot Size0.19 Acres
Price / SF$187.50
Days on Market328
Property Features for 601 S Sheridan Road
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning
CS
Interior features
Attic Exhaust Fan, Cable TV Wired, Floored Attic, Public Restrooms, Smoke Detector
Exterior features
Pole Sign, Sidewalk
Fencing
Privacy
Subdivision
Sheridan Hills
Elementary school district
Tulsa - Sch Dist (1)
Middle school district
Tulsa - Sch Dist (1)
High school district
Tulsa - Sch Dist (1)
Directions
6th & Sheridan Rd
Standard status
Active
APN
37800-93-02-10760
Size
1,200 SF
Lot size
0.19 Acres
Taxes and HOA fees
Tax Year
2024
Tax Description
Lot 11 Blk 13, Sheridan Hills
Tax Annual Amount
1852
Legal Description
Lot 11 Blk 13, Sheridan Hills
Utilities
Utilities
Cable Available
Heating system
Central
Cooling system
Central Air
Building Details
Year built
1965
Flooring type
Concrete, Tile
Building materials
Concrete
Roof type
Composition
Listing Agency:
Keller Williams Realty
(918) 766-0001
Listed By:
Tanner Gregory · License #208763
(918) 344-6708
Added: Sep 29, 2025
Changed: Aug 19
Last Checked: Aug 22 at 8:06PM
MLS# 2540099
Copyright © 2026 MLS Technology, Inc. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This restaurant building at 601 S Sheridan Road in Tulsa, OK is currently known as Leon's BBQ. The property is being sold with all equipment included, minus the decor. Interior features include public restrooms, a smoke detector, and an attic exhaust fan, with concrete and tile flooring throughout. Central heating and central air are in place, and the building has cable TV wiring.
Exterior features include a pole sign and sidewalk. The property sits on a 0.185-acre lot, with concrete construction materials and a composition roof. The roof is reported as 12 years old, and the smoker was purchased six months ago.
Zoned CS, this facility includes on-site signage and is positioned on a high-traffic intersection, supporting both existing operations and potential updates for a new concept.
Exterior features include a pole sign and sidewalk. The property sits on a 0.185-acre lot, with concrete construction materials and a composition roof. The roof is reported as 12 years old, and the smoker was purchased six months ago.
Zoned CS, this facility includes on-site signage and is positioned on a high-traffic intersection, supporting both existing operations and potential updates for a new concept.
Key Highlights
- All equipment included (minus decor) for Leon's BBQ operations
- Pole sign and sidewalk at the restaurant building
- Zoned CS and positioned on a high‑traffic intersection 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 - Zoned CS with pole sign on a high-traffic intersection and central HVAC in place.
Where is this conventional restaurant located?
The property is located at 601 S Sheridan Road 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: All equipment included (minus decor) for Leon's BBQ operations; Pole sign and sidewalk at the restaurant building; Zoned CS and positioned on a high‑traffic intersection with signage
