Freestanding Restaurant with
For Sale
$225,000
Pending
601 S Sheridan Road, Tulsa, OK 74112
Commercial, Tulsa, OK
Property Size1,200 SF
Lot Size0.19 Acres
Days on Market347
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
Pending
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 28
Last Checked: Sep 10 at 10:06PM
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 1,200-square-foot restaurant building sits on 0.185 acres and is currently associated with Leon's BBQ. The sale includes the restaurant equipment, excluding the decor. Interior features include public restrooms, concrete and tile flooring, central heating and central air, a floored attic, an attic exhaust fan, cable wiring, and smoke detectors. The concrete building was constructed in 1965 and has a composition roof that is 12 years old.
A pole sign, sidewalk, privacy fencing, and cable availability are among the additional site and property features. The property is positioned at a high-traffic intersection and includes existing signage. The smoker was purchased six months ago, providing a recently acquired piece of restaurant equipment for continued operations or a new concept.
A pole sign, sidewalk, privacy fencing, and cable availability are among the additional site and property features. The property is positioned at a high-traffic intersection and includes existing signage. The smoker was purchased six months ago, providing a recently acquired piece of restaurant equipment for continued operations or a new concept.
Key Highlights
- 1,200‑square‑foot restaurant building on 0.185 acres
- Restaurant equipment included; decor excluded from the sale
- Located at a high‑traffic intersection with existing pole 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
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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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Retail in Tulsa, OK
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Conventional restaurant - Restaurant property with included equipment, pole signage, public restrooms, and CS zoning.
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: 1,200‑square‑foot restaurant building on 0.185 acres; Restaurant equipment included; decor excluded from the sale; Located at a high‑traffic intersection with existing pole signage
