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    Redland Event Venue: Historic Theater Title is generated by Realmo AI

    606 Frisco Avenue, Clinton, OK 73601

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    Claim this Listing
    Pending
    $400,000

    MULTI_FAMILY - Clinton, OK

    Property size:
    9,538 SF
    Lot size:
    0.15 Acres
    Added:
    Jul 31, 2025
    Days on Market:
    290
    Last Refresh:
    May 16 at 8:06 pm

    Property Features for 606 Frisco Avenue

    General Information

    Property type
    Residential Multi Family
    Property subtype
    Other
    Zoning
    Commercial
    Standard status
    Pending
    APN
    606NONEFrisco73601
    Size
    9,538 SF
    Lot size
    0.15 Acres

    Utilities

    Heating system
    Natural Gas
    Cooling system
    Central Air, Electric
    Water source
    Public

    Building Details

    Year built
    1920
    Floors in Building
    2

    We can help!

    Listing Contact
    Brian Woodward
    Brian Woodward

    Listing agent Brian Woodward License #130570

    Listing office RE/MAX Energy Real Estate 335 S Mustang Rd. Suite G, Yukon, OK

    Listing date Jul 31, 2025

    MLS# 1180608

    Copyright © 2026 MLSOK, Inc. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.

    HighLights

    • Significantly lower price than recent appraisal of $645,000.
    • Operates as an event venue with 2 Airbnb suites upstairs.
    • Event space includes a prep kitchen, bathrooms, large theater space & stage, basement, and storage area.
    • Stylish Airbnb suites each feature a bedroom, private bathroom, and living area.
    • Historic building originally opened in 1922 as Rialto Theater.
    • Fabulous neon marquee was restored in 2021.

    Overview

    The Redland Event Venue, originally opened in 1922 as the Rialto Theater, offers a unique investment opportunity. This commercial property, with a commercial zoning designation, has been renovated to include an event space and two Airbnb suites. The stylish suites, located upstairs, each feature a bedroom, private bathroom, and living area. The event space includes a prep kitchen, bathrooms, a large theater space with a stage, a basement, and a storage area. The building, with a total size of 9538 square feet and situated on a 0.1492-acre lot, retains many of its original features, including the stage's pulley system, counter weights, and ladders. The neon marquee was restored in 2021. Located in Clinton, OK, the venue has a rich history, having hosted silent movies, live theater, magicians, comedians, and films with sound. It once seated approximately 900 people. In 1950, its name changed to Redland Theater. Today, it operates as an event venue suitable for weddings and modern celebrations.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Property 46 Real ... Real Estate Agency

    Suggested Use

    Restaurant Real Estate Agency Law Firm Building Supply Spa & Massage Center Dental Office Big Box & Wholesale Store Auto Repair Shop Hair Salon Nail Salon

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Clinton
    County
    Custer
    State
    Oklahoma
    Longitude
    -98.967583
    Latitude
    35.514065

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    FAQs

    What type of property is this?
    Wedding venue - Renovated event space with Airbnb suites in historic theater.
    Where is this wedding venue located?
    The property is located at 606 Frisco Avenue Clinton, OK.
    What is the asking price?
    The asking price for this property is $400,000.
    What are key features of this property?
    This property features: Significantly lower price than recent appraisal of $645,000.; Operates as an event venue with 2 Airbnb suites upstairs.; Event space includes a prep kitchen, bathrooms, large theater space & stage, basement, and storage area.
    (405) 204-3000
    We can help!
    Listing Contact
    Brian Woodward
    Brian Woodward
    Real Estate License ID: 130570
    Learn More
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

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    606 Frisco Avenue, Clinton, OK 73601
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