Freestanding Restaurant With
For Sale
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6310 E 101st St, Tulsa, OK 74137
Established restaurant property with interconnected dining and support buildings in South Tulsa.
Property Size7,527 SF
Price / SF$200.48
Days on Market13
Property Features for 6310 E 101st St
General Information
Standard status
Active
Size
7,527 SF
Total Parking Spaces
54
Property subtype
Retail
Zoning
PUD 431B with both RM-1 (Residential Multi) and CS (Commercial Shopping)
Occupancy
100%
Lease Type
Absolute NNN
Investment Type
Net Lease
Net Operating Income
$92,400
Building Details
Year Built
2003
Year Renovated
2005
Buildings
2
Tenancy
Single
Listing Agency:
Equitas Realty Advisors
Listed By:
Monty Berry, CCIM, SIOR · License #OK 83879
Source:
Crexi
Added: Jul 28
Changed: Aug 8
Last Checked: Aug 8 at 9:02PM
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 Equitas Realty Advisors
Investment Insights
Based on property information with market context.
This restaurant property includes two connected buildings totaling 7,527 square feet. The improvements were constructed in 2003 and are configured as a primary restaurant with an adjacent annex, supporting continued single-tenant operation by Louie's Grill and Bar. The property is associated with Hal Smith Restaurant Group and has operated as a neighborhood grill and bar since 2005.
Located one block west of East 101st Street and Sheridan Road in South Tulsa, the site carries PUD 431B zoning with both RM-1 Residential Multi and CS Commercial Shopping designations. The existing improvements provide an established restaurant setting with an adjoining support structure. The property is offered for sale as a restaurant asset with a long operating history and an identified tenant in place.
Located one block west of East 101st Street and Sheridan Road in South Tulsa, the site carries PUD 431B zoning with both RM-1 Residential Multi and CS Commercial Shopping designations. The existing improvements provide an established restaurant setting with an adjoining support structure. The property is offered for sale as a restaurant asset with a long operating history and an identified tenant in place.
Key Highlights
- 7,527‑square‑foot restaurant property with two interconnected buildings
- Constructed in 2003 as a restaurant and annex configuration
- Louie's Grill and Bar has operated at the property since 2005
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
$83,663
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
5.54%
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%
$1,673,260
$1.7M
Cap Rate 7%
$1,195,186
$1.2M
Cap Rate 9%
$929,589
$929.6K
Market Conditions
NOI Build-Up for 7,527 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
$117.4K $15.60/SF
− Vacancy
−$5.9K −$0.78/SF
EGI
$111.6K $14.82/SF
− OpEx
−$27.9K −$3.70/SF
NOI
$83.7K $11.11/SF
Area
ZIP 74137
Vacancy
5.00%
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%
$1,673,260
Cap Rate 7%
$1,195,186
Cap Rate 9%
$929,589
Alternative Uses
Best Use
Specialty Retail
$1.20M
$1.05M – $1.39M
NOI $83,663 @ 7.0% cap · market cap 5.54%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.63M
$1.43M – $1.90M
NOI $114,250 @ 7.0% cap · market cap 7.57%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
100%
Occupancy
Location Intelligence
Trade Area within ½ mile
288
Businesses Nearby
17k
Monthly Visits Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 81%
Dining 19%
Sinclair
Shops & Services
6,291 visits/mo
0.1 miles
Arvest Bank
Shops & Services
3,810 visits/mo
0.1 miles
Bank Of Oklahoma
Shops & Services
3,376 visits/mo
0.1 miles
Mazzio's Pizza
Dining
2,142 visits/mo
0.1 miles
SUBWAY
Dining
1,075 visits/mo
0.1 miles
Demographics for 74137, OK
28,354
Population
12,402
Households
2.3
Avg Household Size
42
Median Age
60%
College-Educated
96%
High-School Grad
10.4 sq mi
ZIP Area
2,726
Density / Sq Mi
$103,963
Median Household Income
$54,307
Median Earnings
$1,133
Median Rent
$384,500
Median Home Value
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 - Established restaurant property with interconnected dining and support buildings in South Tulsa.
Where is this conventional restaurant located?
The property is located at 6310 E 101st St Tulsa, OK.
What is the asking price?
The asking price for this property is $1,509,000.
What are key features of this property?
This property features: 7,527‑square‑foot restaurant property with two interconnected buildings; Constructed in 2003 as a restaurant and annex configuration; Louie's Grill and Bar has operated at the property since 2005
