Turnkey Restaurant Opportunity on
For Sale
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229 Heritage Street, Ardmore, OK 73443
Remodeled restaurant with high traffic, ready for immediate operation.
Property Size3,859 SF
Price / SF$246.18
Days on Market1089
Property Features for 229 Heritage Street
General Information
Standard status
Active
Size
3,859 SF
Property subtype
Office
Building Details
Year Built
1990
Year Renovated
2021
Buildings
1
Stories
1
Listing Agency:
Turner Land Company
Listed By:
Michael Faulkner · License #135917
(580) 465-3571
Source:
Crexi
Added: Nov 14, 2023
Changed: Nov 4
Last Checked: Nov 4 at 12:11PM
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 Turner Land Company
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Review the available facts, identify missing information and prepare questions for the agent.
Investment Insights
Based on property information with market context.
This 3859 square foot commercial restaurant is located in Lone Grove, OK, on Highway 70, less than 5 miles from Interstate 35 and Ardmore, OK, and just minutes from Lone Grove High School. The location benefits from an average daily traffic count of 13,000. The recently remodeled building is designed for a diner, sandwich shop, ice cream hangout, or fast-food restaurant. The dining room features an updated counter area complete with overhead menu boards, a drink and prep area, and soft serve ice cream and shake machines. The dining area includes seven 6-top tables and nine 8-top tables, with a corner bench area and middle high-top bar suitable for parties or large groups. The full kitchen is equipped with warming ovens, a scale, a prep area, fryers, a large griddle, a large walk-in cooler/freezer, a dishwashing area, and additional coolers. A drive-through menu board is posted outside, and the kitchen has a separate drive-through drink and prep area. The building also has several large storage areas for restaurant supplies. The restaurant comes with the TOAST POS system, including waitstaff tablets and kitchen displays. A concrete parking lot provides ample parking, and a fence separates the building from the lots behind it. The property is located at 229 Heritage Street, Ardmore, OK 73443.
Key Highlights
- High‑traffic location on Highway 70 with 13,000 average daily traffic count, near I‑35 and Ardmore, OK.
- Fully equipped commercial restaurant (3800 sq ft) with a complete kitchen including warming ovens, fryers, large griddle, and walk‑in cooler/freezer.
- Recently remodeled with a versatile design suitable for various restaurant types (diner, sandwich shop, ice cream, fast food).
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$47,772
Cap Rate
5.03%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$955,440
$955.4K
Cap Rate 7%
$682,457
$682.5K
Cap Rate 9%
$530,800
$530.8K
Market Conditions
NOI Build-Up for 3,859 SF
Gross rent
$69.5K $18.00/SF
− Vacancy
−$5.8K −$1.49/SF
EGI
$63.7K $16.51/SF
− OpEx
−$15.9K −$4.13/SF
NOI
$47.8K $12.38/SF
Area
Carter County, OK
Vacancy
8.30%
Lease Rate
$18.00 /SF/Yr
Expense Ratio
25.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$955,440
Cap Rate 7%
$682,457
Cap Rate 9%
$530,800
Alternative Uses
Best Use
Specialty Retail
$682.5K
$597.2K – $796.2K
NOI $47,772 @ 7.0% cap · market cap 5.03%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$989.7K
$866.0K – $1.15M
NOI $69,277 @ 7.0% cap · market cap 7.29%
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
Property Analytics
Who owns this building?
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Open Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
3
Businesses Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Demographics for 73443, OK
3,170
Population
1,259
Households
2.5
Avg Household Size
36
Median Age
13%
College-Educated
89%
High-School Grad
40.7 sq mi
ZIP Area
78
Density / Sq Mi
$67,277
Median Household Income
$35,259
Median Earnings
$949
Median Rent
$181,300
Median Home Value
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Retail in South region
Frequently Asked Questions
What type of property is this?
Conventional restaurant - Remodeled restaurant with high traffic, ready for immediate operation.
Where is this conventional restaurant located?
The property is located at 229 Heritage Street Ardmore, OK.
What is the asking price?
The asking price for this property is $950,000.
What are key features of this property?
This property features: High‑traffic location on Highway 70 with 13,000 average daily traffic count, near I‑35 and Ardmore, OK.; Fully equipped commercial restaurant (3800 sq ft) with a complete kitchen including warming ovens, fryers, large griddle, and walk‑in cooler/freezer.; Recently remodeled with a versatile design suitable for various restaurant types (diner, sandwich shop, ice cream, fast food).
