Restaurant and Gift Shop For
For Sale
Contact for pricing
206 NW Dearborn & 215 NW Columbia, Lawton, OK 73507
Former restaurant and gift shop near downtown and Elmer Thomas Park.
Property Size8,280 SF
Price / SF$114.73
Days on Market719
Property Features for 206 NW Dearborn & 215 NW Columbia
General Information
Standard status
Active
Size
8,280 SF
Property subtype
Retail, Self Storage
Zoning
C-5
Listing Agency:
Cummins-Setters Commercial Partners
Listed By:
Johnny Owens · License #OK 084935
(580) 536-4192
Source:
Crexi
Added: Sep 24, 2024
Changed: Aug 31
Last Checked: Sep 12 at 5:43AM
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 Cummins-Setters Commercial Partners
Investment Insights
Based on property information with market context.
This property, formerly a McKenzie's Burger Garage, is available for sale. It is located near the 2nd development and Elmer Thomas Park, situated on the primary artery serving downtown. The property includes an approximately 8,280 square foot restaurant and gift shop, along with an approximately 1,000 square foot storage shed. The main building features insulated block walls, two ADA restrooms, and a fully sprinkled interior. The building has three-phase power. Note that equipment and decor are not included in the purchase price.
Key Highlights
- Prime location near 2nd development and Elmer Thomas Park on a main downtown artery.
- Large ±8,280 SF restaurant and gift shop space.
- Three‑phase power suitable for restaurant operations.
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
$54,094
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
5.69%
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%
$1,081,880
$1.1M
Cap Rate 7%
$772,771
$772.8K
Cap Rate 9%
$601,044
$601.0K
Market Conditions
NOI Build-Up for 8,280 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
$84.5K $10.20/SF
− Vacancy
−$7.2K −$0.87/SF
EGI
$77.3K $9.33/SF
− OpEx
−$23.2K −$2.80/SF
NOI
$54.1K $6.53/SF
Area
Comanche County, OK
Vacancy
8.50%
Lease Rate
$10.20 /SF/Yr
Expense Ratio
30.00%
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%
$1,081,880
Cap Rate 7%
$772,771
Cap Rate 9%
$601,044
Alternative Uses
Best Use
Specialty Retail
$1.69M
$1.48M – $1.97M
NOI $118,315 @ 7.0% cap · market cap 12.45%
Second Best
Retail
$1.58M
$1.38M – $1.84M
NOI $110,427 @ 7.0% cap · market cap 11.62%
Theoretical Best
Office A
$2.04M
$1.78M – $2.38M
NOI $142,530 @ 7.0% cap · market cap 15.00%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
1
Businesses Nearby
Explore this area
Business Placement
Demographics for 73507, OK
21,605
Population
10,504
Households
2.1
Avg Household Size
38
Median Age
27%
College-Educated
90%
High-School Grad
243.8 sq mi
ZIP Area
89
Density / Sq Mi
$61,092
Median Household Income
$36,244
Median Earnings
$916
Median Rent
$155,400
Median Home Value
Market
Vacancy Rate% for Industrial in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Retail property - Former restaurant and gift shop near downtown and Elmer Thomas Park.
Where is this retail property located?
The property is located at 206 NW Dearborn & 215 NW Columbia Lawton, 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: Prime location near 2nd development and Elmer Thomas Park on a main downtown artery.; Large ±8,280 SF restaurant and gift shop space.; Three‑phase power suitable for restaurant operations.
