601 E. Highland St.
Restaurant-Ready Commercial Property | Shawnee, OK 74801
2,000
Sq Ft
0.24 AC
Corner Lot
C-2
Zoning
$199,000
List Price
INVESTMENT SUMMARY
Restaurant asset with the infrastructure already in place
At $99.50 per square foot, 601 Highland is priced against replacement cost, not against income. The building carries a basic commercial kitchen build-out, hood system, wok range, char broiler, walk-in refrigerator, and walk-in freezer, that would cost a buyer significantly more to construct than to acquire and refresh. Combined with a 2022 roof replacement and confirmed Opportunity Zone status, this is a basis play on a site with real bones, not a speculative deal.
SITE & SITUS
Corner exposure on an established east-west corridor
Location
THE IMPROVEMENTS
Built to operate, not just to occupy
Single-story, 2,000 SF masonry building constructed in 1966, roof replaced in 2022. The kitchen infrastructure remains fully in place: exhaust hood system, wok range, char broiler, prep sinks, walk-in refrigerator, and walk-in freezer. The building most recently operated as Studio Wok and previously as Kelsey’s Steakhouse, giving the site a documented operating history rather than a cold shell.
Photo Gallery & Floor Plan
ZONING & ENTITLEMENTS
C-2 Regional Commercial
Min. lot area 10,000 SF (site: 10,539 SF) · Min. lot width 50 ft · Max. lot coverage 30% · Setbacks: 20 ft front, 10 ft rear, 0 ft side, 15 ft corner side · Max. height 45 ft
Restaurant, retail store, professional or medical office, financial institution, personal and business support services, food truck park, small brewery, and others
Grocery store, large brewery, bar/brewpub/nightclub, civic club/lodge, bail bond, and others.
TRADE AREA
Positioned on Shawnee’s Highland Street corridor
Recreation Anchor
Same corridor as Woodland Veterans Park and Shawnee Splash Water Park, which draws seasonal family traffic for pools, splash pad, and pickleball/tennis courts.
Established Retail Neighbors
Van’s Pig Stand (original location), Don’s Plants, Shawnee Glass, Sonic Drive-In, Shawnee Tag Agency.
Regional Access
I-40 access via Harrison Avenue; downtown Shawnee and Oklahoma Baptist University within the same commercial corridor.
Daytime Population
35,430 during business hours, nearly matching the resident population, a steady built-in-lunch and after-work customer base for retail and food service.
OPPORTUNITY ZONE
A federal tax advantage already baked into the price
601 E. Highland sits within a confirmed Qualified Opportunity Zone, census tract 40125500200, designated in 2018 under the Tax Cuts and Jobs Act. It’s verifiable on the U.S. Treasury’s published tract list.
For investors with realized capital gains, an acquisition structured through a Qualified Opportunity Fund can defer recognition of those gains and potentially exclude all appreciation on the QOF investment from capital gains tax after a 10-year hold. At a $199,000 entry point, this is one of the lower-barrier OZ-eligible acquisitions available in this market.
Tax treatment depends on individual circumstances and holding structure. Consult a qualified tax advisor regarding QOF compliance requirements.
Designated 2018
Tract 40125500200 — confirmed on the U.S. Treasury’s published Opportunity Zone census tract list under the Tax Cuts and Jobs Act.
Capital Gains Deferral
Investors with eligible gains may roll them into a Qualified Opportunity Fund at acquisition, deferring recognition of the original gain.
10-Year Appreciation Exclusion
After a 10-year hold, appreciation on the QOF investment itself may be excluded from capital gains tax entirely.
NEXT STEPS
Ready to look closer?
This property is available for qualified buyers. Showings are by appointment. The listing agent is the owner’s representative and can provide access, answer questions about the zoning history and CUP, and coordinate due diligence.
Schedule a Showing
Walk the building and lot with the listing agent. Contact Steve Reese at NextHome Central Real Estate to set a time.
Request Due Diligence Materials
Additional documentation including the CUP ordinance, roof replacement records, and property history is available upon request.
Make an Offer
The seller is represented. Buyer’s agents are welcome. Submit offers through your broker or contact the listing agent directly.
NextHome Central Real Estate
Each office is independently owned and operated.
Information deemed reliable but not guaranteed.