This paper presents the theoretical system capacity of orbital angular momentum (OAM) multiplexing that employs single-carrier with frequency domain equalization (SC-FDE) in the presence of ground reflection. Considering that inter-symbol interference (ISI) remains even after inserting a guard interval (GI), in addition to inter-mode interference (IMI), we derive the effect of such residual IMI and ISI, and incorporate their impacts into the analysis of the system capacity. Moreover, in FDE, zeroforcing (ZF) and minimum mean square error (MMSE) are considered as the factors affecting the system capacity because the effect of noise enhancement differs among these two factors. In this study, we demonstrate theoretical results based on the tworay ground reflection model by using parameters of link distance and carrier frequency. The numerical results show that OAM multiplexing employing SC-FDE improves the system capacity compared with the case without FDE regardless of the link distance, and its effectiveness is remarkable in the cases of relatively lower carrier frequencies.