Furnished Restaurant in Lake
For Sale
$550,000
114 W CENTRAL Ave, Lake Wales, FL 33853
Fully equipped restaurant for sale in downtown Lake Wales, Florida.
Property Size1,674 SF
Lot Size0.23 Acres
Days on Market155
Property Features for 114 W CENTRAL Ave
General Information
Standard status
Active
Size
1,674 SF
Lot size
0.23 Acres
Property subtype
Commercial
Taxes and HOA fees
Annual Taxes
$2,843
Building Details
Building Size
1,674 SF
Year Built
1953
Stories
1
Listing Agency:
coldwell banker realty
(863) 412-2286
Listed By:
Erin Floyd · License #3386190
(863) 412-2286
Source:
Elliman
Added: Mar 11
Changed: Aug 8
Last Checked: Aug 8 at 12:05PM
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 coldwell banker realty
Investment Insights
Based on property information with market context.
This is an exceptional opportunity to own a fully furnished and equipped restaurant. The business and building are included in the list price. The restaurant is located on a major thoroughfare into downtown Lake Wales, Florida. The dining area is spacious and furnished with booth seating. All equipment conveys with the sale of the building, including commercial walk-in coolers, a gas range, an exhaust fan, fryers, stainless work stations, sinks, and shelving. A privacy fenced back patio houses a storage building and provides a relaxing area for employees. This property has had a strong community presence for over 70 years. This is a tremendous opportunity to tap into the growing demand for eateries in this high traffic area of the downtown district.
Key Highlights
- Fully furnished and equipped restaurant; business and building included in the price.
- Prime location on a major thoroughfare into downtown Lake Wales, Florida.
- Includes all commercial‑grade kitchen equipment (walk‑in coolers, gas range, fryers, etc.).
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
$21,764
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
3.96%
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%
$435,280
$435.3K
Cap Rate 7%
$310,914
$310.9K
Cap Rate 9%
$241,822
$241.8K
Market Conditions
NOI Build-Up for 1,674 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
$31.1K $18.60/SF
− Vacancy
−$2.1K −$1.26/SF
EGI
$29.0K $17.34/SF
− OpEx
−$7.3K −$4.33/SF
NOI
$21.8K $13.00/SF
Area
Polk County, FL
Vacancy
6.80%
Lease Rate
$18.60 /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%
$435,280
Cap Rate 7%
$310,914
Cap Rate 9%
$241,822
Alternative Uses
Best Use
Specialty Retail
$310.9K
$272.1K – $362.7K
NOI $21,764 @ 7.0% cap · market cap 3.96%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$402.3K
$352.0K – $469.3K
NOI $28,159 @ 7.0% cap · market cap 5.12%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
843
Businesses Nearby
73k
Monthly Visits Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Dining 55%
Shops & Services 40%
Groceries 5%
McDonald's
Dining
23,665 visits/mo
0.1 miles
MIDFLORIDA Credit Union
Shops & Services
9,784 visits/mo
0.4 miles
Beef 'O' Brady's
Dining
6,519 visits/mo
0.2 miles
Citgo
Shops & Services
5,468 visits/mo
0.1 miles
KFC
Dining
5,171 visits/mo
0.5 miles
Demographics for 33853, FL
12,404
Population
5,483
Households
2.3
Avg Household Size
38
Median Age
19%
College-Educated
85%
High-School Grad
8.7 sq mi
ZIP Area
1,426
Density / Sq Mi
$40,938
Median Household Income
$35,470
Median Earnings
$965
Median Rent
$198,100
Median Home Value
Market
Vacancy Rate% for Retail in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Conventional restaurant - Fully equipped restaurant for sale in downtown Lake Wales, Florida.
Where is this conventional restaurant located?
The property is located at 114 W CENTRAL Ave Lake Wales, FL.
What is the asking price?
The asking price for this property is $550,000.
What are key features of this property?
This property features: Fully furnished and equipped restaurant; business and building included in the price.; Prime location on a major thoroughfare into downtown Lake Wales, Florida.; Includes all commercial‑grade kitchen equipment (walk‑in coolers, gas range, fryers, etc.).
