Furnished Restaurant with Commercial
For Sale
$550,000
114 W CENTRAL Avenue, Lake Wales, FL 33853
Commercial Sale, LAKE WALES, FL
Property Size1,674 SF
Lot Size0.23 Acres
Price / SF$328.55
Days on Market348
Property Features for 114 W CENTRAL Avenue
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning
C-2
Window features
Display Window(s)
Appliances
Refrigerator
Subdivision
CARY WALTERS SUB
Lot features
Central Business District, City Limits, Near Public Transit, Sidewalk, Street Lights
Directions
From US Hwy. 27 turn EAST on W Central Ave. that leads into downtown Lake Wales. The property is on the LEFT, corner of Phillips St. and Central Ave. W.
Standard status
Active
APN
27-30-02-908000-008070
Size
1,674 SF
Lot size
0.23 Acres
Taxes and HOA fees
Tax Year
2024
Tax Description
CARY WALTERS SUB PB 7 PG 5 BLK 8 LOTS 7 THRU 10
Tax Annual Amount
2843
Legal Description
CARY WALTERS SUB PB 7 PG 5 BLK 8 LOTS 7 THRU 10
Utilities
Utilities
Natural Gas Available
Sewer type
Public Sewer
Heating system
Central, Natural Gas
Cooling system
Central Air
Water source
Public
Building Details
Year built
1953
Floors in Building
1
Flooring type
Concrete, Tile - Ceramic
Building materials
Block, Vinyl Siding, Frame
Roof type
Membrane
Listing Agency:
COLDWELL BANKER REALTY · Coldwell Banker Real Estate
(863) 294-7541
Listed By:
Erin Floyd · License #3212218
(863) 412-2286
Added: Sep 9, 2025
Changed: Aug 20
Last Checked: Aug 22 at 6:06PM
MLS# P4936164
Copyright © 2026 Stellar MLS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This 1,674-square-foot restaurant property includes the building and business, along with its furnishings and operating equipment. The interior features a dedicated dining area with booth seating, a commercial kitchen, storage, and office space. Kitchen equipment includes walk-in coolers, a gas range, exhaust fan, fryers, stainless workstations, sinks, shelving, and a refrigerator. Concrete and ceramic tile flooring, central heating and cooling, and a membrane roof are also in place.
The property occupies 0.23 acres on W Central Avenue along a major thoroughfare leading into downtown Lake Wales. A privacy-fenced rear patio includes a storage building and an employee break area. The site is served by public water and public sewer, with natural gas available. Constructed in 1953, the building is zoned C-2.
The property occupies 0.23 acres on W Central Avenue along a major thoroughfare leading into downtown Lake Wales. A privacy-fenced rear patio includes a storage building and an employee break area. The site is served by public water and public sewer, with natural gas available. Constructed in 1953, the building is zoned C-2.
Key Highlights
- 1,674‑square‑foot restaurant building and business included
- 0.23‑acre site on W Central Avenue near downtown Lake Wales
- Commercial kitchen with walk‑in coolers, gas range, fryers, and stainless workstations
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
Industrial
$114.1K
$99.8K – $133.1K
NOI $7,986 @ 7.0% cap · market cap 1.45%
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
Lease Details
Turnkey business
Opportunity
Location Intelligence
Trade Area within ½ mile
1,004
Businesses Nearby
85k
Monthly Visits Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Dining 57%
Shops & Services 43%
McDonald's
Dining
23,665 visits/mo
0.5 miles
Burger King
Dining
20,482 visits/mo
0.5 miles
MIDFLORIDA Credit Union
Shops & Services
9,784 visits/mo
0.4 miles
Citgo
Shops & Services
5,468 visits/mo
0.5 miles
Wells Fargo
Shops & Services
4,825 visits/mo
0.2 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
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Conventional restaurant - C-2 restaurant property includes dining, kitchen, storage, and employee patio areas.
Where is this conventional restaurant located?
The property is located at 114 W CENTRAL Avenue 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: 1,674‑square‑foot restaurant building and business included; 0.23‑acre site on W Central Avenue near downtown Lake Wales; Commercial kitchen with walk‑in coolers, gas range, fryers, and stainless workstations
