Mixed-Use Restaurant and Bar
2396 N C 470, Lake Panasoffkee, FL 33538
For Sale
$895,000
An operating restaurant and bar occupies two adjoining buildings on a four-parcel commercial site.
Property Size3,568 SF
Lot Size1.73 Acres
Price / SF$250.84
Days on Market109
Property Features for 2396 N C 470
General Information
Standard status
Size
Lot size
Property subtype
Zoning
Additional Details
Furnished
Business Included
Highway Access
Equipment Included
Currently Operating
Taxes and HOA fees
Annual Taxes
Building Details
Building Size
Year Built
Buildings
Listing Agency:
ERA GRIZZARD REAL ESTATE
Listed By:
Mona Jodray · License FL #3178233
(352) 787-6966
Source:
Bascomgrooms
Added: Jul 24
Changed: Nov 8
Last Checked: Nov 8 at 9:31PM
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 ERA GRIZZARD REAL ESTATE
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Investment Insights
Based on property information with market context.
This mixed-use property includes an operating restaurant and bar in two adjoining buildings. The restaurant has a 35-year operating history, and furniture, fixtures, and equipment are included in the sale. The improvements date to 1972.
The four-parcel site totals approximately 1.73 acres and offers more than 400 feet of frontage along Highway 470, with convenient access. Sumter County CH zoning supports heavy commercial uses; the source also identifies professional office, medical, and retail as potential uses.
The four-parcel site totals approximately 1.73 acres and offers more than 400 feet of frontage along Highway 470, with convenient access. Sumter County CH zoning supports heavy commercial uses; the source also identifies professional office, medical, and retail as potential uses.
Key Highlights
- Four‑parcel site totaling approximately 1.73 acres
- More than 400 feet of frontage on Highway 470
- Two adjoining buildings with an operating restaurant and bar
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$45,037
Cap Rate
5.03%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$900,740
$900.7K
Cap Rate 7%
$643,386
$643.4K
Cap Rate 9%
$500,411
$500.4K
Market Conditions
NOI Build-Up for 3,568 SF
Gross rent
$64.2K $18.00/SF
− Vacancy
−$4.2K −$1.17/SF
EGI
$60.0K $16.83/SF
− OpEx
−$15.0K −$4.21/SF
NOI
$45.0K $12.62/SF
Area
Sumter County, FL
Vacancy
6.50%
Lease Rate
$18.00 /SF/Yr
Expense Ratio
25.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$900,740
Cap Rate 7%
$643,386
Cap Rate 9%
$500,411
Alternative Uses
Best Use
Specialty Retail
$643.4K
$563.0K – $750.6K
NOI $45,037 @ 7.0% cap · market cap 5.03%
Second Best
Mixed Use
$538.3K
$471.0K – $628.0K
NOI $37,678 @ 7.0% cap · market cap 4.21%
Theoretical Best
Office A
$1.02M
$893.8K – $1.19M
NOI $71,503 @ 7.0% cap · market cap 7.99%
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
Property Analytics
Who owns this building?
See the owner, sales and loan history
Open Analytics
Current Use
Lease Details
Turnkey business
Opportunity
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
53
Businesses Nearby
Explore this area
Business Placement
Demographics for 33538, FL
5,096
Population
3,409
Households
1.5
Avg Household Size
50
Median Age
15%
College-Educated
85%
High-School Grad
89.0 sq mi
ZIP Area
57
Density / Sq Mi
$48,951
Median Household Income
$43,178
Median Earnings
$1,005
Median Rent
$157,200
Median Home Value
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Retail in South region
Frequently Asked Questions
What type of property is this?
Mixed-use property - An operating restaurant and bar occupies two adjoining buildings on a four-parcel commercial site.
Where is this mixed-use property located?
The property is located at 2396 N C 470 Lake Panasoffkee, FL.
What is the asking price?
The asking price for this property is $895,000.
What are key features of this property?
This property features: Four‑parcel site totaling approximately 1.73 acres; More than 400 feet of frontage on Highway 470; Two adjoining buildings with an operating restaurant and bar
