Restaurant Property with
For Sale
$795,000
24646 STATE ROAD 40, Astor, FL 32102
The offering can include the restaurant business and equipment separately from the real estate.
Property Size1,592 SF
Days on Market10
Property Features for 24646 STATE ROAD 40
General Information
Standard status
Active
Size
1,592 SF
Property subtype
Commercial
Zoning
C-1
Additional Details
Business Included
Yes
Taxes and HOA fees
Annual Taxes
$3,170
Building Details
Building Size
1,592 SF
Year Built
1972
Listing Agency:
LPT REALTY LLC
(407) 455-1400
Listed By:
Armando Rodriguez · License #3337048
(407) 455-1400
Source:
Mbifloridarealty
Added: Aug 2
Changed: Aug 7
Last Checked: Aug 10 at 10:51AM
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 LPT REALTY LLC
Investment Insights
Based on property information with market context.
Located at 24646 State Road 40 in Astor, this commercial restaurant property includes an established restaurant operation and equipment for continued food-service use. The improvements date to 1972, and the property is identified with C-1 zoning.
The offering provides flexibility to acquire the real estate with the operating business or pursue the real estate separately. Business assets and equipment may also be available apart from the real estate. Potential commercial concepts identified for the property include restaurant, café, brewery, retail, specialty market, marine or outdoor recreation, office, event, and convenience uses, subject to verification of zoning and permitted uses with the appropriate local authorities.
The offering provides flexibility to acquire the real estate with the operating business or pursue the real estate separately. Business assets and equipment may also be available apart from the real estate. Potential commercial concepts identified for the property include restaurant, café, brewery, retail, specialty market, marine or outdoor recreation, office, event, and convenience uses, subject to verification of zoning and permitted uses with the appropriate local authorities.
Key Highlights
- Established restaurant operation at 24646 State Road 40, Astor, FL 32102
- Restaurant equipment is in place for continued food‑service use
- Business and equipment may be available separately from the real estate
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
$24,810
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
3.12%
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%
$496,200
$496.2K
Cap Rate 7%
$354,429
$354.4K
Cap Rate 9%
$275,667
$275.7K
Market Conditions
NOI Build-Up for 1,592 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
$34.4K $21.60/SF
− Vacancy
−$1.3K −$0.82/SF
EGI
$33.1K $20.78/SF
− OpEx
−$8.3K −$5.19/SF
NOI
$24.8K $15.58/SF
Area
Lake County, FL
Vacancy
3.80%
Lease Rate
$21.60 /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%
$496,200
Cap Rate 7%
$354,429
Cap Rate 9%
$275,667
Alternative Uses
Best Use
Specialty Retail
$354.4K
$310.1K – $413.5K
NOI $24,810 @ 7.0% cap · market cap 3.12%
Second Best
Retail
$269.1K
$235.5K – $313.9K
NOI $18,836 @ 7.0% cap · market cap 2.37%
Theoretical Best
Office A
$453.0K
$396.4K – $528.6K
NOI $31,713 @ 7.0% cap · market cap 3.99%
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
117
Businesses Nearby
15k
Monthly Visits Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 92%
Home Improvements & Furnishings 8%
Circle K
Shops & Services
7,988 visits/mo
0.2 miles
Dollar General
Shops & Services
6,004 visits/mo
0.5 miles
Astor Ace Hardware
Home Improvements & Furnishings
1,274 visits/mo
0.4 miles
Demographics for 32102, FL
2,768
Population
1,789
Households
1.5
Avg Household Size
56
Median Age
8%
College-Educated
80%
High-School Grad
62.4 sq mi
ZIP Area
44
Density / Sq Mi
$56,598
Median Household Income
$36,880
Median Earnings
$142,500
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 - The offering can include the restaurant business and equipment separately from the real estate.
Where is this conventional restaurant located?
The property is located at 24646 STATE ROAD 40 Astor, FL.
What is the asking price?
The asking price for this property is $795,000.
What are key features of this property?
This property features: Established restaurant operation at 24646 State Road 40, Astor, FL 32102; Restaurant equipment is in place for continued food‑service use; Business and equipment may be available separately from the real estate
