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    Turnkey Restaurant Space Available Title is generated by Realmo AI

    253 E Stuart Ave, Lake Wales, FL 33853

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    For Lease
    $52,248 SF/Yr $16,249,128/Mo (calc)

    Prime downtown restaurant space in revitalized Lake Wales business district.

    Property size:
    3,732 SF
    Added:
    Mar 19, 2026
    Days on Market:
    72
    Last Refresh:
    May 25 at 7:28 pm

    Property Features for 253 E Stuart Ave

    General Information

    Standard status
    Active
    Size
    3,732 SF

    We can help!

    Listing Contact
    Brian Vogel

    Listing agent Brian Vogel License #3297845

    Listing office LEGACY REAL ESTATE CENTER INC

    Listing date Mar 19, 2026

    Source Exprealty

    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 LEGACY REAL ESTATE CENTER INC

    HighLights

    • Turnkey restaurant space with existing elegant build‑out and fully equipped commercial kitchen, ready for immediate occupancy.
    • Prime downtown Lake Wales location with excellent frontage and signage visibility.
    • Located within the Lake Wales Connected redevelopment zone.
    • Spacious interior (±3,732 SF) featuring two separate dining rooms plus bar area, and a small office space.
    • Ample nearby public parking and walking distance to shops, cafes, and parks.
    • Historic building (Bullard Building) with original storefront rhythm and substantial street frontage.

    Overview

    This turnkey restaurant space is available for lease at 253 E. Stuart Ave. in downtown Lake Wales, Florida. The property offers approximately 3,732 square feet of interior space. It features two separate dining rooms, a bar area, and a fully equipped commercial kitchen with a hood and prep areas. There are also two bathrooms and a small office space. The existing build-out is suitable for immediate occupancy. The property is located downtown, within walking distance to shops, cafés, and parks, and offers excellent frontage and signage visibility, as well as ample nearby public parking. The property is located within the Lake Wales Connected redevelopment zone, which includes new streetscapes, wider sidewalks, improved lighting, and landscaping. New residential developments are underway nearby. The building was built in 1919-20 and retains its original storefront rhythm and street frontage. The space is ideal for a restaurant or bistro concept, or a brewpub or wine bar. The location offers advantages such as strong local and tourist traffic and proximity to major thoroughfares (US-27 & SR-60).
    Location Intelligence

    Current Use by Public Records

    The Bullard Room at 253 Hotel & Motel Mimi’s Bakery Bakery

    Suggested Use

    Restaurant Real Estate Agency Law Firm Building Supply Dental Office Spa & Massage Center Big Box & Wholesale Store Auto Repair Shop Hair Salon Nail Salon

    Zoning and permitted uses should be independently verified with local authorities.

    Similar Places Nearby

    • D ON WHEELZ INC — 128 B St, Lake Wales, FL 33853, United States
    • Uptown Mechanic’s — 427 Emerald Ave, Lake Wales, FL 33853

    Location Insight

    • Map
    • Local Demand
    City
    Lake Wales
    County
    Polk
    State
    Florida
    Longitude
    -81.5870256
    Latitude
    27.902129

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    FAQs

    What type of property is this?
    Restaurant - Prime downtown restaurant space in revitalized Lake Wales business district.
    Where is this restaurant located?
    The property is located at 253 E Stuart Ave Lake Wales, FL.
    What is the lease rate?
    The lease rate is $52,248.
    What are key features of this property?
    This property features: Turnkey restaurant space with existing elegant build‑out and **fully equipped commercial kitchen, ready for immediate occupancy.**; **Prime downtown Lake Wales location** with excellent frontage and signage visibility.; Located within the Lake Wales Connected redevelopment zone.
    (863) 676-0200
    We can help!
    Listing Contact
    Brian Vogel
    Real Estate License ID: 3297845
    Learn More
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

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