Waterfront Restaurant Opportunity on
For Sale
Contact for pricing
4806 Jackson Cove Rd, Tallahassee, FL 32303
Turn-key restaurant with indoor/outdoor seating and lake views.
Property Size2,395 SF
Lot Size1.56 Acres
Price / SF$354.49
Days on Market183
Property Features for 4806 Jackson Cove Rd
General Information
Standard status
Active
Size
2,395 SF
Class
B
Lot size
1.56 Acres
Property subtype
Retail
Zoning
LP
Building Details
Year Built
1956
Buildings
1
Stories
1
Listing Agency:
Keller Williams Town & Country
(850) 443-2289
Listed By:
Jared Hatcher · License #FL SL3193594
Source:
Crexi
Added: Feb 16
Changed: Aug 9
Last Checked: Aug 17 at 7:09PM
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 Keller Williams Town & Country
Investment Insights
Based on property information with market context.
This is a turn-key waterfront restaurant opportunity located on Lake Jackson. The property, formerly a well-known restaurant, occupies approximately 1.56 acres and includes a fully built-out food service space with potential for both indoor and outdoor seating. It features an existing commercial kitchen layout, a bar area, and ample parking. The location offers direct water views. The property is suitable for owner-operators or investors and could be redeveloped into another retail or food service concept. It benefits from excellent visibility and a lakefront setting in Tallahassee. The real estate is being sold as is, including all furniture, fixtures, and equipment. The property also includes additional structures, storage, and a handcrafted outdoor stage, creating opportunities for events, live entertainment, and flexible use, supported by ample on-site parking. The building size is 2395 square feet.
Key Highlights
- Turn‑key waterfront restaurant opportunity on Lake Jackson.
- Fully built‑out food service space with indoor and outdoor seating.
- Existing commercial kitchen layout and bar area.
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
$27,353
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
3.22%
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%
$547,060
$547.1K
Cap Rate 7%
$390,757
$390.8K
Cap Rate 9%
$303,922
$303.9K
Market Conditions
NOI Build-Up for 2,395 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
$38.8K $16.20/SF
− Vacancy
−$2.3K −$0.97/SF
EGI
$36.5K $15.23/SF
− OpEx
−$9.1K −$3.81/SF
NOI
$27.4K $11.42/SF
Area
Tallahassee, FL
Vacancy
6.00%
Lease Rate
$16.20 /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%
$547,060
Cap Rate 7%
$390,757
Cap Rate 9%
$303,922
Alternative Uses
Best Use
Specialty Retail
$390.8K
$341.9K – $455.9K
NOI $27,353 @ 7.0% cap · market cap 3.22%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$587.1K
$513.8K – $685.0K
NOI $41,100 @ 7.0% cap · market cap 4.84%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
127
Businesses Nearby
10k
Monthly Visits Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Dining 100%
Hardee's
Dining
10,361 visits/mo
0.4 miles
Demographics for 32303, FL
48,644
Population
24,864
Households
2
Avg Household Size
34
Median Age
46%
College-Educated
95%
High-School Grad
34.8 sq mi
ZIP Area
1,398
Density / Sq Mi
$63,123
Median Household Income
$37,702
Median Earnings
$1,324
Median Rent
$204,900
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 - Turn-key restaurant with indoor/outdoor seating and lake views.
Where is this conventional restaurant located?
The property is located at 4806 Jackson Cove Rd Tallahassee, FL.
What is the asking price?
The asking price for this property is $849,000.
What are key features of this property?
This property features: Turn‑key waterfront restaurant opportunity on Lake Jackson.; Fully built‑out food service space with indoor and outdoor seating.; Existing commercial kitchen layout and bar area.
