Restaurant Property with Picnic
For Sale
$385,000
503 Palmetto St, Eustis, FL 32726
Former barbecue restaurant site with service window, cooking pits, and a sizable outdoor gathering area.
Property Size807 SF
Lot Size5.00 Acres
Price / SF$477.08
Days on Market43
Property Features for 503 Palmetto St
General Information
Standard status
Active
Size
807 SF
Lot size
5.00 Acres
Additional Details
Road Access
Yes
Equipment Included
Yes
Amenities
walk-up service window
picnic pavilion
Building Details
Year Built
1970
Listing Agency:
RE/MAX PREMIER REALTY
(407) 230-0235
Listed By:
Rachel Rivera · License #3406593
Source:
Chenoregroup
Added: Jul 17
Changed: Aug 28
Last Checked: Aug 28 at 11:36AM
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 RE/MAX PREMIER REALTY
Investment Insights
Based on property information with market context.
This offering includes the original barbecue restaurant building, dedicated cooking pits, a walk-up service window, and a picnic pavilion used for outdoor dining and gatherings. The improvements date to 1970 and are included with three parcels totaling approximately 5 acres.
The property occupies the corner of Palmetto Street and E. Bates Avenue in Eustis, Florida. Its existing configuration has supported barbecue service, community events, and outdoor dining. Potential directions identified for the site include reopening a restaurant, creating an entertainment venue, establishing a catering headquarters, or pursuing redevelopment. Additional parcels conveyed with the property are identified by parcel numbers 12-19-26-1300-00E-00000 and 12-19-26-3100-00D-00000.
The property occupies the corner of Palmetto Street and E. Bates Avenue in Eustis, Florida. Its existing configuration has supported barbecue service, community events, and outdoor dining. Potential directions identified for the site include reopening a restaurant, creating an entertainment venue, establishing a catering headquarters, or pursuing redevelopment. Additional parcels conveyed with the property are identified by parcel numbers 12-19-26-1300-00E-00000 and 12-19-26-3100-00D-00000.
Key Highlights
- Three parcels totaling approximately 5 acres
- Original barbecue restaurant building with walk‑up service window
- Existing cooking pits and picnic pavilion
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
$12,577
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
3.27%
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%
$251,540
$251.5K
Cap Rate 7%
$179,671
$179.7K
Cap Rate 9%
$139,744
$139.7K
Market Conditions
NOI Build-Up for 807 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
$17.4K $21.60/SF
− Vacancy
−$662 −$0.82/SF
EGI
$16.8K $20.78/SF
− OpEx
−$4.2K −$5.19/SF
NOI
$12.6K $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%
$251,540
Cap Rate 7%
$179,671
Cap Rate 9%
$139,744
Alternative Uses
Best Use
Specialty Retail
$179.7K
$157.2K – $209.6K
NOI $12,577 @ 7.0% cap · market cap 3.27%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$229.6K
$200.9K – $267.9K
NOI $16,075 @ 7.0% cap · market cap 4.18%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
391
Businesses Nearby
4k
Monthly Visits Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 100%
Family Dollar
Shops & Services
4,214 visits/mo
0.3 miles
Demographics for 32726, FL
23,012
Population
11,168
Households
2.1
Avg Household Size
45
Median Age
21%
College-Educated
88%
High-School Grad
11.5 sq mi
ZIP Area
2,001
Density / Sq Mi
$60,750
Median Household Income
$37,197
Median Earnings
$1,027
Median Rent
$230,400
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 - Former barbecue restaurant site with service window, cooking pits, and a sizable outdoor gathering area.
Where is this conventional restaurant located?
The property is located at 503 Palmetto St Eustis, FL.
What is the asking price?
The asking price for this property is $385,000.
What are key features of this property?
This property features: Three parcels totaling approximately 5 acres; Original barbecue restaurant building with walk‑up service window; Existing cooking pits and picnic pavilion
