Corner BBQ Restaurant with
For Sale
$385,000
503 Palmetto Street, Eustis, FL 32726
Historic BBQ restaurant site on three parcels with original pits and a picnic pavilion for outdoor gatherings.
Property Size807 SF
Lot Size5.00 Acres
Price / SF$477.08
Days on Market90
Property Features for 503 Palmetto Street
General Information
Standard status
Active
Size
807 SF
Lot size
5.00 Acres
Property subtype
Commercial
Amenities
Lot Size Acres: 0.15, Lot Size Square Feet: 6717, 3 Lots
Metal Roof
Sewer Type: Municipal
Total Taxes: $1,826, Tax Year: 2025, Percentage of Tax that is Deductable: 0
Tile Floor
Natural Gas Heat Fuel
Sale, Sale Type: Foreclosure
Basement Type: Slab
Built in 1970
Neighborhood Name: 32726 - Eustis, Subdivision Name: Eustis Hogans Sub
Above Area Square Feet: 807, Smoking Not Allowed
Water Source: Community
Pets Not Allowed
Building Details
Year Built
1970
Listing Agency:
Re/max Premier Realty
(352) 735-4060
Listed By:
Rachel Rivera · License #3406593
(352) 735-4060
Source:
Doyle-realty
Added: May 27
Changed: Aug 24
Last Checked: Aug 23 at 3:43AM
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 property is a historic BBQ restaurant site that includes the original barbecue restaurant and pits, along with a spacious picnic pavilion. The former operation also featured a walk-up service window, supporting a classic takeout-and-outdoor dining experience.
The site is located on a corner and is identified in the listing as 503 Palmetto St in Eustis, Florida, at the intersection of Palmetto Street and E. Bates Avenue. It totals approximately 5 acres across three parcels.
Additional parcels being sold together with this property are 12-19-26-1300-00E-00000 and 12-19-26-3100-00D-00000.
The site is located on a corner and is identified in the listing as 503 Palmetto St in Eustis, Florida, at the intersection of Palmetto Street and E. Bates Avenue. It totals approximately 5 acres across three parcels.
Additional parcels being sold together with this property are 12-19-26-1300-00E-00000 and 12-19-26-3100-00D-00000.
Key Highlights
- Historic BBQ restaurant site on 3 parcels totaling approx. 5 acres
- Corner location on Palmetto Street and E. Bates Avenue
- Includes the original BBQ restaurant and pits
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
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
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Frequently Asked Questions
What type of property is this?
Conventional restaurant - Historic BBQ restaurant site on three parcels with original pits and a picnic pavilion for outdoor gatherings.
Where is this conventional restaurant located?
The property is located at 503 Palmetto Street 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: Historic BBQ restaurant site on 3 parcels totaling approx. 5 acres; Corner location on Palmetto Street and E. Bates Avenue; Includes the original BBQ restaurant and pits
