Freestanding Restaurant with
For Sale
$2,300,000
951 Greenwood Boulevard, Lake Mary, FL 32746
Deed-guaranteed shared parking supports restaurant operations near hotels, corporate offices, and major regional access routes.
Property Size5,571 SF
Days on Market507
Property Features for 951 Greenwood Boulevard
General Information
Standard status
Active
Size
5,571 SF
Property subtype
SCR, SCR-REST, SPEC-OTH
Zoning
PD
Additional Details
Pylon Signage
Yes
Building Details
Building Size
5,571 SF
Year Built
1987
Listing Agency:
Professional Commercial Real Estate Services
Listed By:
Richard Wagner · License #BK3262702
Source:
Realnex
Added: Apr 10, 2025
Changed: Aug 29
Last Checked: Aug 29 at 2:41PM
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 Professional Commercial Real Estate Services
Investment Insights
Based on property information with market context.
Built in 1987, this freestanding restaurant property includes monument signage and an established setting for continued dining operations. The site is zoned PD, and the property deed guarantees shared parking with adjacent office buildings. The existing improvements may also accommodate other retail or commercial uses, subject to applicable requirements.
The property is located across from Top Golf and multiple hotels, with access to I-4 and W. Lake Mary Boulevard nearby. The surrounding business environment includes the AAA National Office, Verizon Financial Center, Mitsubishi-Hitachi Power Systems, Scholastic Book Fairs, and Deloitte Consulting LLP. Its Lake Mary setting places the restaurant near corporate offices, lodging, and established commercial activity.
The property is located across from Top Golf and multiple hotels, with access to I-4 and W. Lake Mary Boulevard nearby. The surrounding business environment includes the AAA National Office, Verizon Financial Center, Mitsubishi-Hitachi Power Systems, Scholastic Book Fairs, and Deloitte Consulting LLP. Its Lake Mary setting places the restaurant near corporate offices, lodging, and established commercial activity.
Key Highlights
- Freestanding restaurant property built in 1987
- Monument signage included
- Shared parking with adjacent office buildings guaranteed by deed
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
$107,442
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
4.67%
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%
$2,148,840
$2.1M
Cap Rate 7%
$1,534,886
$1.5M
Cap Rate 9%
$1,193,800
$1.2M
Market Conditions
NOI Build-Up for 5,571 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
$151.8K $27.24/SF
− Vacancy
−$8.5K −$1.53/SF
EGI
$143.3K $25.71/SF
− OpEx
−$35.8K −$6.43/SF
NOI
$107.4K $19.29/SF
Area
Seminole County, FL
Vacancy
5.60%
Lease Rate
$27.24 /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%
$2,148,840
Cap Rate 7%
$1,534,886
Cap Rate 9%
$1,193,800
Alternative Uses
Best Use
Specialty Retail
$1.53M
$1.34M – $1.79M
NOI $107,442 @ 7.0% cap · market cap 4.67%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.59M
$1.39M – $1.85M
NOI $110,974 @ 7.0% cap · market cap 4.82%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,507
Businesses Nearby
58k
Monthly Visits Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Leisure 63%
Home Improvements & Furnishings 29%
Hotels & Casinos 8%
Topgolf
Leisure
36,536 visits/mo
0.3 miles
At Home
Home Improvements & Furnishings
16,413 visits/mo
0.4 miles
La Quinta Inn & Suites Orlando Lake Mary
Hotels & Casinos
2,597 visits/mo
0.4 miles
Extended Stay America Select Suites
Hotels & Casinos
1,151 visits/mo
0.4 miles
Extended Stay America
Hotels & Casinos
850 visits/mo
0.4 miles
Demographics for 32746, FL
45,828
Population
20,204
Households
2.3
Avg Household Size
42
Median Age
53%
College-Educated
97%
High-School Grad
21.1 sq mi
ZIP Area
2,172
Density / Sq Mi
$111,534
Median Household Income
$55,860
Median Earnings
$1,912
Median Rent
$420,200
Median Home Value
Market
Vacancy Rate% for Retail in South region
Questions? Ask Rey
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Similar Off Market Nearby
- Fred's Market Restaurant — 835 Currency Cir, Lake Mary, FL 32746
Frequently Asked Questions
What type of property is this?
Conventional restaurant - Deed-guaranteed shared parking supports restaurant operations near hotels, corporate offices, and major regional access routes.
Where is this conventional restaurant located?
The property is located at 951 Greenwood Boulevard Lake Mary, FL.
What is the asking price?
The asking price for this property is $2,300,000.
What are key features of this property?
This property features: Freestanding restaurant property built in 1987; Monument signage included; Shared parking with adjacent office buildings guaranteed by deed
