503 Dixie AveFruitland Park, FL 34731

Property Details for 503 Dixie Ave

Year built

1926

Construction

CONCRETE

Lot size

0.48 AC

Property size (Sq ft)

2,672 SF

Property type

Retail properties

Property subtype

Bars

APN

04-19-24-0600-000-01400

APU

41924060000001400

Description

This exceptional investment opportunity encompasses a thriving beer and wine bar and a separate residential building situated on a sizable .48-acre lot in Fruitland Park, Florida. The main commercial building, totaling 2,844 square feet, includes a walk-in cooler and offers ample space for expansion, potentially incorporating a grill or restaurant. The existing C-2 zoning allows for a diverse range of commercial uses, including retail, office space, or other ventures. The second building, a 3-bedroom, 2-bathroom residential structure, requires significant renovation but currently has a tenant. This presents the potential for conversion into additional commercial space, further enhancing the property's value. The property boasts convenient paved parking in front and behind the commercial building, and its location offers excellent visibility on N Dixie Ave (approximately 100' frontage on a 100' x 210' lot). Its strategic location, an hour from Orlando and minutes from The Villages, I-75, Florida's Turnpike, US Hwy 441, 27, and 301, ensures high traffic and accessibility. The total square footage for both buildings is 4,730 square feet. Financial data and inventory are available upon execution of a non-disclosure agreement. This property offers a unique chance to either continue and expand the existing successful business or to redevelop it to suit a variety of commercial needs. The asking price is $699,000.

• CAP approach

  CAP return

  Valuation

  6%

  $816,208

  6.5%

  $753,422

  7%

  $699,606

• Comparable approach

  Method

  Valuation

  Relative Method

  $1,057,352

  Geo Method

  $1,057,352

• Alternative Use

  Use

  Valuation

  Residential

  $635,540

  Hospitality

  $582,151

  Educational

  $484,343

  Medical

  $501,000

  Retail

  $753,422

Location Insight

City

Fruitland Park

County

Lake

State

Florida

Latitude

28.8634

Longitude

-81.9063

CBSA code

36740

CBSA name

ORLANDO-KISSIMMEE, FL METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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