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Property profile & analytics
OFF-MARKET
Estimated value
$510,000
Turn key restaurants
1303 State Rd 60th E, Lake Wales, FL 33853-4343
Individually Owned
1-yr Hold
~
Est. High Equity
Property ID
US18-5068018
Property summary
AI-generated overview
This 2,917 square foot vacant commercial property, located at 1303 State Rd 60 in Lake Wales, Florida (zip code 33853), is offered at $495,000 ($169.69/sq ft). Previously operating as Romeo's Italian Restaurant since 1986, this building presents a versatile opportunity for various food service concepts or other retail uses. The property boasts a prime location in Lake Wales' medical district, ensuring high visibility and convenient access. The interior features a fully equipped commercial kitchen, including a walk-in cooler, two freezers, multiple refrigerators, two pizza ovens, a deep fryer, a 10-burner stove, two commercial ovens, and a Hobart mixer. With two separate entrances, the space offers potential for subdivision. The dining area comfortably seats 90, with capacity for up to 100 guests. Ample parking is available with a 25-space lot. This recently renovated building is ready for immediate occupancy and presents a strong investment opportunity for owner-users. All offers will be considered.
Property profile
Verified
Property type
Turn key restaurants
Use group
RESTAURANT
Year built
1959
Total area
2,623 SF
Lot
0.3 ac (13,064 SF)
Zoning code
C-3
APN
283006939500001092
UPID
US18-5068018
Cap rate & NOI
Priority signal for investors
Implied cap rate, NOI & suggested price
Cap rate vs submarket · NOI estimate · 3 price anchors
Implied cap rate, NOI & suggested price
Cap vs submarket · NOI estimate · 3 price anchors
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
$310k
CAP Approach
CAP
by Request
Comparable Approach
Comparable
$559k
Blend (final)
Blend
$510k
Owner & transaction history
Saul Graciani · 1 yrs held
Saul Graciani
since 2024
Last sale
$483,700
2 recorded transactions
Zoning & alternative use
C-3 · Lake Wales, FL
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Cap rate
Implied · in-place · derived from last sale + estimated NOI
Implied Cap rate
#1
Implied · in-place · NOI ÷ last sale
In-place · derived from last sale + estimated NOI
Cap rate, NOI & submarket benchmark
Implied cap rate vs Lake Wales submarket · NOI estimate · Typical band, median & reading
Implied cap rate, NOI & submarket benchmark
Cap vs Lake Wales submarket · NOI estimate · typical band, median & reading
Refine your cap rate
8-question underwriting flow
1.
Property current status — Going-In vs Stabilized
2.
Price for denominator — asking / offer / market
3.
Leasing status & lease structure (NNN / Gross)
4.
Tenant risk profile & vacancy assumption
5.
Upload T12 / rent roll / OM (optional)
Refine in 60 seconds, get exact suggested price
T12 upload · Submarket benchmarks · Sensitivity grid
Suggested price · 3 cap rate anchors
Income approach @ 5% / 7% / 9% — aggressive / typical / conservative
Suggested price at 5% / 7% / 9% cap
Aggressive / typical / conservative · Implied $/SF per anchor · Sensitivity grid
Suggested price at 5% / 7% / 9% cap
Aggressive / typical / conservative · implied $/SF · sensitivity
Value
AI, CAP & Alternative Use estimations · Realmo proprietary blendValue Estimations
Based on Realmo’s proprietary methodology
AI Approach
Method
Estimation
Statistic approach
by Request
ML approach
$310,000
CAP Approach
CAP Return
Estimation
6%
by Request
6.5%
by Request
7%
by Request
Blend value · Realmo final
$510k
Range $459k – $561k · ±10% · vs last sale $484k (Sep 20 2024)
Last sale anchor
$484k
Sep 20 2024
Realmo estimate · informational only.
These numbers are calculated by our models from public records and may not reflect actual market value.
Not an appraisal.
Verify with a licensed appraiser before transacting. Realmo accepts no liability for divergence from real-world outcomes.
View the full estimation — every method, every assumption
Confidence drivers & risk notes · Custom comparable set · Free for first 3 / day
Full estimation methodology
Every method · every assumption · confidence drivers
Price per SF
Sale + rent benchmarks
Subject property
$194 / SF
Submarket sale & rent benchmarks
Median sale $/SF · Asking & closed rent · Submarket vacancy
Submarket sale & rent benchmarks
Median sale $/SF · asking & closed rent · submarket vacancy
Property tax & assessments
Tax year 2023Property tax & assessments
Tax year 2023
Tax billed
$2,874
Tax year 2023
Assessed value
$149,667
Assessed 2023
Previous assessed
$145,619
+2.8% YoY
Effective rate
1.92%
On assessed value
Assessed land
$78,384
Assessed improvement
$71,283
Land market value
$78,384
Improvement market value
$71,283
Total market value
$149,667
Applied tax rate
90,000.0000
Comparables
6 recent transactions · within 1.5 miComparable in this city
6 recent transactions
Comparable in this City
Similar Nearby for Sale
Similar Nearby for Lease
Recent comparable sales
Sale price & price/SF · Sale date & distance · Adjustments & confidence
Recent comparable sales
Sale price & $/SF · sale date & distance · adjustments
Property description
Physical attributes from public recordsBuilding & lot
Public records
Property type
Turn key restaurants
Use group
RESTAURANT
Status
Off-Market
Year built
1959
Heating
NONE
Stories
1
Units
1
Total area
2,623 SF
Lot
0.3 ac (13,064 SF)
Zoning code
C-3
APN
283006939500001092
UPID
US18-5068018
Jurisdiction
POLK
Zoning & alternative use
C-3 · Lake Wales, FL
Zoning C-3 · permitted uses
C-3 · Lake Wales, FL
Permitted & conditional uses
Allowed uses · Special-permit conditions · Prohibited uses
Permitted & conditional uses
Allowed · special-permit conditions · prohibited
Lake Wales. Always verify with local authorities before improvements.
Building & site characteristics
From public records
Year built
1959
Heating
NONE
Stories
1
Units
1
Lot
0.3 ac
Current owner
From public records · entity-resolved
Saul Graciani
Individual
Mailing address
331 SPRAGUE ST, DEDHAM, MA 02026-5203
Ownership since
2024
Owner contacts — direct phone, email, and related entities
Decision-maker phone · Verified email · Related entities & filings
Owner contacts
Email · phone · related entities
Sales History
2 recorded events · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
Dec 20, 2024
$483,700
Saul Graciani
Romeo Raponi
Warranty Deed
$386,960 · Romeo Raponi
Apr 16, 2003
$50,000
Romeo Raponi
Grasso,guido
Grant Deed
$112,500 · Guido Grasso
Coming soon
Costs & Benchmarks
Operating expenses, capex projections, utility benchmarks, and submarket comparables — all in one view.
Coming soon
Risks
Flood, climate, environmental, title, and tenant-concentration risk — surfaced with mitigations and source citations.
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