Property profile

1303 State Rd 60th E Lake Wales, FL 33853

OFF-MARKET
Turn key restaurants
Property ID
US18-5068018
2,623 SF 0.3 ac lot Built 1959
Individually Owned 1-yr Hold ~ Est. High Equity
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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

Location

1303 State Rd 60th E Lake Wales, FL 33853-4343
Lake Wales metro Census 14304 LAKELAND, FL METROPOLITAN STATISTICAL AREA
Google Maps

Value estimations

Realmo proprietary · 4 methods
AI Approach AI
$310k
CAP Approach CAP
by Request
Comparable Approach Comparable
$559k
Blend (final) Blend
$310k

Owner & transaction history

since 2024
Last sale
$483,700
2 recorded transactions
2024
$483,700
2003
$50,000

Zoning & alternative use

C-3 · Lake Wales, FL
Zoning description

The purpose of C-3 zone is designed to permit the development of commercial areas in groupings on major highways and to allow medium and large-scale commercial establishments and a full range of commercial and profession…

General category COMMERCIAL

Comparables

6 recent transactions · within 1.5 mi
Comparable in this city
6 recent transactions
Recent comparable sales
Sale price & price/SF · Sale date & distance · Adjustments & confidence
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