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    2421 State Rd 60th E Lake Wales, FL 33898-5122

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    2421 State Rd 60th E Lake Wales, FL 33898-5122

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    • Bars & Pubs
    • 1,788 SF
    • 0.78 lot acres
    Off-Market
    Property ID
    US18-4791179
    The Realmo ID is a unique identifier assigned to every property, incorporating country codes and precise geo-coordinates for 300x300-foot land blocks. It enables standardized data collection and seamless integration of disparate sources such as ownership, tax, title data and physical specifications. By aggregating current and historical records, the Realmo ID powers advanced analytics and delivers deep, verifiable insights for real estate professionals.
    Value Estimations
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Bars & Pubs

    Property Details for 2421 State Rd 60th E

    Year built
    1967
    Lot size
    0.78 lot acres
    Property size
    1,788 SF
    Zone code
    C-3
    Property type
    Bars & Pubs
    Property subtype
    Pubs
    APN
    283006940200002030
    APU
    283006940200002030

    Description

    Seize this exceptional opportunity to acquire a thriving, established bar and grill in Lake Wales, Florida. This turnkey business, boasting 135 feet of prime Highway 60 frontage, sits on a 0.78-acre lot within the Linear Commercial Corridor (LCC), less than half a mile from Walmart. The property, built in 1967, includes a well-known and beloved restaurant with a loyal customer base cultivated over 31 years of operation. The sale includes all equipment, furnishings, and operating materials. The spacious property features ample parking and both indoor and outdoor seating, creating a relaxed atmosphere perfect for everyday dining or small events. The current owner is motivated and a leaseback option may be available. This presents a unique chance to capitalize on an existing successful business or to repurpose the property to suit a variety of other commercial ventures. The property's high-traffic location and established reputation offer significant potential for growth through strategies such as expanding hours, leveraging third-party delivery services, or developing a stronger online presence. Don't miss this rare opportunity to own a piece of Lake Wales' commercial landscape.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

    Get a detailed, property-specific estimation — fast and free

    Location Insight

    • Map
    • Local Demand
    City
    Lake Wales
    County
    Polk
    State
    Florida
    Longitude
    -81.5489
    Latitude
    27.8947
    CBSA code
    29460
    CBSA name
    LAKELAND, FL METROPOLITAN STATISTICAL AREA

    Property Tax & Assessments

    Tax date
    Tax Amount
    Assessed Land Value
    Assessed Improvement Value
    Total Assessed Value
    Applied Tax Rate
    Land Market Value
    Improvement Market Value
    Total Market Value
    2023
    $2,507
    $110,146
    $43,868
    $154,014
    -
    $110,146
    $43,868
    $154,014

    Comparable in this City

    • Value Estimation by Request
      1,900 SF

      3200 State Rd 60th E

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      3200 State Rd 60th E, Lake Wales, FL 33898-5317
      View Details
    • Value Estimation by Request
      3,091 SF

      14143 Cp Mack Rd

      BAR, TAVERN • 3,091 SF
      14143 Cp Mack Rd, Lake Wales, FL 33898-7164
      View Details
    • Value Estimation by Request
      1,409 SF

      7448 State Rd 60th E

      RESTAURANT • 1,409 SF
      7448 State Rd 60th E, Lake Wales, FL 33898-9730
      View Details
    • Value Estimation by Request
      3,721 SF

      6521 Deland Ave

      RESTAURANT • 3,721 SF
      6521 Deland Ave, Lake Wales, FL 33898
      View Details
    • Value Estimation
      $565,000
      3,035 SF

      2002 State Rd 60th E

      DRIVE-THRU RESTAURANT, FAST FOOD • 3,035 SF
      2002 State Rd 60th E, Lake Wales, FL 33898-5182
      View Details
    • Value Estimation
      $1,365,000
      9,372 SF

      3941 Scenic Hwy

      RETAIL STORES (PERSONAL SERVICES) • 9,372 SF
      3941 Scenic Hwy, Lake Wales, FL 33898-7416
      View Details

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      Lake Wales Warehouse with Storage

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      Lake Wales Warehouse with Storage

      108,984 SF warehouse with cold storage and yard.
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    2421 State Rd 60th E
    Lake Wales, FL 33898-5122
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
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