Property profile

740 State Rd 60th W Lake Wales, FL 33853

OFF-MARKET
Turn key restaurants
Property ID
US18-5484102
3,006 SF 0.41 ac lot Built 1979
Entity Owned 8-yr Hold Absentee Owner ~ Est. High Equity
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Property summary

AI-generated overview

This exceptional 3,006-square-foot vacant restaurant building presents a prime investment opportunity in Lake Wales, Florida. Situated on a 0.41-acre lot at 740 State Road 60, this single-story property boasts a prominent location with direct frontage along a major thoroughfare. Built in 1979, the property benefits from its position in the Lake Wales Plaza, an outparcel to a Save-A-Lot anchored plaza, enjoying a strong anchor tenant history since 1998. The high visibility location offers excellent access and ample parking, further enhanced by its proximity to the US 27 ramp, a high-traffic area with an Annual Average Daily Traffic (AADT) of 42,500 vehicles. State Road 60 itself sees an AADT of 28,000 vehicles, ensuring consistent exposure to potential customers. The asking price is $595,000, translating to $197.94 per square foot. The property's Parcel Number (APN) is 273003000000023010. This is a rare chance to acquire a well-positioned restaurant space in a thriving commercial area. The property is currently vacant, offering flexibility for a variety of restaurant concepts. Don't miss this opportunity to establish your business in a high-traffic location with strong visibility and established infrastructure.

Property profile

Verified
Property type Turn key restaurants
Use group RESTAURANT
Year built 1979
Total area 3,006 SF
Lot 0.41 ac (17,768 SF)
Zoning code C-3
APN 273003000000023010
UPID US18-5484102

Cap rate & NOI

Priority signal for investors
Implied cap rate, NOI & suggested price
Cap rate vs submarket · NOI estimate · 3 price anchors

Location

740 State Rd 60th W Lake Wales, FL 33853-2906
Lake Wales metro Census 14402 LAKELAND, FL METROPOLITAN STATISTICAL AREA
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Value estimations

Realmo proprietary · 4 methods
AI Approach AI
$360k
CAP Approach CAP
by Request
Comparable Approach Comparable
by Request
Blend (final) Blend
$360k

Owner & transaction history

since 2018
1 recorded transaction
2018
$4.6M

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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