650 Riverside DrCoral Springs, FL 33071

Property Details for 650 Riverside Dr

Year built

1985

Construction

CONCRETE

Lot size

10.64 AC

Property size (Sq ft)

52,759 SF

Zone code

B-3

Property type

Retail properties

Property subtype

Retail space

APN

48-41-27-03-6250

APU

484127036250

Description

This exceptional restaurant and lounge, located at 650 Riverside Dr, Coral Springs, FL 33071, in Broward County, presents a lucrative investment opportunity. Priced at $599,000 with $349,000 seller financing available, this established business boasts a newly renovated (2022) state-of-the-art commercial kitchen and a separate catering kitchen, allowing for simultaneous in-house dining and off-site catering services. The spacious venue comfortably seats over 200 guests, making it ideal for corporate events, private parties, and celebrations. Its prime location benefits from the addition of 600 new luxury condos in the same plaza, promising significant organic growth and attracting high-net-worth clientele. The restaurant offers a unique Latin-inspired culinary experience, complemented by a lively lounge and nightclub featuring music, dancing, and a specialty cocktail bar. Nightly specials and a weekly car show further enhance customer traffic. The property includes a 4COP SRX full-liquor license. Recent upgrades include all new air conditioning units (2022), updated landscaping, and enhanced exterior lighting, reflecting the high-end nature of the establishment. All kitchen equipment was also replaced in 2022. This turnkey operation is perfect for an absentee owner seeking a thriving South Florida business.

• CAP approach

  CAP return

  Valuation

  6%

  $23,057,580

  6.5%

  $21,283,920

  7%

  $19,763,640

• Comparable approach

  Method

  Valuation

  Relative Method

  $39,276,880

  Geo Method

  $39,276,880

• Alternative Use

  Use

  Valuation

  Residential

  $17,953,782

  Hospitality

  $16,445,568

  Educational

  $13,682,519

  Medical

  $14,153,082

  Retail

  $21,283,920

Location Insight

City

Coral Springs

County

Broward

State

Florida

Latitude

26.2421

Longitude

-80.244

CBSA code

33100

CBSA name

MIAMI-FORT LAUDERDALE-MIAMI BEACH, FL METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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