502 Lucerne AveLake Worth Beach, FL 33460

Property Details for 502 Lucerne Ave

Year built

1955

Construction

WOOD

Lot size

0.16 AC

Property size (Sq ft)

1,040 SF

Zone code

DT

Property type

Retail properties

Property subtype

Retail space

APN

38-43-44-21-15-024-0210

APU

38434421150240210

Description

This exceptional restaurant opportunity is located at 502-504 Lucerne Avenue in Lake Worth Beach, Florida, at the corner of Lucerne Avenue and North M Street. The property boasts a substantial 4,237 square feet of air-conditioned space, complemented by over 6,500 square feet including a significant outdoor area. A rare feature is the expansive outdoor seating directly facing Lucerne Avenue, along with a large, walled-in courtyard featuring an outdoor bar and additional seating. The second floor includes a fully equipped office with a full bath, and a separate, fully renovated one-bedroom loft-style apartment. The entire restaurant underwent a complete renovation in 2021, encompassing all electrical, plumbing, HVAC systems, flooring, bathrooms, bars, and the kitchen. Currently leased to Blueprint Grill, the tenant is exploring other ventures, presenting a unique opportunity for a new operator. The restaurant space is available for $12,000 per month NNN, with the apartment separately available for $2,000 per month. Prospective tenants must contact the owner directly before any site visits. Unauthorized visits will disqualify any potential lease. This property is situated in Palm Beach County, Florida, with a zip code of 33460.

• CAP approach

  CAP return

  Valuation

  6%

  $392,871

  6.5%

  $362,650

  7%

  $336,747

• Comparable approach

  Method

  Valuation

  Relative Method

  $729,054

  Geo Method

  $729,054

• Alternative Use

  Use

  Valuation

  Residential

  $305,909

  Hospitality

  $280,211

  Educational

  $233,132

  Medical

  $241,150

  Retail

  $362,650

Location Insight

City

Lake Worth

County

Palm Beach

State

Florida

Latitude

26.6168

Longitude

-80.0535

CBSA code

33100

CBSA name

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

Property Tax & Assessments

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