1303 State Road 60Lake Wales, FL 33853

Property Details for 1303 State Road 60

Year built

1959

Lot size

0.30 AC

Property size (Sq ft)

2,623 SF

Zone code

C-3

Property type

Turn key restaurants

APN

283006939500001092

APU

283006939500001092

Description

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.

• CAP approach

  CAP return

  Valuation

  6%

  $1,126,918

  6.5%

  $1,040,232

  7%

  $965,930

• Comparable approach

  Method

  Valuation

  Relative Method

  $1,355,062

  Geo Method

  $1,037,962

• Alternative Use

  Use

  Valuation

  Residential

  $877,475

  Hospitality

  $803,762

  Educational

  $668,721

  Medical

  $691,719

  Retail

  $1,040,232

Location Insight

City

Lake Wales

County

Polk

State

Florida

Latitude

27.8943

Longitude

-81.5596

CBSA code

29460

CBSA name

LAKELAND, FL METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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