740 State Road 60Lake Wales, FL 33853

Property Details for 740 State Road 60

Year built

1979

Lot size

0.41 AC

Property size (Sq ft)

3,006 SF

Zone code

C-3

Property type

Retail properties

Property subtype

Turn key restaurants

APN

273003000000023010

APU

273003000000023010

Description

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.

• CAP approach

  CAP return

  Valuation

  6%

  $1,291,466

  6.5%

  $1,192,123

  7%

  $1,106,971

• Comparable approach

  Method

  Valuation

  Relative Method

  $1,552,922

  Geo Method

  $1,189,521

• Alternative Use

  Use

  Valuation

  Residential

  $1,005,600

  Hospitality

  $921,124

  Educational

  $766,365

  Medical

  $792,721

  Retail

  $1,192,123

Location Insight

City

Lake Wales

County

Polk

State

Florida

Latitude

27.9002

Longitude

-81.6054

CBSA code

29460

CBSA name

LAKELAND, FL METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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