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28196189
28196190

2 Locations

Foresight Property Services LLC
Foresight Property Services LLC
Foresight Property Services LLC
Listed by Foresight Property Services LLC
$1,699,999
205 days on market
Updated 51 days ago

109 FL-60 West, Lake Wales, FL 33853

Details
Property Type Retail
Sub Type Restaurant
Cap Rate 6.90%
NOI $120,000
Occupancy 100%
Tenancy Single
Brand/Tenant Lake Wales Family Restaurant
Lease Type NNN
Lease Term 10
Lease Expiration 09/29/2034
Remaining Term 8.3
Rent Bumps Yes
Lease Options Yes
Year Renovated 2021
Buildings 1
Investment Type Net Lease
Lease Commencement 09/16/2024
Occupancy Date 12/31/2000

NNN Restaurant Property with Adjacent Development Ready Parcel - 6.69% CAP Rate

Marketing description

Looking for a solid commercial investment with built-in growth potential? This offering features a fully leased NNN restaurant property along with an adjacent parcel ideally suited for multifamily development, providing both stable income and significant long-term upside.

The restaurant property includes a 3,978 sq ft building situated on a 62,350 sq ft (1.43-acre) lot with a long-term tenant under a true NNN lease, offering reliable cash flow and minimal landlord responsibilities. The lease includes annual 3% rent increases for the duration of the term, ensuring consistent income growth year over year. The neighboring parcel totals 17,979 sq ft (0.41 acres) and presents a prime opportunity for new multifamily construction, with favorable zoning and strong surrounding demographics supporting continued residential demand.

Located in a thriving commercial corridor with excellent visibility and accessibility, this property benefits from consistent traffic, strong area growth, and proximity to major retailers, residential communities, and employment centers. The combination of a stabilized NNN asset and a ready to develop parcel makes this a rare opportunity for investors seeking both income and development potential.

Don’t miss out on this exceptional investment and development opportunity in one of Florida’s most desirable markets.
Contact Foresight Property Services today for a private showing or additional information.

Please do not disturb the tenant or make direct inquiries at the property; all communication and showings must be coordinated through Foresight Property Services. One of the partners is a Licensed Florida Real Estate Agent.

Investment highlights

  • 7.06% cap rate

  • Minimal landlord responsibilities under a true NNN structure

  • NNN lease with 9 years remaining on the initial term and two (2) five-year renewal options for long term stability

  • Established restaurant tenant operating successfully for over 25 years

  • Annual 3% rent increases throughout the lease term

  • Adjacent 0.41-acre parcel ready for multifamily development at 116 Twin Lake Blvd

  • Strong visibility and traffic along FL-60, a major east-west commercial corridor

  • Ideal for 1031 exchange buyers seeking stable income and future growth potential

Listing Contacts

Foresight Property Services LLC
Foresight Property Services LLC
Foresight Property Services LLC
Listed by Foresight Property Services LLC

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Loan Amount
$0.00
Annual Debt Service
$--
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Annual Cash Flow
$120,000.00
$10,000.00/mo

Valuation Metrics

0
DSCR
7.06%
Cap Rate
7.06%
ROI

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Additional Information

Name
Manny Konstantinidis
License
SL3327653
Brokerage
Foresight Property Services LLC
Brokerage Phone
8138553800
*All information is deemed reliable but not guaranteed. Buyer to verify all information.
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