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    11918 State Road 24 Cedar Key, FL 32625

    View on Map
    Sponsored
    For Sale
    $875,000

    Traditional, Multi-Residential - Cedar Key, FL

    Property size:
    1,470 SF
    Lot size:
    0.51 Acres
    Days on Market:
    22
    Last Refresh:
    Mar 10 at 9:06 pm

    Property Features for 11918 State Road 24

    General Information

    Property type
    Residential Multi Family
    Property subtype
    Other
    Standard status
    Active
    Rooms
    Bathroom 1, Bathroom 2, Bedroom 1, Bedroom 2, Bedroom 3, Bedroom 4
    Bedrooms
    4
    Bathrooms
    2
    APN
    0036300000
    Parking features
    Driveway, Off Street, Open
    Patio and Porch features
    Deck
    Interior features
    Blinds, Ceiling Fans, Laundry Closet, Laundry/Utility Room, Dishwasher, Microwave Hood, Refrigerator, Trash Compactor
    Exterior features
    Balcony, Barbeque, Covered Deck, Open Deck, Outdoor Lights
    Dock
    1
    Appliances
    Dishwasher, Microwave, Refrigerator, Trash Compactor, Washer
    Size
    1,470 SF
    Lot size
    0.51 Acres

    Utilities

    Heating system
    Central, Electric (Heating)
    Water front features
    Seawall, Waterfront, 82 Feet Of Waterfront
    Water front
    1

    Building Details

    Number of units
    2
    Flooring type
    Tile, Vinyl
    Roof type
    Metal
    Architectural style
    New Traditional

    We can help!

    Listing Contact
    Krystal Wynans

    Hatcher Realty Services, Inc. (352) 498-5151

    Listing agent Krystal Wynans (352) 498-5151

    Listing date Feb 16, 2026

    MLS# 796091 Listing URL

    Copyright © 2026 Dixie-Gilchrist-Levy Multiple Listing Service. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.

    Learn more

    Property Insight Report

    Overview

    Waterfront Duplex in Cedar Key

    This waterfront multi-family home in Cedar Key presents an investment opportunity. Situated on 0.51 acres, this elevated duplex features two units, each with 2 bedrooms and 1 bathroom. The property includes 1,470 sq. ft. of cooled living space and a total of 3,552 sq. ft. The stilt-built home includes two covered parking spaces per unit. A private dock allows for boating, fishing, and water activities. Currently, the property operates as an income-producing rental and is being sold fully furnished. The property's zoning may allow for the addition of up to four total units. The property offers water views and rental performance. It is located in Cedar Key, Florida, in Levy County.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Duplexes

    Suggested Use

    Law Firm Real Estate Agency Restaurant Big Box & Wholesale Store Hotel & Motel Grocery & Convenience Store Travel Agency Fish Market

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Cedar Key
    County
    Levy
    State
    Florida
    Longitude
    -83.0309991
    Latitude
    29.1537072

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    FAQs

    What type of property is this?
    Duplex - Waterfront duplex on 0.51 acres, turn-key rental investment.
    Where is this duplex located?
    The property is located at 11918 State Road 24 Cedar Key, FL.
    What is the asking price?
    The asking price for this property is $875,000.
    What are key features of this property?
    This property features: - Rare waterfront multi-family home on 0.51 acres in Cedar Key.; - Proven income-producing rental property, fully furnished and turn-key.; - Unique zoning potentially allows for up to four total units.
    (352) 498-5151
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    11918 State Road 24 Cedar Key, FL 32625
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    Listing Contact
    Krystal Wynans
    (352) 498-5151
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