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    2Nd St Cedar Key, FL 32625

    Sponsored
    For Sale
    $199,000

    Apartments,Bar/Tavern/Lounge,Bed & Breakfast,Convenience Store,Furniture,Grocery,Hair Salon,Hotel/Motel,Liquor Store,Office Building,Professional/Office,Restaurant,Retail

    Type:Apartment
    Property size:
    7,000 SF
    Lot size:
    0.11 Acres
    Days on Market:
    21
    Last Refresh:
    Feb 21 at 11:06 am

    Property Features for 2Nd St

    General Information

    Property type
    Commercial Sale
    Property subtype
    Apartment
    Standard status
    Active
    APN
    0858400000
    Parking features
    None
    Exterior features
    High Traffic Count
    Size
    7,000 SF
    Lot size
    0.11 Acres

    Utilities

    Heating system
    Other (Heating)
    Cooling system
    None (Cooling)

    Building Details

    Year built
    1881
    Floors in Building
    2
    Building materials
    Frame, Other
    Roof type
    Metal
    Architectural style
    Other

    We can help!

    Listing Contact
    Caryn Stephenson
    Caryn Stephenson

    Pelican Realty (352) 543-5581

    Listing agent Caryn Stephenson (352) 543-5581

    Listing date Feb 1, 2026

    MLS# 796265 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

    Historic Woolworth Building in Cedar Key

    The historic Woolworth Building, a landmark in downtown Cedar Key, fronts the island's busiest thoroughfare. Constructed in 1881 on two full city lots, this large-scale commercial structure has been a part of Cedar Key's civic and cultural life, previously housing the L & M Bar. The building, currently in disrepair and not occupiable, requires a comprehensive restoration, including a new roof. However, it retains substantial square footage, city water and sewer connections, and a downtown location with pedestrian and vehicular exposure. Structural engineers and historic preservationists have assessed the building as repairable, noting the original tabby walls. The property's scale and layout accommodate various uses, such as an anchor restaurant, a boutique hotel or inn, mixed retail, galleries, or a blend of concepts. With sufficient elevation, a new structure could offer panoramic water views, including sunsets and views overlooking Dock Street to the south. Additional adjoining properties, including lots for dedicated parking or business service drive, are available. The building offers the opportunity to revive a cornerstone property and transform it into a vibrant destination. The lot size is approximately 0.11 acres and the building size is approximately 7000 square feet.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Storefront properties

    Map

    City
    Cedar Key
    County
    Levy
    State
    Florida
    Longitude
    -83.028182
    Latitude
    29.137969

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    FAQs

    What type of property is this?
    Storefront property - Landmark building in need of restoration with vast potential.
    Where is this storefront property located?
    The property is located at 2Nd St Cedar Key, FL.
    What is the asking price?
    The asking price for this property is $199,000.
    What are key features of this property?
    This property features: - Irreplaceable downtown location on Cedar Key's busiest thoroughfare with high pedestrian and vehicular traffic.; - Substantial square footage and two full city lots offer a wide range of development possibilities.; - Historic Woolworth Building (built in 1881) offers a unique opportunity to revive a landmark property.
    (352) 228-0420
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    2Nd St Cedar Key, FL 32625
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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
    2Nd St Cedar Key, FL 32625
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    We can help!
    Listing Contact
    Caryn Stephenson
    Caryn Stephenson
    Real Estate License ID: 3232198
    (352) 228-0420 (352) 543-5581 (352) 543-9201
    Learn more
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