Waterfront Furnished
For Sale
$849,000
11918 State Rd 24, Cedar Key, FL 32625
Residential Income, Cedar Key, FL
Property Size3,552 SF
Lot Size0.51 Acres
Price / SF$239.02
Days on Market54
Property Features for 11918 State Rd 24
General Information
Property type
Residential Multi Family
Property subtype
Other
Bedrooms
4
Bathrooms
2
Full bathrooms
2
Rooms
Bathroom 2, Bedroom 2, Bedroom 3, Bathroom 1, Bedroom 1, Bedroom 4, Laundry Room
Parking features
Off Street, Driveway, Open
Window features
Single Pane Window(s)
Patio and Porch features
Deck
Interior features
Blinds, Ceiling Fans, Laundry Closet, Laundry/Utility Room
Exterior features
Balcony, Barbeque, Covered Deck, Open Deck, Outdoor Lights
Appliances
Dishwasher, Dryer - Electric, Microwave, Microwave Hood, Range - Electric, Refrigerator, Trash Compactor, Washer
Subdivision
Not in Subdivision
Lot features
Rectangular
Elementary school district
Levy
Middle school district
Levy
High school district
Levy
Directions
From state road 24 West, drive approximately 24 miles, home will be on the right look for realtor signs.
Standard status
Active
APN
0036300000
Lot size
0.51 Acres
Taxes and HOA fees
Tax Year
2024
Tax Description
20-15-13 0000.51 ACRES TRACT 75 X 300 FT IN SE1/4 OF SW1/4 OR BOOK 1317 PAGE 417
Tax Annual Amount
7217
Legal Description
20-15-13 0000.51 ACRES TRACT 75 X 300 FT IN SE1/4 OF SW1/4 OR BOOK 1317 PAGE 417
Utilities
Sewer type
Public Sewer
Heating system
Electric (Heating), Central
Water source
Public
Water front features
Seawall
Water front
1
Amenities
private dock
Building Details
Number of units
2
Flooring type
Vinyl, Tile
Building materials
Frame
Roof type
Metal
Architectural style
Other
Listing Agency:
Hatcher Realty Services, Inc. Trenton
(352) 463-0054
Listed By:
Krystal Wynans · License #SL3635957
(352) 949-7511
Added: Jul 7
Changed: Aug 27
Last Checked: Aug 29 at 1:06AM
MLS# 799534
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.
Investment Insights
Based on property information with market context.
Located in Cedar Key, this elevated duplex sits on 0.51 acres along the water. The two residences each contain 2 bedrooms and 1 bathroom, with 1,470 sq. ft. of cooled living space and 3,552 sq. ft. in total. The property is furnished and includes central electric heating, tile and vinyl flooring, laundry areas, kitchens with electric ranges and refrigerators, and covered outdoor living areas.
Each unit has two covered parking spaces, while the property also provides a private dock, seawall, decks, balconies, and open off-street parking. Public water and public sewer serve the home. The property is currently operating as an income-producing rental through multiple platforms, offering a duplex configuration that can support separate residential use on each side.
Each unit has two covered parking spaces, while the property also provides a private dock, seawall, decks, balconies, and open off-street parking. Public water and public sewer serve the home. The property is currently operating as an income-producing rental through multiple platforms, offering a duplex configuration that can support separate residential use on each side.
Key Highlights
- Waterfront duplex on 0.51 acres in Cedar Key
- Each side includes 2 bedrooms and 1 bathroom
- 1,470 sq. ft. of cooled living space; 3,552 sq. ft. total
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$34,872
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
4.11%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$697,440
$697.4K
Cap Rate 7%
$498,171
$498.2K
Cap Rate 9%
$387,467
$387.5K
Market Conditions
NOI Build-Up for 3,552 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$53.3K $15.00/SF
− Vacancy
−$3.5K −$0.98/SF
EGI
$49.8K $14.03/SF
− OpEx
−$14.9K −$4.21/SF
NOI
$34.9K $9.82/SF
Area
Levy County, FL
Vacancy
6.50%
Lease Rate
$15.00 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$697,440
Cap Rate 7%
$498,171
Cap Rate 9%
$387,467
Alternative Uses
Best Use
Multifamily LT 5
$498.2K
$435.9K – $581.2K
NOI $34,872 @ 7.0% cap · market cap 4.11%
Second Best
Apartment 5plus
$447.0K
$391.2K – $521.5K
NOI $31,292 @ 7.0% cap · market cap 3.69%
Theoretical Best
Office A
$879.8K
$769.8K – $1.03M
NOI $61,583 @ 7.0% cap · market cap 7.25%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
31
Businesses Nearby
Explore this area
Business Placement
Demographics for 32625, FL
1,620
Population
1,262
Households
1.3
Avg Household Size
59
Median Age
40%
College-Educated
92%
High-School Grad
94.0 sq mi
ZIP Area
17
Density / Sq Mi
$59,036
Median Household Income
$50,729
Median Earnings
$918
Median Rent
$267,200
Median Home Value
Market
Vacancy Rate% for Multifamily in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Duplex - Elevated two-unit property with covered parking, a private dock, and public water and sewer.
Where is this duplex located?
The property is located at 11918 State Rd 24 Cedar Key, FL.
What is the asking price?
The asking price for this property is $849,000.
What are key features of this property?
This property features: Waterfront duplex on 0.51 acres in Cedar Key; Each side includes 2 bedrooms and 1 bathroom; 1,470 sq. ft. of cooled living space; 3,552 sq. ft. total
