Coastal Investment Opportunity in Cedar
For Sale
$2,500,000
491 DOCK St, Cedar Key, FL 32625
Renovated property with guest rooms and retail storefronts.
Property Size8,672 SF
Lot Size0.22 Acres
Days on Market141
Property Features for 491 DOCK St
General Information
Standard status
Active
Size
8,672 SF
Lot size
0.22 Acres
Property subtype
Commercial
Taxes and HOA fees
Annual Taxes
$11,207
Building Details
Building Size
8,672 SF
Year Built
1964
Listing Agency:
(386) 547-2480
Listed By:
Diane Blake
(386) 547-2480
Source:
Elliman
Added: Mar 25
Changed: Aug 8
Last Checked: Aug 8 at 6:29AM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Diane Blake
Investment Insights
Based on property information with market context.
Located at 491 Dock Street in Cedar Key, Florida, this renovated property presents a coastal investment opportunity. It features 12 updated guest rooms, including 2 ADA-accessible accommodations. The property offers Gulf and Intracoastal water views. On the ground level, 4 retail storefronts provide additional revenue streams and attract foot traffic. The property is situated in a historic fishing village, surrounded by local restaurants, art, and nature.
Key Highlights
- Breathtaking Gulf and Intracoastal water views.
- 12 updated guest rooms, including 2 ADA‑accessible accommodations.
- 4 ground‑level retail storefronts for additional revenue.
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
$91,948
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
3.68%
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%
$1,838,960
$1.8M
Cap Rate 7%
$1,313,543
$1.3M
Cap Rate 9%
$1,021,644
$1.0M
Market Conditions
NOI Build-Up for 8,672 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
$140.5K $16.20/SF
− Vacancy
−$9.1K −$1.05/SF
EGI
$131.4K $15.15/SF
− OpEx
−$39.4K −$4.54/SF
NOI
$91.9K $10.60/SF
Area
Levy County, FL
Vacancy
6.50%
Lease Rate
$16.20 /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%
$1,838,960
Cap Rate 7%
$1,313,543
Cap Rate 9%
$1,021,644
Alternative Uses
Best Use
Retail
$1.31M
$1.15M – $1.53M
NOI $91,948 @ 7.0% cap · market cap 3.68%
Second Best
Hotel Hospitality
$636.9K
$557.3K – $743.1K
NOI $44,586 @ 7.0% cap · market cap 1.78%
Theoretical Best
Office A
$2.15M
$1.88M – $2.51M
NOI $150,352 @ 7.0% cap · market cap 6.01%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
225
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 Retail in South region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Hotel - Renovated property with guest rooms and retail storefronts.
Where is this hotel located?
The property is located at 491 DOCK St Cedar Key, FL.
What is the asking price?
The asking price for this property is $2,500,000.
What are key features of this property?
This property features: Breathtaking Gulf and Intracoastal water views.; 12 updated guest rooms, including 2 ADA‑accessible accommodations.; 4 ground‑level retail storefronts for additional revenue.
