Mixed-Use Restaurant Property Near
For Sale
$349,999
505 3RD STREET, Cedar Key, FL 32625
Mixed-use property with restaurant and apartments near Cedar Key marina.
Property Size2,330 SF
Days on Market111
Property Features for 505 3RD STREET
General Information
Standard status
Active
Size
2,330 SF
Property subtype
Commercial
Zoning
MIXED USE
Taxes and HOA fees
Annual Taxes
$2,289
Building Details
Building Size
2,330 SF
Year Built
1940
Listing Agency:
COLDWELL BANKER M.M. PARRISH REALTORS
(352) 922-0048
Listed By:
Shasta Schoellhorn · License #3416135
(352) 922-0048
Source:
Mbifloridarealty
Added: May 6
Changed: Aug 23
Last Checked: Aug 23 at 5:21AM
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 COLDWELL BANKER M.M. PARRISH REALTORS
Investment Insights
Based on property information with market context.
This mixed-use property is located in Cedar Key, Florida, steps from the marina and coastal attractions. The property includes an established restaurant space on the ground level, named Fishbonz, and two finished apartments that provide rental income. The location benefits from strong tourism traffic and is walkable. The property presents an opportunity for owner-users or investors in a tightly held coastal market.
Key Highlights
- Established restaurant space with two rental apartments provides immediate income.
- Prime location in Cedar Key, steps from the marina and coastal attractions.
- Strong tourism traffic ensures consistent business potential.
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
$27,743
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
7.93%
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%
$554,860
$554.9K
Cap Rate 7%
$396,329
$396.3K
Cap Rate 9%
$308,256
$308.3K
Market Conditions
NOI Build-Up for 2,330 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
$39.1K $16.80/SF
− Vacancy
−$2.2K −$0.92/SF
EGI
$37.0K $15.88/SF
− OpEx
−$9.2K −$3.97/SF
NOI
$27.7K $11.91/SF
Area
Levy County, FL
Vacancy
5.50%
Lease Rate
$16.80 /SF/Yr
Expense Ratio
25.00%
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%
$554,860
Cap Rate 7%
$396,329
Cap Rate 9%
$308,256
Alternative Uses
Best Use
Specialty Retail
$396.3K
$346.8K – $462.4K
NOI $27,743 @ 7.0% cap · market cap 7.93%
Second Best
Mixed Use
$384.5K
$336.4K – $448.5K
NOI $26,912 @ 7.0% cap · market cap 7.69%
Theoretical Best
Office A
$577.1K
$505.0K – $673.3K
NOI $40,397 @ 7.0% cap · market cap 11.54%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
240
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
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Frequently Asked Questions
What type of property is this?
Mixed-use property - Mixed-use property with restaurant and apartments near Cedar Key marina.
Where is this mixed-use property located?
The property is located at 505 3RD STREET Cedar Key, FL.
What is the asking price?
The asking price for this property is $349,999.
What are key features of this property?
This property features: Established restaurant space with two rental apartments provides immediate income.; Prime location in Cedar Key, steps from the marina and coastal attractions.; Strong tourism traffic ensures consistent business potential.
