Mixed-Use Property with
New
For Sale
$325,000
505 3RD, Cedar Key, FL 32625
Two finished apartments add rental income alongside the restaurant space.
Property Size2,330 SF
Days on Market3
Property Features for 505 3RD
General Information
Standard status
Active
Size
2,330 SF
Property subtype
Commercial
Additional Details
Floor
Ground
Multifamily Units
2
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
Listed By:
Shasta Schoellhorn · License #3484708
(352) 922-0048
Source:
Elliman
Added: Oct 9
Changed: Oct 11
Last Checked: Oct 11 at 8:07AM
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.
A restaurant occupies the ground level of this mixed-use property, with two finished apartments also on site. Built in 1940, the property combines restaurant space and residential units in one building.
The Cedar Key property is steps from the marina and coastal attractions. Its Walk Score is 38, and its Bike Score is 39, categorized as somewhat bikeable.
The Cedar Key property is steps from the marina and coastal attractions. Its Walk Score is 38, and its Bike Score is 39, categorized as somewhat bikeable.
Key Highlights
- Ground‑level restaurant space with two finished apartments
- Apartments provide rental income
- Steps from the marina and coastal attractions in Cedar Key
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$27,743
Cap Rate
8.54%
Suggested Prices Based on Cap Rates
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
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 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 8.54%
Second Best
Mixed Use
$384.5K
$336.4K – $448.5K
NOI $26,912 @ 7.0% cap · market cap 8.28%
Theoretical Best
Office A
$577.1K
$505.0K – $673.3K
NOI $40,397 @ 7.0% cap · market cap 12.43%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
2
Residential units
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Retail in South region
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Frequently Asked Questions
What type of property is this?
Mixed-use property - Two finished apartments add rental income alongside the restaurant space.
Where is this mixed-use property located?
The property is located at 505 3RD Cedar Key, FL.
What is the asking price?
The asking price for this property is $325,000.
What are key features of this property?
This property features: Ground‑level restaurant space with two finished apartments; Apartments provide rental income; Steps from the marina and coastal attractions in Cedar Key
