Mixed-Use Restaurant with
For Sale
$349,999
505 3RD Street, Cedar Key, FL 32625
Commercial Sale, CEDAR KEY, FL
Property Size2,330 SF
Lot Size0.09 Acres
Price / SF$150.21
Days on Market112
Property Features for 505 3RD Street
General Information
Property type
Commercial Sale
Property subtype
Other
Property condition
Under Construction
Zoning
MIXED USE
Subdivision
MAP/SOURN PART/CITY/CEDARY KEY
View
Harbor
Directions
I-75 North toward SR-24 West, SR-26 West 0.9 miles Take exit 384 onto SR-24, Archer Rd toward Archer 0.4 miles Turn left onto SW Archer Rd toward Archer 52 miles Turn left onto Third St 3 Fishbonz On Third 509 Third St, Cedar Key
Standard status
Active
APN
08600-001-00
Size
2,330 SF
Lot size
0.09 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
32-15-13 CEDAR KEY BLK 16 LOTS 1 & E1/2 OF LOT 2 OR BOOK 1603 PAGE 66
Tax Annual Amount
2289
Legal Description
32-15-13 CEDAR KEY BLK 16 LOTS 1 & E1/2 OF LOT 2 OR BOOK 1603 PAGE 66
Building Details
Year built
1940
Listing Agency:
COLDWELL BANKER M.M. PARRISH REALTORS · Coldwell Banker Real Estate
(352) 335-4999
Listed By:
Shasta Schoellhorn · License #SL3484708
(352) 922-0048
Added: May 6
Changed: Aug 24
Last Checked: Aug 25 at 5:06AM
MLS# GC539939
Copyright © 2026 Stellar MLS. 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.
This mixed-use property combines a ground-level restaurant component with two finished apartments in a single 2,330-square-foot building. The configuration brings commercial and residential spaces together within a compact 0.09-acre site. Built in 1940, the property is zoned MIXED USE and is located at 505 3RD Street in Cedar Key, Florida.
The property sits near the marina and coastal attractions in Cedar Key, supporting a walkable setting with tourism activity. Its combination of restaurant space and two apartments provides a distinct mixed-use layout for an owner-user or investment-oriented buyer, subject to applicable zoning and occupancy requirements.
The property sits near the marina and coastal attractions in Cedar Key, supporting a walkable setting with tourism activity. Its combination of restaurant space and two apartments provides a distinct mixed-use layout for an owner-user or investment-oriented buyer, subject to applicable zoning and occupancy requirements.
Key Highlights
- Mixed‑use building with a ground‑level restaurant component and two finished apartments
- 2,330 square feet of building area
- 0.09‑acre site
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 Multifamily in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Mixed-use property - Ground-floor restaurant space is paired with two finished apartments.
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: Mixed‑use building with a ground‑level restaurant component and two finished apartments; 2,330 square feet of building area; 0.09‑acre site
