Mixed-Use Property with
For Sale
$325,000
505 3RD Street, Cedar Key, FL 32625
Commercial Sale, CEDAR KEY, FL
Property Size2,330 SF
Lot Size0.09 Acres
Price / SF$139.48
Days on Market156
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 #3484708
(352) 922-0048
Added: May 6
Changed: Oct 8
Last Checked: Oct 8 at 11:06PM
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.
Located at 505 3rd Street in Cedar Key, this mixed-use property includes a ground-floor restaurant and two finished apartments. The building contains 2,330 square feet on a 0.09-acre parcel and was built in 1940. The property is under construction and carries mixed-use zoning.
The site is near a marina and coastal attractions in Cedar Key.
The site is near a marina and coastal attractions in Cedar Key.
Key Highlights
- Ground‑level restaurant with two finished apartments
- 2,330 square feet on a 0.09‑acre parcel
- Mixed‑use zoning
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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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
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
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Mixed-use property - A restaurant occupies the ground level, alongside two finished residential units.
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 $325,000.
What are key features of this property?
This property features: Ground‑level restaurant with two finished apartments; 2,330 square feet on a 0.09‑acre parcel; Mixed‑use zoning
