Mixed-Use Property with
For Sale
$349,999
505 3rd St Cedar, Cedar Key, FL 32625
Ground-floor dining space is paired with two finished apartments in a walkable coastal setting.
Property Size2,330 SF
Days on Market29
Property Features for 505 3rd St Cedar
General Information
Standard status
Active
Size
2,330 SF
Property subtype
Street Retail
Additional Details
Floor
Ground
Multifamily Units
2
Building Details
Building Size
2,330 SF
Year Built
1940
Listing Agency:
Coldwell Banker Commercial MM Parrish
Listed By:
Shasta Schoellhorn · License #3484708
(352) 922-0048
Source:
Thebrokerlist
Added: Aug 5
Changed: Sep 1
Last Checked: Sep 2 at 1:11PM
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 Commercial MM Parrish
Investment Insights
Based on property information with market context.
Located at 505 3rd St in Cedar Key, this 3,898-square-foot mixed-use property combines an established restaurant area on the ground floor with two finished apartments above. The layout supports both commercial operations and residential occupancy within one building.
The property is situated steps from the marina and coastal attractions, with a walkable setting connected to Cedar Key’s tourism activity. The apartments provide rental income, while the restaurant component offers an owner-user or investment configuration in a coastal market with limited commercial inventory.
The property is situated steps from the marina and coastal attractions, with a walkable setting connected to Cedar Key’s tourism activity. The apartments provide rental income, while the restaurant component offers an owner-user or investment configuration in a coastal market with limited commercial inventory.
Key Highlights
- 3,898‑square‑foot mixed‑use property in Cedar Key
- Established restaurant space on the ground level
- Two finished apartments provide rental income
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
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
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 dining space is paired with two finished apartments in a walkable coastal setting.
Where is this mixed-use property located?
The property is located at 505 3rd St Cedar 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: 3,898‑square‑foot mixed‑use property in Cedar Key; Established restaurant space on the ground level; Two finished apartments provide rental income
