Building Details

Building Size 2,330 SF

Year Built 1940

Listing Agency: Coldwell Banker Commercial MM Parrish

Listed By: Shasta Schoellhorn · License #3484708 Show Phone

Source: Thebrokerlist

Added: Aug 5 Changed: Oct 7 Last Checked: Oct 16 at 5:38AM

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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.

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 / Yr

$27,743

Cap Rate

7.93%

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

Is this asking price fair?

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 (±1% cap)

NOI $27,743 @ 7.0% cap · market cap 7.93%

Second Best

Mixed Use

$384.5K

$336.4K – $448.5K (±1% cap)

NOI $26,912 @ 7.0% cap · market cap 7.69%

Theoretical Best

Office A

$577.1K

$505.0K – $673.3K (±1% cap)

NOI $40,397 @ 7.0% cap · market cap 11.54%

Zoning and permitted uses should be independently verified with authorities. How Realmo checks its estimates

Property Analytics

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Current Use

Conventional restaurants

Suggested Use

Top Pick Building Supply Garden Center (Bike/Boat/Book/etc) Store Cafe & Coffee Shop Hair Salon Auto Parts Store

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

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

8.5% 2022

10.2% 2023

11.4% 2024

11.3% 2025

Similar For Sale Nearby

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Equipped Conventional Restaurant

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Waterfront Restaurant Building

450 Dock St, Cedar Key, FL 32625

$679,000

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Unfinished Historic Retail Building

509 2nd St, Cedar Key, FL 32625

$349,000

1,296 SF

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Retail Space with Unfinished Interior

7050 C Street, Cedar Key, FL 32625

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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