Unfinished Downtown Commercial
509 2nd St Cedar Key, FL 32625
509 2nd St, Cedar Key, FL, 32625
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For Sale
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Unfinished commercial building with an open layout in downtown Cedar Key, suited to a range of retail or office concepts.
Property Size1,296 SF
Price / SF$269.29
Days on Market394
Property Features for 509 2nd St
General Information
- Standard status
- Active
- Size
- 1,296 SF
- Property subtype
- Retail, Office
Building Details
- Year Built
- 1901
Listing agency
Pelican Realty
(352) 228-0420
Listed by
Caryn Stephenson · License #FL BK3232198
Source
Crexi
Added: Jun 23, 2025 Updated: Jul 20 at 10:18PM Checked: Jul 21 at 4:59AM
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 Pelican Realty
Investment Insights
Based on property information with market context.
This unfinished commercial building offers an open interior layout ready for tenant or buyer improvements. The property is described as a historic structure and presents a broad, flexible canvas for conversion into a variety of commercial uses.
The building is located in downtown Cedar Key, with access to the town’s restaurant and shopping district along “Main Street,” supporting high walkable activity in the immediate area.
With its unfinished condition and open configuration, the space may be adapted to a professional office, retail, or personal services concept based on the needs of the eventual occupant.
The building is located in downtown Cedar Key, with access to the town’s restaurant and shopping district along “Main Street,” supporting high walkable activity in the immediate area.
With its unfinished condition and open configuration, the space may be adapted to a professional office, retail, or personal services concept based on the needs of the eventual occupant.
Key Highlights
- Unfinished commercial building in downtown Cedar Key, FL
- Year built: 1901
- Open layout suited for retail or office concepts
Local Financial Insights For Office B
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $25.7k | $19.80 |
| − Vacancy | −$4.1k | −$3.17 |
| EGI | $21.6k | $16.63 |
| − OpEx | −$5.4k | −$4.16 |
| NOI | $16.2k | $12.47 |
1,296 SF · lease $19.80/SF/yr · vacancy 16.00% · expense 25.00%
Alternative Uses
Best Use
Office B
$230.9K
$202.1K – $269.4K
NOI $16,166 @ 7.0% cap · market cap 4.63%
Second Best
Retail
$196.3K
$171.8K – $229.0K
NOI $13,741 @ 7.0% cap · market cap 3.94%
Theoretical Best
Office A
$321.0K
$280.9K – $374.5K
NOI $22,470 @ 7.0% cap · market cap 6.44%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Location Intelligence
Current Use by Public Records
Office Units
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FAQs
What type of property is this?
Office units - Unfinished commercial building with an open layout in downtown Cedar Key, suited to a range of retail or office concepts.
Where is this office units located?
The property is located at 509 2nd St Cedar Key, FL.
What is the asking price?
The asking price for this property is $349,000.
What are key features of this property?
This property features: Unfinished commercial building in downtown Cedar Key, FL; Year built: 1901; Open layout suited for retail or office concepts
