Unfinished Historic Retail
For Sale
$349,000
509 2nd St, Cedar Key, FL 32625
Commercial Sale, Cedar Key, FL
Property Size1,296 SF
Lot Size0.06 Acres
Price / SF$269.29
Days on Market473
Property Features for 509 2nd St
General Information
Property type
Commercial Sale
Property subtype
Other
Subdivision
Cedar Key
Lot features
Central Electric
Directions
State Road 24 to stop sign. Turn Left on 2nd Street. Building is the blue one on the Left side of street about halfway down the block. See PELICAN REALTY sign.
Standard status
Active
APN
0856100000
Size
1,296 SF
Lot size
0.06 Acres
Taxes and HOA fees
Tax Year
2024
Tax Description
32-15-13 CEDAR KEY BLK 11 LOT 2 OR BOOK 1641 PAGE 802
Tax Annual Amount
3306
Legal Description
32-15-13 CEDAR KEY BLK 11 LOT 2 OR BOOK 1641 PAGE 802
Building Details
Year built
1901
Listing Agency:
Pelican Realty
(352) 543-5581
Listed By:
Caryn Stephenson · License #BK3232198
(352) 228-0420
Added: Jun 24, 2025
Changed: Aug 19
Last Checked: Oct 9 at 12:06AM
MLS# 795177
Copyright © 2026 Dixie-Gilchrist-Levy Multiple Listing Service. 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 1,296-square-foot commercial building presents an unfinished interior with an open layout and a construction date of 1901. The existing condition allows a future owner to shape the space around a new office, salon, or retail concept while retaining the character associated with the property’s early construction.
The building is located at 509 2nd St in downtown Cedar Key, within the city’s Main Street shopping and restaurant district. Its 0.06-acre site places the property in an established central commercial setting suited to a business seeking a presence among downtown amenities.
The building is located at 509 2nd St in downtown Cedar Key, within the city’s Main Street shopping and restaurant district. Its 0.06-acre site places the property in an established central commercial setting suited to a business seeking a presence among downtown amenities.
Key Highlights
- 1,296‑square‑foot unfinished commercial building
- 1901 construction date
- Open interior layout supports office, salon, or retail buildout
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$13,741
Cap Rate
3.94%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$274,820
$274.8K
Cap Rate 7%
$196,300
$196.3K
Cap Rate 9%
$152,678
$152.7K
Market Conditions
NOI Build-Up for 1,296 SF
Gross rent
$21.0K $16.20/SF
− Vacancy
−$1.4K −$1.05/SF
EGI
$19.6K $15.15/SF
− OpEx
−$5.9K −$4.54/SF
NOI
$13.7K $10.60/SF
Area
Levy County, FL
Vacancy
6.50%
Lease Rate
$16.20 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$274,820
Cap Rate 7%
$196,300
Cap Rate 9%
$152,678
Alternative Uses
Best Use
Retail
$196.3K
$171.8K – $229.0K
NOI $13,741 @ 7.0% cap · market cap 3.94%
Second Best
—
—
no second resolved use
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 authorities.
Property Analytics
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Open Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
233
Businesses Nearby
Well-served
Demand for This Use
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
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Market
Vacancy Rate% for Retail in South region
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Frequently Asked Questions
What type of property is this?
Storefront property - Open interior offers a flexible starting point for office, salon, or retail buildout in a downtown commercial setting.
Where is this storefront property 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: 1,296‑square‑foot unfinished commercial building; 1901 construction date; Open interior layout supports office, salon, or retail buildout
