Historic Unfinished Storefront
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 Market427
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: Aug 24 at 1:06AM
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 unfinished storefront property provides 1,296 square feet within an open commercial layout. Constructed in 1901, the building offers a historic shell that can be completed for a new interior configuration and business identity. The flexible floor plan may accommodate office, salon, or retail use, subject to applicable approvals.
The property is located at 509 2nd St in downtown Cedar Key, Florida. Its setting places the building near the town’s restaurant and shopping district along Main Street, with the surrounding downtown environment supporting pedestrian-oriented commercial activity.
The property is located at 509 2nd St in downtown Cedar Key, Florida. Its setting places the building near the town’s restaurant and shopping district along Main Street, with the surrounding downtown environment supporting pedestrian-oriented commercial activity.
Key Highlights
- 1,296‑square‑foot unfinished commercial building
- Historic structure built in 1901
- Open interior layout for a customized finish‑out
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
$13,741
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
3.94%
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%
$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
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
$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 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%
$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
Property Profile
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
Market
Vacancy Rate% for Retail in South region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Storefront property - Open commercial space in downtown Cedar Key, positioned near the community’s restaurants and shopping district.
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; Historic structure built in 1901; Open interior layout for a customized finish‑out
