Building Details

Year built 1999

Listing Agency: Hatcher Realty Services, Inc. Trenton d***@hatcherrealtyinc.com Show Phone

Listed By: Krystal Wynans · License #SL3635957 Show Phone

Added: Jun 29 Changed: Sep 2 Last Checked: Oct 9 at 12:06AM

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MLS# 799484

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 3,640-square-foot commercial property sits on 1.19 acres and was built in 1999. The building previously operated as a restaurant and fish market and is fully handicap accessible. Included equipment consists of a walk-in cooler, lay-down freezers, commercial ice machines, and additional restaurant equipment. The existing configuration supports continued consideration for restaurant, seafood market, or catering use.

The property fronts State Road 24 in Cedar Key and is located in the historic Rosewood community. The sale includes the building, land, and installed commercial equipment, providing a ready physical foundation for a food-service or specialty-market operation.

Key Highlights

• 3,640 SF commercial building on 1.19 acres
• Built in 1999 with prior restaurant and fish market use
• Fully handicap accessible building

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$43,341

Cap Rate

8.94%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$866,820 $866.8K

Cap Rate 7%

$619,157 $619.2K

Cap Rate 9%

$481,567 $481.6K

Market Conditions

NOI Build-Up for 3,640 SF

Gross rent

$61.2K $16.80/SF

− Vacancy

−$3.4K −$0.92/SF

EGI

$57.8K $15.88/SF

− OpEx

−$14.4K −$3.97/SF

NOI

$43.3K $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%

$866,820

Cap Rate 7%

$619,157

Cap Rate 9%

$481,567

Alternative Uses

Best Use

Specialty Retail

$619.2K

$541.8K – $722.4K (±1% cap)

NOI $43,341 @ 7.0% cap · market cap 8.94%

Second Best

Industrial

$352.7K

$308.6K – $411.5K (±1% cap)

NOI $24,690 @ 7.0% cap · market cap 5.09%

Theoretical Best

Office A

$901.6K

$788.9K – $1.05M (±1% cap)

NOI $63,109 @ 7.0% cap · market cap 13.01%

Zoning and permitted uses should be independently verified with authorities.

Property Analytics

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Current Use

Conventional restaurants

Suggested Use

Top Pick Storage Facility Real Estate Agency Big Box & Wholesale Store Pet Store & Service Gym & Fitness Center Food Market

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

Location Intelligence

Trade Area within ½ mile

23

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

7% 2020

6.2% 2021

5.1% 2022

4.8% 2023

4.9% 2024

5.4% 2025

Questions? Ask Rey

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What type of property is this? Where is this conventional restaurants located? What is the asking price? Find similar properties What are key features of this property?

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Frequently Asked Questions

What type of property is this?

Conventional restaurant - Accessible commercial property with restaurant infrastructure and equipment suited to food-service operations or a seafood market.

Where is this conventional restaurant located?

The property is located at 6991 SW State Rd 24 Cedar Key, FL.

What is the asking price?

The asking price for this property is $485,000.

What are key features of this property?

This property features: 3,640 SF commercial building on 1.19 acres; Built in 1999 with prior restaurant and fish market use; Fully handicap accessible building