Restaurant and Fish Market
For Sale
Contact for pricing
6991 SW State Rd 24, Cedar Key, FL 32625
Spacious, handicap-accessible commercial building on 1.19 acres on State Road 24, sold fully equipped for restaurant use.
Property Size3,640 SF
Lot Size1.19 Acres
Price / SF$133.24
Days on Market72
Property Features for 6991 SW State Rd 24
General Information
Standard status
Active
Size
3,640 SF
Lot size
1.19 Acres
Property subtype
Retail
Additional Details
Road Access
Yes
Building Details
Year Built
1999
Stories
1
Listing Agency:
Hatcher Realty Services, Inc. Trenton
Listed By:
Krystal Wynans · License #SL3635957
(352) 498-5151
Source:
Crexi
Added: Jun 28
Changed: Sep 4
Last Checked: Sep 6 at 8:43AM
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 Hatcher Realty Services, Inc. Trenton
Investment Insights
Based on property information with market context.
This commercial property in Cedar Key totals 1.19 acres and includes a spacious building that is fully handicap accessible. The site was formerly operating as a restaurant and fish market and is being sold fully equipped, providing a turnkey starting point for a new owner. Included items are a walk-in cooler, lay-down freezers, commercial ice machines, and restaurant equipment, along with additional equipment listed as included in the sale.
The property is located on State Road 24 and is described as a landmark in the historic Rosewood community. Public remarks note it is the only restaurant in the Rosewood community, supporting its established local recognition.
The layout and existing improvements are positioned for continued food and seafood concepts, with the potential for other commercial uses noted in the remarks, such as a catering-focused operation or specialty market.
The property is located on State Road 24 and is described as a landmark in the historic Rosewood community. Public remarks note it is the only restaurant in the Rosewood community, supporting its established local recognition.
The layout and existing improvements are positioned for continued food and seafood concepts, with the potential for other commercial uses noted in the remarks, such as a catering-focused operation or specialty market.
Key Highlights
- Commercial building built in 1999 on 1.19 acres on State Road 24
- Previously operated as a restaurant and fish market; former restaurant and seafood‑market use on site
- Fully handicap accessible building
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
$43,341
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
8.94%
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%
$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
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
$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 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%
$866,820
Cap Rate 7%
$619,157
Cap Rate 9%
$481,567
Alternative Uses
Best Use
Specialty Retail
$619.2K
$541.8K – $722.4K
NOI $43,341 @ 7.0% cap · market cap 8.94%
Second Best
Retail
$551.4K
$482.4K – $643.3K
NOI $38,595 @ 7.0% cap · market cap 7.96%
Theoretical Best
Office A
$901.6K
$788.9K – $1.05M
NOI $63,109 @ 7.0% cap · market cap 13.01%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
21
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?
Conventional restaurant - Spacious, handicap-accessible commercial building on 1.19 acres on State Road 24, sold fully equipped for restaurant use.
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: Commercial building built in 1999 on 1.19 acres on State Road 24; Previously operated as a restaurant and fish market; former restaurant and seafood‑market use on site; Fully handicap accessible building
