Equipped Conventional
For Sale
$485,000
6991 SW State Rd 24, Cedar Key, FL 32625
Commercial Sale, Cedar Key, FL
Property Size3,640 SF
Lot Size1.19 Acres
Price / SF$133.24
Days on Market98
Property Features for 6991 SW State Rd 24
General Information
Property type
Commercial Sale
Property subtype
Other
Lot features
Central Electric
Directions
from hwy 19 south turn right on hwy 24 west, travel 15 miles turn right on sw 69th street property on left
Subdivision
Levy
Standard status
Active
APN
2172200000
Size
3,640 SF
Lot size
1.19 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
30-14-14 MISCAL LOT 3 OR BOOK 1775 PAGE 448
Tax Annual Amount
6258
Legal Description
30-14-14 MISCAL LOT 3 OR BOOK 1775 PAGE 448
Amenities
fully handicap accessible
Building Details
Year built
1999
Listing Agency:
Hatcher Realty Services, Inc. Trenton
(352) 463-0054
Listed By:
Krystal Wynans · License #SL3635957
(352) 949-7511
Added: Jun 29
Changed: Sep 2
Last Checked: Oct 4 at 1:06AM
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.
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 = 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
Industrial
$352.7K
$308.6K – $411.5K
NOI $24,690 @ 7.0% cap · market cap 5.09%
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
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Open Analytics
Current Use
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
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?
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
