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Water Front Florida 450 Dock St 7,941 SF 100% Leased Retail Building Cedar Key, FL 32625 $679,000 ($85.51/SF) 15.55% Cap Rate
INVESTMENT HIGHLIGHTS
- This property gets the most exposure in town! It is the largest leasable property, and sits in a prime spot--OVER the Gulf of Mexico!
EXECUTIVE SUMMARY
Property is damaged, but is in a super prime water front location with loads of exposure! At a prime spot on popular Dock Street, this two-story building has enjoyed a fabulous rental history, right until the fire next door damaged the western section of the building. With panoramic views of the open Gulf, and with two of the largest rental spaces on the island, this building will be in very high demand once restored.
FINANCIAL SUMMARY (ACTUAL - 2023) |
ANNUAL | ANNUAL PER SF |
|---|---|---|
| Gross Rental Income |
$133,666
|
$16.83
|
| Other Income |
-
|
-
|
| Vacancy Loss |
-
|
-
|
| Effective Gross Income |
$133,666
|
$16.83
|
| Taxes |
$15,810
|
$1.99
|
| Operating Expenses |
$12,297
|
$1.55
|
| Total Expenses |
$28,107
|
$3.54
|
| Net Operating Income |
$105,559
|
$13.29
|
FINANCIAL SUMMARY (ACTUAL - 2023)
| Gross Rental Income | |
|---|---|
| Annual | $133,666 |
| Annual Per SF | $16.83 |
| Other Income | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Vacancy Loss | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Effective Gross Income | |
|---|---|
| Annual | $133,666 |
| Annual Per SF | $16.83 |
| Taxes | |
|---|---|
| Annual | $15,810 |
| Annual Per SF | $1.99 |
| Operating Expenses | |
|---|---|
| Annual | $12,297 |
| Annual Per SF | $1.55 |
| Total Expenses | |
|---|---|
| Annual | $28,107 |
| Annual Per SF | $3.54 |
| Net Operating Income | |
|---|---|
| Annual | $105,559 |
| Annual Per SF | $13.29 |
PROPERTY FACTS
Sale Type
Investment or Owner User
Sale Condition
Building in Shell Condition
Property Type
Retail
Property Subtype
Building Size
7,941 SF
Building Class
B
Year Built
1993
Price
$679,000
Price Per SF
$85.51
Cap Rate
15.55%
NOI
$105,559
Percent Leased
100%
Tenancy
Multiple
Building Height
2 Stories
Building FAR
1.14
Lot Size
0.16 AC
Zoning
GC - General Commercial
Frontage
105’ on Dock Street
AMENITIES
- Restaurant
- Waterfront
MAJOR TENANTS
- TENANT
- INDUSTRY
- SF OCCUPIED
- RENT/SF
- LEASE TYPE
- LEASE END
- Island Trading Post
- Retailer
- -
- -
- -
- -
- Steamers Restaurant
- Accommodation and Food Services
- -
- -
- Plus Utilities
- -
| TENANT | INDUSTRY | SF OCCUPIED | RENT/SF | LEASE TYPE | LEASE END | |
| Island Trading Post | Retailer | - | - | - | - | |
| Steamers Restaurant | Accommodation and Food Services | - | - | Plus Utilities | - |
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Water Front Florida | 450 Dock St
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