Renovated Flex Space with Drive-In
For Sale
$299,000
1321 St Johns Avenue, Palatka, FL 32177
CommercialSale, Palatka, FL
Property Size2,110 SF
Lot Size0.23 Acres
Price / SF$141.71
Days on Market98
Property Features for 1321 St Johns Avenue
General Information
Property type
Commercial Sale
Property subtype
Retail
Zoning
Out of County
Parking features
Paved or Surfaced
Interior features
FirstFloorEntry
Subdivision
Not on List
Lot features
Cleared, Corner Lot, Flat
Directions
US Hwy 17/SR 101 West, make left onto N. 13th St., make right onto St Johns Ave. Asset is on the left.
Standard status
Active
APN
160718 / 2
Lot size
0.23 Acres
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
1717
Utilities
Sewer type
Public Sewer
Cooling system
Window Unit(s)
Water source
Public
Building Details
Year built
1957
Floors in Building
1
Flooring type
Concrete, Vinyl
Building materials
Brick, Block, Concrete
Roof type
Metal
Listing Agency:
Century 21 J.W.Morton R.E. · Century 21 Real Estate
(352) 726-6668
Listed By:
Richard Fernley · License #3602811
(352) 464-2664
Added: Jun 8
Changed: Sep 12
Last Checked: Sep 13 at 9:06AM
MLS# 855355
Copyright © 2026 REALTORS Association of Citrus County, Inc. 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 2,110 SF flex property, built in 1957, combines office and showroom space with warehouse and shop areas. The building includes oversized sliding industrial doors for drive-in access, ground-level loading, a secure concrete block room, first-floor entry, vinyl and concrete flooring, window-unit cooling, and brick, block, and concrete construction. A TPO roof was installed on the front portion in 2025, and public water and sewer serve the property.
The 0.23-acre site occupies approximately 200 feet of corner frontage along St Johns Avenue in Palatka, between the Central Business District and Midtown. It is one block from the US 17/SR 100 corridor, with 2025 FDOT traffic counts of approximately 25,500 AADT, while St Johns Avenue recorded 8,100 AADT. Paved parking sits beside the warehouse access point, with additional unpaved parking and storage areas along the north and east sides.
The 0.23-acre site occupies approximately 200 feet of corner frontage along St Johns Avenue in Palatka, between the Central Business District and Midtown. It is one block from the US 17/SR 100 corridor, with 2025 FDOT traffic counts of approximately 25,500 AADT, while St Johns Avenue recorded 8,100 AADT. Paved parking sits beside the warehouse access point, with additional unpaved parking and storage areas along the north and east sides.
Key Highlights
- 2,110 SF flex property with office/showroom and warehouse/shop areas
- Approximately 200 feet of corner frontage along St Johns Avenue
- One block from US 17/SR 100, carrying approximately 25,500 AADT in 2025
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
$27,454
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
9.18%
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%
$549,080
$549.1K
Cap Rate 7%
$392,200
$392.2K
Cap Rate 9%
$305,044
$305.0K
Market Conditions
NOI Build-Up for 2,110 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
$46.3K $21.96/SF
− Vacancy
−$9.7K −$4.61/SF
EGI
$36.6K $17.35/SF
− OpEx
−$9.2K −$4.34/SF
NOI
$27.5K $13.01/SF
Area
Putnam County, FL
Vacancy
21.00%
Lease Rate
$21.96 /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%
$549,080
Cap Rate 7%
$392,200
Cap Rate 9%
$305,044
Alternative Uses
Best Use
Warehouse
$419.9K
$367.4K – $489.9K
NOI $29,392 @ 7.0% cap · market cap 9.83%
Second Best
Office B
$392.2K
$343.2K – $457.6K
NOI $27,454 @ 7.0% cap · market cap 9.18%
Theoretical Best
Office A
$549.5K
$480.8K – $641.1K
NOI $38,465 @ 7.0% cap · market cap 12.86%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
678
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 32177, FL
25,380
Population
11,549
Households
2.2
Avg Household Size
42
Median Age
13%
College-Educated
86%
High-School Grad
226.8 sq mi
ZIP Area
112
Density / Sq Mi
$47,486
Median Household Income
$35,451
Median Earnings
$940
Median Rent
$158,800
Median Home Value
Market
Vacancy Rate% for Office in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Flex space - Renovated commercial space combines office, showroom, warehouse, and shop areas with practical ground-level loading.
Where is this flex space located?
The property is located at 1321 St Johns Avenue Palatka, FL.
What is the asking price?
The asking price for this property is $299,000.
What are key features of this property?
This property features: 2,110 SF flex property with office/showroom and warehouse/shop areas; Approximately 200 feet of corner frontage along St Johns Avenue; One block from US 17/SR 100, carrying approximately 25,500 AADT in 2025
