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    Residential Income Property with Workshop Title is generated by Realmo AI

    656 STATE ROAD 20, Palatka, FL 32177

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    Claim this Listing
    For Sale
    $199,900

    COMMERCIAL - Palatka, FL

    Type:Single Family Residence
    Property size:
    1,528 SF
    Lot size:
    1.33 Acres
    Price / SF:
    $130/SF
    Added:
    Apr 3, 2026
    Days on Market:
    61
    Last Refresh:
    Jun 2 at 9:06 pm

    Property Features for 656 STATE ROAD 20

    General Information

    Property type
    Commercial Sale
    Property subtype
    Single Family Residence
    Bedrooms
    3
    Bathrooms
    2
    Rooms
    Bathroom 1, Bedroom 1, Bathroom 2, Bedroom 3, Bedroom 2
    Parking features
    Garage
    Appliances
    Dishwasher, Electric Range, Electric Water Heater, Ice Maker, Refrigerator
    Standard status
    Active
    APN
    161025000004700000
    Size
    1,528 SF
    Lot size
    1.33 Acres

    Taxes and HOA fees

    Tax Year
    2025
    Tax Annual Amount
    2429

    Utilities

    Sewer type
    Septic Tank
    Heating system
    Electric (Heating)
    Water source
    Well

    Building Details

    Year built
    1935
    Floors in Building
    1

    We can help!

    Listing Contact
    MEICHELLE BUCK
    MEICHELLE BUCK

    Listing agent MEICHELLE BUCK License #3041596

    Listing office TEAM FLORIDA REALTY SERVICES INC 881 State Road 20 Suite 2, Palatka, FL

    Listing date Apr 3, 2026

    MLS# 2138221 Listing URL

    Copyright © 2026 realMLS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.

    HighLights

    • 2‑bedroom home on 1.33 acres with a connected 550 SF area for a master suite or home‑based business/studio
    • Detached 694 SF garage provides additional storage plus workshop or flex space
    • Completely rewired with new metal roof, new plumbing, new flooring, and a new electric water heater
    • Heating and cooling: electric heating (heat and air noted as new)
    • Well water with septic tank sewer system
    • Kitchen appliances included: dishwasher, electric range, refrigerator, and ice maker; garage parking

    Overview

    This property is a 2-bedroom residential home set on 1.33 acres, featuring a spacious connected area of 550 square feet that can support a master suite, a home-based business studio, or a professional practice. Improvements include a complete rewiring, a new metal roof, updated heat and air, new plumbing, new flooring, a new water heater, and included appliances. In addition to the main living space, the detached 694 square foot garage offers flexibility for storage, a workshop, or a man cave.

    The home is located on State Road 20 in Palatka, Florida, with the benefit of a larger lot size for day-to-day outdoor space and operational flexibility that can be valuable for owners seeking more than a typical residential lot.

    For buyers and investors, the configuration supports dual-purpose living and work, making it a practical option for those who want an updated home with an attached-style supplemental space and a substantial detached building. It may also appeal to occupants who prefer the convenience of operating from home while maintaining dedicated areas for use, storage, or small business workflows.

    Local Financial Insights For Apartment 5plus

    Simulate Cap Rate and NOI

    NOI Build-Up
    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.

    Component $ $/SF
    Gross rent $22.6k $14.76
    − Vacancy −$1.6k −$1.06
    EGI $20.9k $13.70
    − OpEx −$9.4k −$6.16
    NOI $11.5k $7.53
    1,528 SF · lease $14.76/SF/yr · vacancy 7.20% · expense 45.00%

    Alternative Uses

    Best Use
    Apartment 5plus
    $164.4K
    $143.9K – $191.9K (±1% cap)
    NOI $11,511 @ 7.0% cap · market cap 5.76%
    Second Best
    —
    —
    no second resolved use
    Theoretical Best
    Office A
    $397.9K
    $348.2K – $464.3K (±1% cap)
    NOI $27,855 @ 7.0% cap · market cap 13.93%
    Zoning and permitted uses should be independently verified with local authorities.
    Property Profile Location Intelligence

    Current Use by Public Records

    Single family properties

    Map

    City
    Palatka
    County
    Putnam
    State
    Florida
    Longitude
    -81.8042798
    Latitude
    29.6280881

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    FAQs

    What type of property is this?
    Single family property - Updated 2-bedroom home on acreage with a large detached garage suited to storage or a home-based studio.
    Where is this single family property located?
    The property is located at 656 STATE ROAD 20 Palatka, FL.
    What is the asking price?
    The asking price for this property is $199,900.
    What are key features of this property?
    This property features: 2‑bedroom home on 1.33 acres with a connected 550 SF area for a master suite or home‑based business/studio; Detached 694 SF garage provides additional storage plus workshop or flex space; Completely rewired with new metal roof, new plumbing, new flooring, and a new electric water heater
    (386) 972-5151
    We can help!
    Listing Contact
    MEICHELLE BUCK
    MEICHELLE BUCK
    Real Estate License ID: 3041596
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
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