Medical Office Building with Imaging
For Sale
$980,000
6905 OLD WOLF BAY Road, Palatka, FL 32177
Commercial Sale, Palatka, FL
Property Size6,420 SF
Lot Size1.02 Acres
Price / SF$152.65
Days on Market273
Property Features for 6905 OLD WOLF BAY Road
General Information
Property type
Commercial Sale
Property subtype
Office
Zoning description
Commercial
Bathrooms
5
Full bathrooms
5
Rooms
Bathroom 5, Bathroom 4, Bathroom 2, Bathroom 3, Bathroom 1
Parking features
Parking Lot
Accessibility
Accessible Approach with Ramp
Subdivision
Metes & Bounds
Lot features
Cleared, Few Trees
Directions
From State Rd 20 & State Rd 19, go west on State Rd 20, right on Zeagler Dr, left on Old Wolf Bay Rd, to building on left.
Standard status
Active
APN
101026000003500030
Size
6,420 SF
Lot size
1.02 Acres
Taxes and HOA fees
Tax Year
2024
Tax Annual Amount
18250
Utilities
Sewer type
Public Sewer
Heating system
Central, Electric (Heating)
Cooling system
Electric, Central Air
Water source
Public
Building Details
Year built
1997
Floors in Building
1
Flooring type
Vinyl, Carpet
Building materials
Brick
Listing Agency:
COLDWELL BANKER BEN BATES INC · Coldwell Banker Real Estate
(386) 328-6716
Listed By:
CHRISTOPHER CHASE BARNES · License #0475517
(386) 385-4404
Added: Nov 25, 2025
Changed: Aug 20
Last Checked: Aug 25 at 9:06AM
MLS# 2120057
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.
Investment Insights
Based on property information with market context.
This 6,420-square-foot brick medical office building was constructed in 1997 and includes a broad clinical layout with a reception and lobby area, exam room, physician offices, nurses’ station, consultation room, break room, storage, and five bathrooms. Dedicated diagnostic areas include MRI, CT, X-ray, bone density, and mammography rooms, along with two dressing rooms. Vinyl and commercial-grade carpet flooring are installed throughout, with a wet fire sprinkler system, central heating and cooling, and electric service.
The property occupies approximately 1.02 acres with 150 feet of road frontage and a dedicated parking lot. Public water and public sewer serve the site, and an accessible approach with ramp is provided. Located in Palatka’s established medical district just southwest of HCA Florida Putnam Hospital, the property is zoned C-1A, allowing retail, medical, and professional office uses.
The property occupies approximately 1.02 acres with 150 feet of road frontage and a dedicated parking lot. Public water and public sewer serve the site, and an accessible approach with ramp is provided. Located in Palatka’s established medical district just southwest of HCA Florida Putnam Hospital, the property is zoned C-1A, allowing retail, medical, and professional office uses.
Key Highlights
- 6,420‑square‑foot medical office building on approximately 1.02 acres
- Dedicated MRI, CT, X‑ray, bone density, and mammography rooms
- 150 feet of road frontage with on‑site parking lot
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
$86,878
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
8.87%
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%
$1,737,560
$1.7M
Cap Rate 7%
$1,241,114
$1.2M
Cap Rate 9%
$965,311
$965.3K
Market Conditions
NOI Build-Up for 6,420 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
$161.8K $25.20/SF
− Vacancy
−$17.0K −$2.65/SF
EGI
$144.8K $22.55/SF
− OpEx
−$57.9K −$9.02/SF
NOI
$86.9K $13.53/SF
Area
Putnam County, FL
Vacancy
10.50%
Lease Rate
$25.20 /SF/Yr
Expense Ratio
40.00%
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%
$1,737,560
Cap Rate 7%
$1,241,114
Cap Rate 9%
$965,311
Alternative Uses
Best Use
Healthcare Medical
$1.24M
$1.09M – $1.45M
NOI $86,878 @ 7.0% cap · market cap 8.87%
Second Best
Office B
$1.19M
$1.04M – $1.39M
NOI $83,533 @ 7.0% cap · market cap 8.52%
Theoretical Best
Office A
$1.67M
$1.46M – $1.95M
NOI $117,036 @ 7.0% cap · market cap 11.94%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Sprinkler system
Yes
Paved road access
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
382
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
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Medical Office Space - C-1A zoning supports medical, professional office, and retail uses with public water and sewer service.
Where is this medical office space located?
The property is located at 6905 OLD WOLF BAY Road Palatka, FL.
What is the asking price?
The asking price for this property is $980,000.
What are key features of this property?
This property features: 6,420‑square‑foot medical office building on approximately 1.02 acres; Dedicated MRI, CT, X‑ray, bone density, and mammography rooms; 150 feet of road frontage with on‑site parking lot
