Remodeled Second-Generation
New
For Sale
$425,000
102 Phillips Dairy Road, Palatka, FL 32177
CommercialSale, Palatka, FL
Property Size1,574 SF
Lot Size0.26 Acres
Price / SF$270.01
Days on Market1
Property Features for 102 Phillips Dairy Road
General Information
Property type
Commercial Sale
Property subtype
Retail
Zoning
Out of County
Parking
8
Parking features
Parking Lot
Interior features
FirstFloorEntry
Exterior features
Landscaping, Lighting, RainGutters
Fencing
Privacy
Subdivision
Not on List
Lot features
Cleared, Corner Lot, Flat
Directions
North on SR 19, turn right onto Phillips Dairy Road. Asset is on the left.
Standard status
Active
APN
02-10-26-0000-0220-0000
Lot size
0.26 Acres
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
3991
Utilities
Sewer type
Public Sewer
Heating system
Heat Pump (Heating)
Cooling system
Central Air
Water source
Public
Amenities
separate block storage building with washer and dryer
Building Details
Year built
1960
Floors in Building
1
Flooring type
Tile
Building materials
Frame, Stucco
Roof type
Metal
Additional Structures
Storage
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: Aug 25
Last Checked: Aug 25 at 9:06PM
MLS# 857346
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 remodeled second-generation restaurant includes two dining areas, a host and service area, private dining or flex space, office and storage areas, a dedicated takeout room, commercial kitchen, and two restrooms. The 1,574-square-foot building has washable tile finishes throughout. Kitchen improvements include a 9-foot hood with Ansul fire suppression, stainless-steel wall panels, a gas range and oven, a three-compartment sink, and a separate handwashing sink. A service window connects the takeout room to the property’s dine-in and off-premise operating format.
Located at 102 Phillips Dairy Road in Palatka, the property has approximately 136 feet of frontage along State Road 19 and sits approximately 500 feet from a signalized intersection with 2025 FDOT traffic volumes of up to 20,500 vehicles per day. Public water, public sewer, and natural gas serve the site. Additional improvements include two tankless gas water heaters, a grease storage tank, and a separate block storage building with a washer and dryer. The 0.26-acre site also includes a rear area previously used for outdoor seating for approximately 45 patrons, with plans available for future layout consideration.
Located at 102 Phillips Dairy Road in Palatka, the property has approximately 136 feet of frontage along State Road 19 and sits approximately 500 feet from a signalized intersection with 2025 FDOT traffic volumes of up to 20,500 vehicles per day. Public water, public sewer, and natural gas serve the site. Additional improvements include two tankless gas water heaters, a grease storage tank, and a separate block storage building with a washer and dryer. The 0.26-acre site also includes a rear area previously used for outdoor seating for approximately 45 patrons, with plans available for future layout consideration.
Key Highlights
- 1,574‑square‑foot remodeled restaurant building with two dining areas and private dining or flex space
- Approximately 136 feet of frontage along State Road 19 in Palatka
- Approximately 500 feet from a signalized intersection with 2025 FDOT AADT volumes up to 20,500 vehicles per day
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
$18,056
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
4.25%
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%
$361,120
$361.1K
Cap Rate 7%
$257,943
$257.9K
Cap Rate 9%
$200,622
$200.6K
Market Conditions
NOI Build-Up for 1,574 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
$27.0K $17.16/SF
− Vacancy
−$1.2K −$0.77/SF
EGI
$25.8K $16.39/SF
− OpEx
−$7.7K −$4.92/SF
NOI
$18.1K $11.47/SF
Area
Putnam County, FL
Vacancy
4.50%
Lease Rate
$17.16 /SF/Yr
Expense Ratio
30.00%
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%
$361,120
Cap Rate 7%
$257,943
Cap Rate 9%
$200,622
Alternative Uses
Best Use
Industrial
$257.9K
$225.7K – $300.9K
NOI $18,056 @ 7.0% cap · market cap 4.25%
Second Best
Specialty Retail
$249.4K
$218.2K – $291.0K
NOI $17,458 @ 7.0% cap · market cap 4.11%
Theoretical Best
Office A
$409.9K
$358.7K – $478.2K
NOI $28,694 @ 7.0% cap · market cap 6.75%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
20,500 VPD
Traffic count
Yes
Paved road access
Yes
Utilities to site
Yes
Commercial hood
Yes
Grease trap
Location Intelligence
Trade Area within ½ mile
340
Businesses Nearby
Well-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 Retail 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?
Conventional restaurant - Remodeled restaurant with dedicated takeout space, commercial kitchen infrastructure, and flexible areas for dining or complementary operations.
Where is this conventional restaurant located?
The property is located at 102 Phillips Dairy Road Palatka, FL.
What is the asking price?
The asking price for this property is $425,000.
What are key features of this property?
This property features: 1,574‑square‑foot remodeled restaurant building with two dining areas and private dining or flex space; Approximately 136 feet of frontage along State Road 19 in Palatka; Approximately 500 feet from a signalized intersection with 2025 FDOT AADT volumes up to 20,500 vehicles per day
