Historic Cottage with Commercial
For Sale
$540,000
117 S 3RD Street, Palatka, FL 32177
COMMERCIAL - Cottage, Victorian - Palatka, FL
Property Size2,356 SF
Lot Size0.26 Acres
Price / SF$229.20
Days on Market389
Property Features for 117 S 3RD Street
General Information
Property type
Commercial Sale
Property subtype
Single Family Residence
Zoning description
Commercial
Bedrooms
3
Bathrooms
2
Full bathrooms
2
Rooms
Bathroom 1, Bedroom 1, Bedroom 2, Bathroom 2, Bedroom 3
Parking features
On Street, Parking Lot, Off Street
Patio and Porch features
Porch
Interior features
Breakfast Bar, Ceiling Fan(s), Eat-in Kitchen, Primary Downstairs
Fencing
Privacy
Fireplace
1
Accessibility
Accessible Approach with Ramp
Appliances
Dishwasher, Dryer, Gas Range, Gas Water Heater, Washer
Subdivision
Dicks Map
Lot features
Historic Area
View
River
High school
Palatka
Directions
From the Memorial bridge head north on Hwy 17. Turn right onto 3rd Street. House will on the left just after the St Johns Avenue intersection.
Standard status
Active
APN
421027685001200041
Size
2,356 SF
Lot size
0.26 Acres
Taxes and HOA fees
Tax Year
2024
Tax Annual Amount
3292
Utilities
Utilities
Cable Available
Sewer type
Public Sewer
Heating system
Central
Cooling system
Central Air
Water source
Public
Building Details
Year built
1884
Floors in Building
2
Flooring type
Tile, Wood
Building materials
Wood Siding
Roof type
Metal
Architectural style
Cottage, Victorian
Listing Agency:
DUCK REALTY INC
(386) 325-1440
Listed By:
ROBERTA M CORREA
(386) 983-4502
Added: Aug 7, 2025
Changed: Aug 4
Last Checked: Aug 30 at 11:06AM
MLS# 2102953
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 historic cottage includes many original features such as a fireplace and a solid wood front door, along with a sunporch and an enclosed back porch leading to the backyard. Updates include updated bathrooms and a large kitchen with new state-of-the-art appliances. The second-story attic is insulated and could be finished to create additional living space.
The property is located within the South Historic District, about one block from the St. Johns River and historic downtown Palatka. The home is zoned for either commercial or residential use.
Set on a lot of 0.26 acres, the home contains 2,356 square feet of living space (as provided).
The property is located within the South Historic District, about one block from the St. Johns River and historic downtown Palatka. The home is zoned for either commercial or residential use.
Set on a lot of 0.26 acres, the home contains 2,356 square feet of living space (as provided).
Key Highlights
- Historic 1884 cottage/Victorian home with wood siding and metal roof
- Fireplace, solid wood front door, and sunporch plus enclosed back porch
- Updated interiors with eat‑in kitchen, breakfast bar, and tile and wood flooring
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
$17,749
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
3.29%
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%
$354,980
$355.0K
Cap Rate 7%
$253,557
$253.6K
Cap Rate 9%
$197,211
$197.2K
Market Conditions
NOI Build-Up for 2,356 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
$34.8K $14.76/SF
− Vacancy
−$2.5K −$1.06/SF
EGI
$32.3K $13.70/SF
− OpEx
−$14.5K −$6.16/SF
NOI
$17.7K $7.53/SF
Area
Putnam County, FL
Vacancy
7.20%
Lease Rate
$14.76 /SF/Yr
Expense Ratio
45.00%
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%
$354,980
Cap Rate 7%
$253,557
Cap Rate 9%
$197,211
Alternative Uses
Best Use
Apartment 5plus
$253.6K
$221.9K – $295.8K
NOI $17,749 @ 7.0% cap · market cap 3.29%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$613.6K
$536.9K – $715.8K
NOI $42,950 @ 7.0% cap · market cap 7.95%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
616
Businesses Nearby
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
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Single family property - Historic Palatka cottage with original features, updated bathrooms, a large kitchen, and space for potential second-story expansion.
Where is this single family property located?
The property is located at 117 S 3RD Street Palatka, FL.
What is the asking price?
The asking price for this property is $540,000.
What are key features of this property?
This property features: Historic 1884 cottage/Victorian home with wood siding and metal roof; Fireplace, solid wood front door, and sunporch plus enclosed back porch; Updated interiors with eat‑in kitchen, breakfast bar, and tile and wood flooring
