Four-Dwelling Multifamily
For Sale
$1,495,000
122 MACON Road, Palatka, FL 32177
Residential, Palatka, FL
Property Size8,048 SF
Lot Size5.01 Acres
Price / SF$185.76
Days on Market83
Property Features for 122 MACON Road
General Information
Property type
Commercial Sale
Property subtype
Single Family Residence
Zoning description
Agricultural
Bedrooms
8
Bathrooms
7
Full bathrooms
7
Rooms
Bathroom 5, Bathroom 7, Bedroom 8, Bedroom 5, Bedroom 7, Bathroom 6, Bedroom 2, Bedroom 6, Bathroom 3, Bedroom 1, Bathroom 1, Bedroom 3, Bathroom 2, Bedroom 4, Bathroom 4
Parking features
Open, Garage, Off Street, RV, Gated, Carport, Guest, Covered
Security features
Security System
Spa
1
Patio and Porch features
Porch, Patio, Deck
Pool private
1
Interior features
Breakfast Bar, Breakfast Nook, Butler Pantry, Eat-in Kitchen, Guest Suite, His and Hers Closets, In-Law Floorplan, Kitchen Island, Open Floorplan, Pantry, Primary Bathroom -Tub with Separate Shower, Primary Downstairs, Smart Thermostat, Split Bedrooms, Vaulted Ceiling(s), Walk-In Closet(s)
Fencing
Fenced
Accessibility
Accessible Approach with Ramp
Appliances
Dishwasher, Disposal, Dryer, Electric Oven, Gas Cooktop, Gas Oven, Gas Water Heater, Ice Maker, Instant Hot Water, Microwave, Plumbed For Ice Maker, Refrigerator, Tankless Water Heater, Washer, Washer/Dryer Stacked, Water Softener Owned, Wine Cooler
Subdivision
Metes & Bounds
Lot features
Agricultural, Cleared, Dead End Street, Farm, Few Trees, Sprinklers In Front, Sprinklers In Rear
Elementary school
Moseley
Middle school
Miller Intermediate
High school
Palatka
Directions
Head South on US 17 toward Palatka. In Palatka, turn right on Mosley Ave. Turn left on Edgemoor St. Slight right on Lundy Rd. Continue onto Browns Landing Rd. Turn left onto Macon Rd.
Standard status
Active
APN
301027000000250000
Size
8,048 SF
Lot size
5.01 Acres
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
15849
Utilities
Utilities
Cable Available
Sewer type
Private Sewer, Septic Tank
Heating system
Heat Pump (Heating), Hot Water(Heating), Central, Electric (Heating)
Cooling system
Central Air, Multi Units
Water source
Private, Well
Amenities
pool
spa
lanais
generator
RV garage
workshop
Building Details
Year built
2022
Floors in Building
1
Flooring type
Tile
Building materials
Brick, Block, Concrete
Roof type
Shingle
Architectural style
Cottage, Ranch
Additional Structures
Gazebo
Listing Agency:
COLDWELL BANKER VANGUARD REALTY · Coldwell Banker Real Estate
(904) 269-7117
Listed By:
JOSEPH DENNY · License #3457656
(904) 994-2399
Added: Jun 29
Changed: Sep 15
Last Checked: Sep 19 at 9:06AM
MLS# 2153530
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 5.01-acre multifamily property contains 8,048 square feet across four separate dwellings. The 2022-built main residence offers three bedrooms and three baths, with brick-and-block construction, high ceilings, quartz countertops, stainless appliances, plantation shutters, tile flooring, and an oversized garage. Additional accommodations include a remodeled two-bedroom, two-bath mobile home, a studio-style dwelling with a bedroom, full bath, kitchen, living area, and screened lanai, plus a separate two-bedroom, one-bath home with its own driveway, screened lanai, carport, and laundry room.
Outdoor improvements include a heated saltwater pool with spa, fenced pool area, paver walkways, and screened lanais. The property also includes two artesian wells with water treatment, three septic systems, three 250-amp Generac generators, three buried 250-gallon propane tanks, and tankless gas water heaters. Two RV garage bays provide septic hookups, 50-amp power, and water, while a separate workshop includes a 250-gallon air compressor.
Located at 122 Macon Road in Palatka, the property is next to the St. John's River at Brown's Landing and sits on a dead-end street. The grounds include gated fencing, a lighted carport, multiple garage and parking areas, and private well and septic systems.
Outdoor improvements include a heated saltwater pool with spa, fenced pool area, paver walkways, and screened lanais. The property also includes two artesian wells with water treatment, three septic systems, three 250-amp Generac generators, three buried 250-gallon propane tanks, and tankless gas water heaters. Two RV garage bays provide septic hookups, 50-amp power, and water, while a separate workshop includes a 250-gallon air compressor.
Located at 122 Macon Road in Palatka, the property is next to the St. John's River at Brown's Landing and sits on a dead-end street. The grounds include gated fencing, a lighted carport, multiple garage and parking areas, and private well and septic systems.
Key Highlights
- Four separate dwellings totaling 8,048 square feet on 5.01 acres
- Main residence built in 2022 with 3 bedrooms, 3 baths, brick‑and‑block construction, and oversized garage
- Additional residences include 2‑bedroom/2‑bath, studio‑style, and 2‑bedroom/1‑bath dwellings
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
$60,630
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
4.06%
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%
$1,212,600
$1.2M
Cap Rate 7%
$866,143
$866.1K
Cap Rate 9%
$673,667
$673.7K
Market Conditions
NOI Build-Up for 8,048 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
$118.8K $14.76/SF
− Vacancy
−$8.6K −$1.06/SF
EGI
$110.2K $13.70/SF
− OpEx
−$49.6K −$6.16/SF
NOI
$60.6K $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%
$1,212,600
Cap Rate 7%
$866,143
Cap Rate 9%
$673,667
Alternative Uses
Best Use
Apartment 5plus
$866.1K
$757.9K – $1.01M
NOI $60,630 @ 7.0% cap · market cap 4.06%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$2.10M
$1.83M – $2.45M
NOI $146,714 @ 7.0% cap · market cap 9.81%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
4
Residential units
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
10
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
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Market
Vacancy Rate% for Multifamily in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Multifamily property - Multidwelling property with private amenities, accessory residences, and extensive parking and utility infrastructure.
Where is this multifamily property located?
The property is located at 122 MACON Road Palatka, FL.
What is the asking price?
The asking price for this property is $1,495,000.
What are key features of this property?
This property features: Four separate dwellings totaling 8,048 square feet on 5.01 acres; Main residence built in 2022 with 3 bedrooms, 3 baths, brick‑and‑block construction, and oversized garage; Additional residences include 2‑bedroom/2‑bath, studio‑style, and 2‑bedroom/1‑bath dwellings
