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    203 Laurel St Palatka, FL 32177

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    For Sale
    $643,074

    Prime commercial lot in downtown Palatka's historic district.

    Property size:
    820 SF
    Lot size:
    0.05 Acres

    Property Features for 203 Laurel St

    General Information

    Standard status
    Active
    Size
    820 SF
    Lot size
    0.05 Acres

    Building Details

    Year built
    1958

    We can help!

    Listing Contact
    Jena Dennis
    Jena Dennis
    Source: Exitrealty

    Listing Agency: GREAT EXPECTATIONS REALTY Listing Agent: Jena Dennis

    Displayed information is deemed reliable but is not guaranteed and should be independently verified.

    Learn more

    Overview

    Riverview Opportunity in Historic District

    This unique opportunity is situated in the heart of Palatka's historic commercial district, adjacent to a public city parking lot. The property, with over 2,991 Sq Ft lot size, is currently home to a hair salon, though the business itself is not included in the sale. The diverse zoning allows for a variety of uses including office space, retail, galleries, or residential development. This property presents an excellent investment opportunity for those seeking a turnkey commercial space. For developers, the property holds tremendous potential for redevelopment as zoning potentially allows for a height of up to 60ft. Its highest and best use could involve adding additional levels, creating the possibility for vertical expansion and stunning views of the nearby river, perfect for mixed-use development such as office, retail, or residential units. Whether you're an investor, a developer, or a business owner looking to establish a presence in this historic district, this property offers significant potential for growth and long-term success. Development opportunities include standards for commercial uses with unrestricted minimum lot area, a minimum lot width of 25 feet, and a maximum building or structure height of 60 feet. For residential uses, new residential units shall be above the first floor for buildings fronting on St. Johns Avenue as secondary to a permitted use and shall be complete residential dwelling units as defined by the Florida Building Code. Maximum density is 20 units per acre. Minimum living area for single family dwelling units is 1,200 square feet.
    Location Intelligence

    Current Use by Public Records

    Endontic Associates: Markham ... Dental Office Glenn Stewart Dean Dental Office Shear Design Hair Salon

    Suggested Use

    Restaurant Real Estate Agency Law Firm Building Supply Dental Office Spa & Massage Center Big Box & Wholesale Store Hair Salon Auto Repair Shop Nail Salon

    Zoning and permitted uses should be independently verified with local authorities.

    Similar Places Nearby

    Ralph's House Of Flowers, LLC

    Location Insight

    • Map
    • Local Demand
    City
    Palatka
    County
    Putnam
    State
    Florida
    Longitude
    -81.6308718
    Latitude
    29.6451511

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    FAQs

    What type of property is this?
    Storefront property - Prime commercial lot in downtown Palatka's historic district.
    Where is this storefront property located?
    The property is located at 203 Laurel St Palatka, FL.
    What is the asking price?
    The asking price for this property is $643,074.
    What are key features of this property?
    This property features: - Prime Riverview location in the heart of Palatka's historic commercial district.; - Diverse zoning allows for a variety of uses: office, retail, galleries, or residential development.; - Redevelopment potential with zoning allowing for building heights up to 60 feet, enabling vertical expansion and river views.
    (904) 806-4274
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    203 Laurel St Palatka, FL 32177
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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
    203 Laurel St Palatka, FL 32177
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    We can help!
    Listing Contact
    Jena Dennis
    Jena Dennis
    Real Estate License ID: 3387473
    (904) 806-4274 (904) 823-3456
    Learn more
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