Historic Two-Unit Office
For Sale
$1,299,000
607 Saint Johns Ave, Palatka, FL 32177
Two-unit building totaling 3,528 SF built in 1923 with DB zoning, suited for mixed residential or business development.
Property Size16,117 SF
Price / SF$368.20
Days on Market192
Property Features for 607 Saint Johns Ave
General Information
Standard status
Active
Size
16,117 SF
Class
C
Property subtype
Multi Tenant Office
Zoning
DB
Building Details
Building Size
16,117 SF
Year Built
1923
Listing Agency:
North Florida Realty Advisors
(904) 237-2933
Listed By:
Stanley Bishop · License #BK3131038
(904) 237-2933
Source:
Thebrokerlist
Added: Feb 18
Changed: Aug 8
Last Checked: Aug 29 at 5:46AM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of North Florida Realty Advisors
Investment Insights
Based on property information with market context.
This is a 3,528-square-foot, two-unit building constructed in 1923. The property is described as offering flexibility for both residential and business development based on its DB zoning.
Located on Saint Johns Ave in Palatka, the area is characterized in the remarks as having a historic downtown district and proximity to the St. Johns River.
With two units in a historic structure and zoning that supports a broader range of development uses, the building may appeal to buyers and developers evaluating projects that can accommodate either residential or business-oriented plans.
Located on Saint Johns Ave in Palatka, the area is characterized in the remarks as having a historic downtown district and proximity to the St. Johns River.
With two units in a historic structure and zoning that supports a broader range of development uses, the building may appeal to buyers and developers evaluating projects that can accommodate either residential or business-oriented plans.
Key Highlights
- 3,528 SF two‑unit building built in 1923
- DB zoning—suited for mixed residential and business development
- Historic construction dating to 1923
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
$45,904
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
3.53%
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%
$918,080
$918.1K
Cap Rate 7%
$655,771
$655.8K
Cap Rate 9%
$510,044
$510.0K
Market Conditions
NOI Build-Up for 3,528 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
$77.5K $21.96/SF
− Vacancy
−$16.3K −$4.61/SF
EGI
$61.2K $17.35/SF
− OpEx
−$15.3K −$4.34/SF
NOI
$45.9K $13.01/SF
Area
Putnam County, FL
Vacancy
21.00%
Lease Rate
$21.96 /SF/Yr
Expense Ratio
25.00%
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%
$918,080
Cap Rate 7%
$655,771
Cap Rate 9%
$510,044
Alternative Uses
Best Use
Office B
$655.8K
$573.8K – $765.1K
NOI $45,904 @ 7.0% cap · market cap 3.53%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$918.8K
$803.9K – $1.07M
NOI $64,315 @ 7.0% cap · market cap 4.95%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
685
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
Market
Vacancy Rate% for Office in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Office units - Two-unit building totaling 3,528 SF built in 1923 with DB zoning, suited for mixed residential or business development.
Where is this office units located?
The property is located at 607 Saint Johns Ave Palatka, FL.
What is the asking price?
The asking price for this property is $1,299,000.
What are key features of this property?
This property features: 3,528 SF two‑unit building built in 1923; DB zoning—suited for mixed residential and business development; Historic construction dating to 1923
