Medical/Professional Office
For Sale
$669,000
205 Zeagler Drive, Palatka, FL 32177
COMMERCIAL - Palatka, FL
Property Size3,576 SF
Lot Size0.05 Acres
Price / SF$187.08
Days on Market272
Property Features for 205 Zeagler Drive
General Information
Property type
Commercial Sale
Property subtype
Office
Zoning description
Commercial
Bathrooms
3
Full bathrooms
3
Rooms
Bathroom 1, Bathroom 2, Bathroom 3
Parking features
Parking Lot
Directions
Take FL-20 W/State Rte 100 W 23.7 mi Turn right onto US-17 N 6.4 mi Take St Johns Ave to your destination 7 min (2.9 mi) 205 Zeagler Dr Unit #302 & #303 Palatka, FL 32177
Subdivision
99 - Other
Standard status
Active
APN
10-10-26-0000-0200-3020
Size
3,576 SF
Lot size
0.05 Acres
Taxes and HOA fees
Tax Year
2024
Tax Description
PT OF NW1/4 OF NW1/4 OR1687 P5
Tax Annual Amount
9586
HOA Fee
$1,555 Quarterly
Legal Description
PT OF NW1/4 OF NW1/4 OR1687 P5
Utilities
Sewer type
Public Sewer
Heating system
Heat Pump (Heating)
Cooling system
Heat Pump
Water source
Public
Building Details
Year built
1992
Floors in Building
1
Number of units
1
Flooring type
Laminate, Tile
Building materials
Block, Concrete, Stucco
Roof type
Metal
Listing Agency:
Coldwell Banker Commercial Benchmark
(386) 672-8530
Listed By:
Clyde Woodard
(386) 481-4801
Added: Nov 18, 2025
Changed: Aug 4
Last Checked: Aug 17 at 12:06PM
MLS# 1220167
Copyright © 2026 Daytona Beach Area Association of Realtors. 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 medical/professional office condo offers 3,576 SF of commercial space and is currently occupied by a tenant on a month-to-month rental agreement. The layout includes flexibility, as the unit may be divided into two separate units to support an owner-occupied portion while leasing the remainder.
The property is located at 205 Zeagler Drive in Palatka, Florida, within Putnam County. The listing is offered for sale as a condo office product suitable for either owner occupancy or long-term rental.
With its condo configuration and the stated ability to divide into two units, the space is positioned for use as a single office suite or as two separate office offerings, depending on how the interior is arranged for the intended operation.
The property is located at 205 Zeagler Drive in Palatka, Florida, within Putnam County. The listing is offered for sale as a condo office product suitable for either owner occupancy or long-term rental.
With its condo configuration and the stated ability to divide into two units, the space is positioned for use as a single office suite or as two separate office offerings, depending on how the interior is arranged for the intended operation.
Key Highlights
- 3576 SF medical/professional office condo space, currently occupied on a month‑to‑month rental agreement
- Option to divide the space into two separate units for owner use plus leasing the remainder
- Built in 1992 with block, concrete, and stucco construction
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
$48,392
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
7.23%
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%
$967,840
$967.8K
Cap Rate 7%
$691,314
$691.3K
Cap Rate 9%
$537,689
$537.7K
Market Conditions
NOI Build-Up for 3,576 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
$90.1K $25.20/SF
− Vacancy
−$9.5K −$2.65/SF
EGI
$80.7K $22.55/SF
− OpEx
−$32.3K −$9.02/SF
NOI
$48.4K $13.53/SF
Area
Putnam County, FL
Vacancy
10.50%
Lease Rate
$25.20 /SF/Yr
Expense Ratio
40.00%
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%
$967,840
Cap Rate 7%
$691,314
Cap Rate 9%
$537,689
Alternative Uses
Best Use
Healthcare Medical
$691.3K
$604.9K – $806.5K
NOI $48,392 @ 7.0% cap · market cap 7.23%
Second Best
Office B
$664.7K
$581.6K – $775.5K
NOI $46,528 @ 7.0% cap · market cap 6.95%
Theoretical Best
Office A
$931.3K
$814.9K – $1.09M
NOI $65,190 @ 7.0% cap · market cap 9.74%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Office units
Location Intelligence
Trade Area within ½ mile
467
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 - Condo office space totaling 3,576 SF, currently occupied under a month-to-month agreement.
Where is this office units located?
The property is located at 205 Zeagler Drive Palatka, FL.
What is the asking price?
The asking price for this property is $669,000.
What are key features of this property?
This property features: 3576 SF medical/professional office condo space, currently occupied on a month‑to‑month rental agreement; Option to divide the space into two separate units for owner use plus leasing the remainder; Built in 1992 with block, concrete, and stucco construction
