Two-Story Multifamily
New
For Sale
$690,000
236 STATE ROAD 16, St Augustine, FL 32084
Commercial Sale, St. Augustine, FL
Property Size3,813 SF
Lot Size0.39 Acres
Price / SF$180.96
Days on Market2
Property Features for 236 STATE ROAD 16
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning description
Commercial
Bathrooms
5
Full bathrooms
4
Half bathrooms
1
Rooms
Bathroom 5, Bathroom 4, Bathroom 3, Bathroom 2, Bathroom 1
Parking features
Off Street, Parking Lot
Lot features
Cleared
Directions
From US1 North, Turn Left onto State Road 16. Property is just past Lewis Speedway, Masters Drive, on the right. #236
Subdivision
336-Ravenswood/West Augustine
Standard status
Active
APN
090660-0000
Size
3,813 SF
Lot size
0.39 Acres
Utilities
Sewer type
Public Sewer
Heating system
Central
Cooling system
Central Air, Window Unit(s), Wall/Window Unit(s)
Water source
Public
Building Details
Year built
1925
Floors in Building
2
Building materials
Block, Stucco
Listing Agency:
PONTE VEDRA CLUB REALTY, INC.
(904) 285-6927
Listed By:
KATHERINE SHEARER · License #3470801
(904) 814-2607
Added: Sep 14
Last Checked: Sep 15 at 4:06PM
MLS# 2164762
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 two-story multifamily property contains 3,813 square feet on a 0.39-acre site comprising 2 platted lots. The current residential multi-tenant layout includes 9 rooms, 4.5 bathrooms, 2 living rooms, a kitchen, laundry room, and office. A fire sprinkler system serves the building, which was constructed in 1925 with block and stucco materials. Central heating, multiple cooling systems, off-street parking, and a parking lot are included.
The property fronts State Road 16 in St. Augustine, with 122ft of direct roadway frontage. Its location provides access to US-1, Historic Downtown St. Augustine, I-95, shopping, restaurants, schools, and nearby residential areas. Commercial General zoning and public water and sewer support the existing property configuration and permitted uses under applicable zoning requirements.
The property fronts State Road 16 in St. Augustine, with 122ft of direct roadway frontage. Its location provides access to US-1, Historic Downtown St. Augustine, I-95, shopping, restaurants, schools, and nearby residential areas. Commercial General zoning and public water and sewer support the existing property configuration and permitted uses under applicable zoning requirements.
Key Highlights
- 3,813 SF two‑story multifamily building on 0.39 acres
- 122ft of direct frontage along State Road 16
- Commercial General zoning on 2 platted lots
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
$29,802
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
4.32%
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%
$596,040
$596.0K
Cap Rate 7%
$425,743
$425.7K
Cap Rate 9%
$331,133
$331.1K
Market Conditions
NOI Build-Up for 3,813 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
$59.9K $15.72/SF
− Vacancy
−$5.8K −$1.51/SF
EGI
$54.2K $14.21/SF
− OpEx
−$24.4K −$6.39/SF
NOI
$29.8K $7.82/SF
Area
St. Johns County, FL
Vacancy
9.60%
Lease Rate
$15.72 /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%
$596,040
Cap Rate 7%
$425,743
Cap Rate 9%
$331,133
Alternative Uses
Best Use
Apartment 5plus
$425.7K
$372.5K – $496.7K
NOI $29,802 @ 7.0% cap · market cap 4.32%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.02M
$890.0K – $1.19M
NOI $71,196 @ 7.0% cap · market cap 10.32%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
Multi-tenant
Tenancy
Yes
Sprinkler system
Yes
Highway access
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
367
Businesses Nearby
Explore this area
Business Placement
Demographics for 32084, FL
34,526
Population
17,839
Households
1.9
Avg Household Size
45
Median Age
32%
College-Educated
91%
High-School Grad
45.1 sq mi
ZIP Area
766
Density / Sq Mi
$72,965
Median Household Income
$38,611
Median Earnings
$1,534
Median Rent
$295,000
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
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 - Existing residential configuration includes shared living, kitchen, laundry, and office areas.
Where is this multifamily property located?
The property is located at 236 STATE ROAD 16 St Augustine, FL.
What is the asking price?
The asking price for this property is $690,000.
What are key features of this property?
This property features: 3,813 SF two‑story multifamily building on 0.39 acres; 122ft of direct frontage along State Road 16; Commercial General zoning on 2 platted lots
