Renovated Mixed-Use
For Sale
$959,000
585 MARKET Street, St Augustine, FL 32095
Residential, St. Augustine, FL
Property Size3,916 SF
Lot Size0.05 Acres
Price / SF$244.89
Days on Market11
Property Features for 585 MARKET Street
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning description
Multi Family
Bedrooms
4
Bathrooms
4
Full bathrooms
3
Half bathrooms
2
Rooms
Bathroom 2, Bathroom 3, Bathroom 5, Bedroom 1, Bedroom 4, Bathroom 1, Bathroom 4, Bedroom 2, Bedroom 3
Parking features
Garage
Appliances
Convection Oven, Dishwasher, Disposal, Electric Cooktop, Microwave
Subdivision
Palencia
View
Golf Course
Elementary school
Palencia
Middle school
Mill Creek Academy
High school
Allen D. Nease
Directions
I-95 to International Golf East to Palencia Drive to Market Street
Standard status
Active
APN
0720950070
Size
3,916 SF
Lot size
0.05 Acres
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
11214
HOA Fee
$499 Monthly
Utilities
Utilities
Electricity Available
Heating system
Central
Cooling system
Central Air
Water source
Public
Water front
1
Amenities
tennis
gym
pools
sauna
steam room
community center
Building Details
Year built
2007
Floors in Building
3
Listing Agency:
EXIT MAGNOLIA POINT REALTY
(904) 269-4600
Listed By:
DOUGLAS SENECAL · License #3539193
(478) 390-3531
Added: Aug 13
Changed: Aug 23
Last Checked: Aug 23 at 8:06AM
MLS# 2160066
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.
Located at 585 Market Street in St. Augustine, this mixed-use townhome contains 3,916 square feet across residential and commercial components. The property was built in 2007 and has been fully renovated, with central heating and central air, a garage, public water, and electricity available. The kitchen is equipped with a convection oven, dishwasher, disposal, electric cooktop, and microwave.
The property has long-term tenants and is described with a 7 Cap. Community amenities include tennis, a gym, pools, a sauna, a steam room, and a community center. A private golf course designed by Hines surrounds the community. Association services include property insurance, maintenance, annual fire inspections, and water, with those items covered through association dues.
The property has long-term tenants and is described with a 7 Cap. Community amenities include tennis, a gym, pools, a sauna, a steam room, and a community center. A private golf course designed by Hines surrounds the community. Association services include property insurance, maintenance, annual fire inspections, and water, with those items covered through association dues.
Key Highlights
- 3,916‑square‑foot mixed‑use townhome with residential and commercial components
- Fully renovated property built in 2007
- Reported 7 Cap with long‑term tenants
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
$49,929
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
5.21%
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%
$998,580
$998.6K
Cap Rate 7%
$713,271
$713.3K
Cap Rate 9%
$554,767
$554.8K
Market Conditions
NOI Build-Up for 3,916 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
$94.0K $24.00/SF
− Vacancy
−$14.1K −$3.60/SF
EGI
$79.9K $20.40/SF
− OpEx
−$30.0K −$7.65/SF
NOI
$49.9K $12.75/SF
Area
St. Johns County, FL
Vacancy
15.00%
Lease Rate
$24.00 /SF/Yr
Expense Ratio
37.50%
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%
$998,580
Cap Rate 7%
$713,271
Cap Rate 9%
$554,767
Alternative Uses
Best Use
Mixed Use
$713.3K
$624.1K – $832.2K
NOI $49,929 @ 7.0% cap · market cap 5.21%
Second Best
Retail
$632.3K
$553.2K – $737.7K
NOI $44,259 @ 7.0% cap · market cap 4.62%
Theoretical Best
Office A
$1.04M
$914.0K – $1.22M
NOI $73,120 @ 7.0% cap · market cap 7.62%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
192
Businesses Nearby
Explore this area
Business Placement
Demographics for 32095, FL
16,607
Population
6,997
Households
2.4
Avg Household Size
42
Median Age
53%
College-Educated
96%
High-School Grad
57.4 sq mi
ZIP Area
289
Density / Sq Mi
$124,556
Median Household Income
$51,986
Median Earnings
$1,576
Median Rent
$485,700
Median Home Value
Market
Vacancy Rate% for Retail in South region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Mixed-use property - The property combines residential and commercial space in a townhome format with garage parking.
Where is this mixed-use property located?
The property is located at 585 MARKET Street St Augustine, FL.
What is the asking price?
The asking price for this property is $959,000.
What are key features of this property?
This property features: 3,916‑square‑foot mixed‑use townhome with residential and commercial components; Fully renovated property built in 2007; Reported 7 Cap with long‑term tenants
