Two-Unit Mixed-Use
For Sale
$1,299,000
613 Saint Johns Ave, Palatka, FL 32177
DB zoning and stated office, business, or residential development potential support multiple commercial and residential planning directions.
Property Size3,761 SF
Price / SF$107.39
Days on Market587
Property Features for 613 Saint Johns Ave
General Information
Standard status
Active
Size
3,761 SF
Zoning
DB
Taxes and HOA fees
Annual Taxes
$9,232
Building Details
Year Built
1923
Buildings
1
Building Size
3,761 SF
Listing Agency:
NORTH FLORIDA REALTY ADVISORS
(904) 237-2933
Listed By:
STANLEY H BISHOP · License #3131038
(904) 237-2933
Source:
Exprealty
Added: Jan 21, 2025
Changed: Aug 30
Last Checked: Aug 30 at 10:02PM
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.
Located at 613 Saint Johns Ave in Palatka, Florida, this mixed-use property includes a 3,761-square-foot building with two units. Constructed in 1923, the building carries a historic character that distinguishes it from newer commercial inventory.
The property is identified for office, business, and residential development purposes, with DB zoning supporting its stated range of potential uses. Its two-unit configuration provides a defined physical layout for evaluating separate or combined occupancy strategies.
The property is identified for office, business, and residential development purposes, with DB zoning supporting its stated range of potential uses. Its two-unit configuration provides a defined physical layout for evaluating separate or combined occupancy strategies.
Key Highlights
- 3,761‑square‑foot building
- Two‑unit configuration
- Constructed in 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
$106,142
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
8.17%
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%
$2,122,840
$2.1M
Cap Rate 7%
$1,516,314
$1.5M
Cap Rate 9%
$1,179,356
$1.2M
Market Conditions
NOI Build-Up for 12,096 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
$188.7K $15.60/SF
− Vacancy
−$18.9K −$1.56/SF
EGI
$169.8K $14.04/SF
− OpEx
−$63.7K −$5.27/SF
NOI
$106.1K $8.77/SF
Area
Putnam County, FL
Vacancy
10.00%
Lease Rate
$15.60 /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%
$2,122,840
Cap Rate 7%
$1,516,314
Cap Rate 9%
$1,179,356
Alternative Uses
Best Use
Office B
$2.25M
$1.97M – $2.62M
NOI $157,385 @ 7.0% cap · market cap 12.12%
Second Best
Mixed Use
$1.52M
$1.33M – $1.77M
NOI $106,142 @ 7.0% cap · market cap 8.17%
Theoretical Best
Office A
$3.15M
$2.76M – $3.68M
NOI $220,509 @ 7.0% cap · market cap 16.98%
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
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Mixed-use property - DB zoning and stated office, business, or residential development potential support multiple commercial and residential planning directions.
Where is this mixed-use property located?
The property is located at 613 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: 3,761‑square‑foot building; Two‑unit configuration; Constructed in 1923
