Medical Office Building with Imaging
For Sale
$980,000
6905 Old Wolf Bay Rd, Palatka, FL 32177
Purpose-built medical suite with imaging exam rooms, clinic support areas, and C-1A zoning for medical or professional use.
Property Size6,420 SF
Price / SF$152.65
Days on Market316
Property Features for 6905 Old Wolf Bay Rd
General Information
Standard status
Active
Size
6,420 SF
Property subtype
Commercial
Building Details
Year Built
1997
Listing Agency:
COLDWELL BANKER BEN BATES INC
Listed By:
MARC SPALDING · License #0475517
(386) 328-6716
Source:
Jacksonvilleflhomeguide
Added: Nov 12, 2025
Changed: Sep 4
Last Checked: Sep 22 at 5:32PM
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 COLDWELL BANKER BEN BATES INC
Investment Insights
Based on property information with market context.
This medical office building is currently operated as a diagnostic imaging center and is designed for clinical workflows. Interior areas include a lobby and receptionist area, multiple exam and physician office rooms, a nurse’s station, consultation room, break room, and storage for equipment or supplies. The space also includes an MRI room, CT scan room, X-ray room, bone density room, and mammography room, along with two dressing rooms, five bathrooms, and a wet fire sprinkler system for life safety.
The property sits on approximately 1.02 acres and offers about 150 feet of road frontage. It is located in an established medical district, positioned just southwest of HCA Florida Putnam Hospital, which supports convenient access for patients and staff. Utilities include public water and sewer.
For buyers or medical tenants, the existing layout supports immediate use for diagnostic services and physician practices, with dedicated treatment and imaging rooms already in place. The property is zoned C-1A (Commercial, Neighborhood District), which allows for retail, medical, and professional office uses, providing flexibility for a range of healthcare and service-oriented businesses.
The property sits on approximately 1.02 acres and offers about 150 feet of road frontage. It is located in an established medical district, positioned just southwest of HCA Florida Putnam Hospital, which supports convenient access for patients and staff. Utilities include public water and sewer.
For buyers or medical tenants, the existing layout supports immediate use for diagnostic services and physician practices, with dedicated treatment and imaging rooms already in place. The property is zoned C-1A (Commercial, Neighborhood District), which allows for retail, medical, and professional office uses, providing flexibility for a range of healthcare and service-oriented businesses.
Key Highlights
- 6,420 SF purpose‑built medical facility currently operating as a diagnostic imaging center
- Located just SW of HCA Florida Putnam Hospital in a well‑established medical district
- Includes imaging and exam areas such as MRI, CT, X‑ray, bone density, and mammography rooms
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
$86,878
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
8.87%
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%
$1,737,560
$1.7M
Cap Rate 7%
$1,241,114
$1.2M
Cap Rate 9%
$965,311
$965.3K
Market Conditions
NOI Build-Up for 6,420 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
$161.8K $25.20/SF
− Vacancy
−$17.0K −$2.65/SF
EGI
$144.8K $22.55/SF
− OpEx
−$57.9K −$9.02/SF
NOI
$86.9K $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%
$1,737,560
Cap Rate 7%
$1,241,114
Cap Rate 9%
$965,311
Alternative Uses
Best Use
Healthcare Medical
$1.24M
$1.09M – $1.45M
NOI $86,878 @ 7.0% cap · market cap 8.87%
Second Best
Office B
$1.19M
$1.04M – $1.39M
NOI $83,533 @ 7.0% cap · market cap 8.52%
Theoretical Best
Office A
$1.67M
$1.46M – $1.95M
NOI $117,036 @ 7.0% cap · market cap 11.94%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
382
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
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Market
Vacancy Rate% for Office in South region
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Frequently Asked Questions
What type of property is this?
Medical center - Purpose-built medical suite with imaging exam rooms, clinic support areas, and C-1A zoning for medical or professional use.
Where is this medical center located?
The property is located at 6905 Old Wolf Bay Rd Palatka, FL.
What is the asking price?
The asking price for this property is $980,000.
What are key features of this property?
This property features: 6,420 SF purpose‑built medical facility currently operating as a diagnostic imaging center; Located just SW of HCA Florida Putnam Hospital in a well‑established medical district; Includes imaging and exam areas such as MRI, CT, X‑ray, bone density, and mammography rooms
