Historic Cottage in Downtown St.
For Sale
$525,000
Pending
77 SARAGOSSA St, St Augustine, FL 32084
Freestanding, flexible commercial space in the heart of St. Augustine.
Property Size1,622 SF
Lot Size0.19 Acres
Days on Market257
Property Features for 77 SARAGOSSA St
General Information
Standard status
Pending
Size
1,622 SF
Lot size
0.19 Acres
Property subtype
Commercial
Taxes and HOA fees
Annual Taxes
$4,545
Building Details
Building Size
1,622 SF
Year Built
1910
Listing Agency:
Listed By:
MATTHEW JAMES ADAMS
Source:
Elliman
Added: Nov 28, 2025
Changed: Aug 8
Last Checked: Jul 16 at 9:31AM
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 MATTHEW JAMES ADAMS
Investment Insights
Based on property information with market context.
This freestanding 1,600 square foot historic cottage, constructed in 1910, is zoned CM-2, offering flexibility in downtown St. Augustine. The property is located steps from King Street and Flagler College, providing excellent walkability and neighborhood visibility. The building features a welcoming front porch leading to a reception area, multiple private offices, conference or flex rooms, a kitchenette, and a private restroom. Exterior features include an ADA ramp and on-site parking, situated on a 0.19-acre lot. The property has been adapted for professional use while maintaining its character details. System updates include a 2022 roof and HVAC replacements between 2018 and 2022. It is located in the Historic Area CRA near dining, lodging, and services. The property is located in Flood Zone AE. Available upon request are elevation certificates, a boundary survey, and recent capital records. The property is ideal for a professional office, boutique service retail, or conversion back into residential units; buyers are advised to verify intended use.
Key Highlights
- Rare CM‑2 zoning offers flexibility. Buyer to verify professional office, retail, or residential conversion.
- Prime downtown St. Augustine location with excellent walkability and visibility near King St and Flagler College.
- Historic 1910 cottage with preserved character details.
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
$22,714
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
4.33%
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%
$454,280
$454.3K
Cap Rate 7%
$324,486
$324.5K
Cap Rate 9%
$252,378
$252.4K
Market Conditions
NOI Build-Up for 1,622 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
$38.9K $24.00/SF
− Vacancy
−$8.6K −$5.33/SF
EGI
$30.3K $18.67/SF
− OpEx
−$7.6K −$4.67/SF
NOI
$22.7K $14.00/SF
Area
St. Johns County, FL
Vacancy
22.20%
Lease Rate
$24.00 /SF/Yr
Expense Ratio
25.00%
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%
$454,280
Cap Rate 7%
$324,486
Cap Rate 9%
$252,378
Alternative Uses
Best Use
Office B
$324.5K
$283.9K – $378.6K
NOI $22,714 @ 7.0% cap · market cap 4.33%
Second Best
Retail
$261.9K
$229.2K – $305.5K
NOI $18,332 @ 7.0% cap · market cap 3.49%
Theoretical Best
Office A
$432.7K
$378.6K – $504.8K
NOI $30,286 @ 7.0% cap · market cap 5.77%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
2,326
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
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 - Freestanding, flexible commercial space in the heart of St. Augustine.
Where is this office units located?
The property is located at 77 SARAGOSSA St St Augustine, FL.
What is the asking price?
The asking price for this property is $525,000.
What are key features of this property?
This property features: Rare CM‑2 zoning offers flexibility. Buyer to verify professional office, retail, or residential conversion.; Prime downtown St. Augustine location with excellent walkability and visibility near King St and Flagler College.; Historic 1910 cottage with preserved character details.
