3833-3835 Reid St Palatka, FL 32177
- Retail properties
- 3.42 lot acres
Current Use by Public Records
- Retail properties
Property Details for 3833-3835 Reid St
- Lot size
- 3.42 lot acres
- Property type
- Retail properties
- Property subtype
- Office Properties & Spaces
Description
This exceptional 3.42-acre property in Palatka, Florida, presents a compelling investment opportunity. Currently generating $123,000 in gross annual rental income from eleven fully occupied units (a mix of single-family homes and duplexes), this property boasts an impressive 8.53% cap rate. The property is situated on Reid Street, benefiting from high visibility and direct left-hand turning access, with over 20,000 cars passing daily. Its Commercial (C2) zoning allows for diverse development options, including medical facilities, hotels, or other commercial ventures. The location is further enhanced by its proximity to major retailers and restaurants such as Lowe's, Home Depot, Holiday Inn Express, Zaxby's, Wawa, and Longhorn Steakhouse, ensuring high traffic and visibility. All structures are built with durable block construction. Seller financing is available, and the buyer is only required to obtain liability insurance, not property insurance, representing significant cost savings. This property offers a unique blend of immediate rental income and substantial future development potential in a rapidly growing area near State Road 100 and State Road 19. Whether you seek immediate returns or long-term development, this property offers unparalleled potential. The single-story building sits on a 3.42-acre lot in Putnam County, Florida, with the zip code 32177.
Value Estimation
-
CAP approach
-
Comparable approach
-
Alternative Use
Location Insight
- Map
- Local Demand
- City
- Palatka
- County
- PUTNAM
- State
- Florida
- Longitude
- -81.6736
- Latitude
- 29.6599
