UPDATED:
Key Details
Property Type Multi-Family, Commercial
Sub Type Multi Family
Listing Status Active
Purchase Type For Sale
Square Footage 11,839 sqft
Price per Sqft $211
MLS Listing ID 2139917
HOA Y/N No
Year Built 2011
Annual Tax Amount $27,366
Lot Size 9.080 Acres
Acres 9.08
Property Sub-Type Multi Family
Source realMLS (Northeast Florida Multiple Listing Service)
Property Description
Rare opportunity to acquire a fully operational 7-building, 11-unit income-producing portfolio delivering approximately ~7.5% cap rate and ~$187K blended NOI in Palatka, FL. This unique offering combines stabilized short-term rentals with long-term income and a 5,500 sq ft commercial-grade warehouse, creating a true multi-income, flexible-use investment.
The residential portfolio consists of:
3 single-family homes
1 triplex
2 duplexes
(Totaling 11 rentable units and 3,650 rentable nights annually) In addition, the property includes two stabilized long-term leases generating $5,000/month ($60K annually), providing consistent baseline income. STR operations have historically produced ~$135K NOI, with 2026 bookings already exceeding $80K, demonstrating strong forward demand.
Positioned directly across from St. Johns Ship Building, the asset benefits from a reliable workforce-driven rental base, supporting 55-65% occupancy with upside through rate optimization and expanded marketing. The private, pond-front setting offers a rare, peaceful environment that enhances guest appeal and repeat bookings.
A major differentiator is the 5,500 sq ft commercial warehouse with integrated office space, opening the door to multiple high-value uses, including:
Owner/operator headquarters
Equipment or fleet storage
Income-producing commercial lease
Medical, wellness, or therapy facility conversion
Assisted living / elder care concept (subject to zoning/approvals)
This combination of residential income + commercial infrastructure provides both immediate cash flow and long-term repositioning potential.
Market Tailwinds - Putnam County Growth:
Putnam County continues to gain momentum as buyers and businesses expand outward from Jacksonville and St. Augustine, driven by affordability and growth initiatives supported by the Putnam County Chamber of Commerce and regional employers. Ongoing development and workforce demand in the area continue to support both rental performance and future value appreciation.
Location
State FL
County Putnam
Area 561-Greater Palatka
Direction Take I-95 S (SR-9) - take exit 311 toward Palatka onto SR-207 S (State Road 207). Turn right onto S US Highway 17 (US-17 N). Turn left onto N Moseley Ave (CR-311). Turn right onto St Johns Ave. Turn left onto S Sr-19 (SR-19). Turn left onto E Pinellas St. Turn right onto Stokes Landing Rd. Turn right onto Pilothouse Ct.
Interior
Heating Central
Cooling Central Air, Ceiling Fan(s)
Flooring Laminate, Tile
Exterior
Parking Features Assigned, Circular Driveway, Varies by Unit
Utilities Available Cable Connected, Electricity Connected
Private Pool No
Building
Lot Description Cul-De-Sac
Story 1
Sewer Septic Tank
Level or Stories 1
Others
Senior Community No
Tax ID 041126000000100000
Acceptable Financing Cash, Conventional
Listing Terms Cash, Conventional
Nearby School & Business
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