For Sale
$1,100,000

3833-3835 Reid StPalatka, FL 32177

11 Units, 8.53% Cap Rate, High Occupancy

Overview

Added:
Dec 11, 2024
Days on market:
115
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.

Highlights

  • $1,100,000 asking price, offering an 8.53% cap rate.
  • 11 units, 100% occupancy, generating $123,000 in gross annual rental income.
  • 3.42-acre lot in Palatka, FL, zoned Commercial (C2).
  • Seller financing available; buyer only needs liability insurance.
  • Prime location with high traffic counts and direct left-hand turn access, near major retailers.

Property Details for 3833-3835 Reid St

Property type
Retail properties, Office properties
Stories
1
Lot Size (sq. ft)
148,975 SF
Units
11

Location Insight

City
Palatka
County
PUTNAM
State
Florida
Latitude
29.659851211772
Longitude
-81.673616997195
3833-3835 Reid St, Palatka, Florida

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3833-3835 Reid St
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