2401 Crill AvePalatka, FL 32177

Property Details for 2401 Crill Ave

Year built

1964

Construction

MASONRY/CONCRETE MASONRY UNITS (CMUS)

Lot size

0.53 AC

Property size (Sq ft)

4,374 SF

Property type

Retail properties

Property subtype

Turn key restaurants

APN

12-10-26-6500-008.1-001.0

APU

121026650000810010

Description

This exceptional investment opportunity presents a fully renovated, two-unit commercial building situated on a prominent 0.53-acre corner lot in Palatka, Florida. The property boasts 6,164 square feet, with over 4,144 square feet currently leased to a thriving cafe/restaurant operation under a long-term lease with nine years remaining. This provides immediate and substantial rental income of $4,000 per month. The building features a fully equipped commercial kitchen, perfect for food service businesses, and three ADA-compliant restrooms, ensuring accessibility for all patrons. Recent renovations include fresh paint, new flooring, a brand-new walk-in cooler, and a resurfaced parking lot, significantly enhancing the property's appeal and functionality. The C-2 zoning allows for a variety of commercial uses, providing flexibility for future tenants or potential expansion. Located on a busy thoroughfare, this property benefits from high visibility and significant foot traffic, guaranteeing consistent customer flow for the current tenants and future occupants. This turnkey operation offers a rare combination of strong rental income, a long-term lease, and a prime location, making it an ideal investment for discerning buyers seeking a stable and profitable venture. The property's recent upgrades minimize immediate capital expenditure needs, allowing for a smooth transition and immediate return on investment.

• CAP approach

  CAP return

  Valuation

  6%

  $1,107,126

  6.5%

  $1,021,963

  7%

  $948,965

• Comparable approach

  Method

  Valuation

  Relative Method

  $749,639

  Geo Method

  $749,639

• Alternative Use

  Use

  Valuation

  Residential

  $862,064

  Hospitality

  $789,646

  Educational

  $656,976

  Medical

  $679,570

  Retail

  $1,021,963

Location Insight

City

Palatka

County

Putnam

State

Florida

Latitude

29.6421

Longitude

-81.6541

CBSA code

37260

CBSA name

PALATKA, FL MICROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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