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- LoopNet Team
6131 Crill Ave
Palatka, FL 32177
Land For Sale
·
17.22 AC
INVESTMENT HIGHLIGHTS
- Rare opportunity to enter historically underserved market (the last market rate property was built in 1986 - Barrington Apartments)
- Located 1/2 mile from HCA Florida Putnam Hospital and St. Johns River State College Within an hour from all points of interest within NE Florida
- Influx of new residents from St. Augustine & Future $146M riverfront entertainment district 3.5 miles to the east
- Putnam County has extended the impact fee moratorium through 2023
- Local infrastructure improvements include: $1M improvements to Palatka Municipal Airport and future expansion of the Port of Palatka
- Potential Bass Pro Shops Resort 15 miles south (5,200+ acres), similar to Big Cedar Lodge in Missouri
PROPERTY FACTS
DESCRIPTION
The property is a premium 17-acre vacant land site representing a strong residential development opportunity in the grossly undersupplied Palatka market. With in-place site plans, entitlements for up to 310 multifamily units and immediate access to all public utilities, this high-and-dry site extends the opportunity to go vertical quickly. Located along the St. Johns River, Palatka is a long-established Northeast Florida submarket with ~72,000 residents in the MSA. Despite steady population growth, Palatka hasn’t seen a market-rate multifamily delivery since 1986. As more employers come to the area and population growth continues in and around Palatka, the need for additional housing is sure to persist. Beyond the immediate area, Palatka has served as a new frontier for residents as nearby cities, such as St. Augustine, experience rising housing costs, compressing vacancy down to ~4% with no other scheduled deliveries imminent. This imminent growth is creating a domino effect in the market with other major development news.
PROPERTY TAXES
| Parcel Number | 10-10-26-0000-0410-0000 | Improvements Assessment | $0 |
| Land Assessment | $633,600 | Total Assessment | $633,600 |
PROPERTY TAXES
