The Palatka retail center presents an attractive value-add opportunity in North Central Florida. Located along North State Road 19, this 209,368-square-foot shopping plaza sits on approximately 27.46 acres. The property offers strong road visibility, established retail tenants, and room to increase income through new leases.

The center has a current occupancy rate of 69.05%, leaving more than 64,000 square feet available for lease. Investors can explore ways to fill these spaces, attract new businesses, and improve the property’s overall performance.

Strong Location for the Palatka Retail Center

The shopping center sits within Palatka’s main retail corridor, with direct frontage along North State Road 19. This road carries approximately 21,500 vehicles per day, giving businesses valuable exposure to local traffic.

The surrounding area includes major retailers such as Walmart Supercenter, Publix, Winn-Dixie, Lowe’s, Home Depot, and Save-A-Lot. In addition, nearby businesses have helped strengthen the corridor’s retail appeal.

The former Kmart site near Publix has also attracted tenants such as Planet Fitness, Petsense, Marshalls, and Five Below. This nearby activity adds to the area’s established retail presence.

Tenant Mix and Income Potential

The Palatka retail center features a mix of discount retailers, service businesses, and government and medical users. Existing tenants include Ollie’s Bargain Outlet, Roses Discount Stores, Citi Trends, and Shoe Show Mega. The property also serves government and medical users, including a VA clinic and Florida state agencies.

According to the marketing information, more than 95% of the existing tenancy consists of credit tenants. However, the current vacancy creates an opportunity to attract additional occupants and diversify the tenant mix.

Key property details include:

• Property type: Shopping center
• Building size: Approximately 209,368 square feet
• Land area: 27.46 acres
• Occupancy: 69.05%
• Number of units: 20
• Cap rate: 8.00%
• Net operating income (NOI): $849,377
• Year built: 1981
• Renovations: 2020 and 2024

The property offers scale and existing income, while leasing the vacant space could support future revenue growth.

Recent Improvements and Property Features

The owner has invested more than $3.1 million in capital improvements since 2018. These upgrades include work on the roof, façade, parking lot, lighting, and tenant spaces.

As a result, investors can evaluate the center with a substantial record of recent improvements already completed. The site also offers ample parking and three access points along State Road 19, helping customers reach the businesses with ease.

Together, these features support the center’s role as a major retail destination within the local market.

Why Consider the Palatka Retail Center?

The Palatka retail center combines an established location, recognizable tenants, and significant leasing potential. Its large footprint provides room to attract new businesses, while the existing tenant base contributes income from day one.

• Investment highlights include:
• Value-add potential through leasing vacant space
• More than 64,000 square feet available for lease
• Strong visibility along a road carrying 21,500 vehicles daily
• Established national and regional retail neighbors
• More than $3 million in reported capital improvements
• Ample parking and three road access points
• Existing retail, government, and medical tenants

For investors seeking a large retail asset in Florida, this shopping center offers an opportunity to build on an established commercial location. Filling vacant units and strengthening the tenant mix could help improve occupancy and support long-term performance.