585 Market Street

St. Augustine, FL 32095

$959,000$245/sqftEst. $4,935/moMLS# 2160066

Beds

Baths

3,916

Sq Ft

2007

Built

Garage

Pool

About this home

Palencia

Fully renovated upscale mixed-use (residential & commercial) townhome performing as a solid 7 Cap with long-term tenants. Excellent investment in a community that's very central and growing fast in demand due to it's location and prime amenities (tennis, gym, pools, sauna, steam room, community center). With it being surrounded by a Hines designed private golf course it serves up stable value and growth potential. Association is very well managed/funded and property insurance, maintenance, annual fire inspections and water are included in association dues.

Cost to own

Mortgage calculator

Home Price

$959,000

Down Payment: 20%

$191,800

Interest Rate: 6.67%

Loan Term

Monthly Payment

$4,935

Principal & Interest: $4,935

Property taxes (est.): $1,276

Insurance (est.): $639

Estimated Total Monthly

$6,851

*30-year loan at 6.67% APR (avg 30-yr rate 2026-08-13, Freddie Mac PMMS via FRED). Taxes use the county effective rate; insurance is a rough estimate — Florida premiums swing with roof age and flood zone (see the Reality Check). Actual costs may vary.

Cost to own

True monthly cost

What this home actually costs per month at the asking price — not just the mortgage.

Principal & interest20% down · 6.67% · 30yr$4,935

Property taxesest. at asking price, St. Johns County$1,276

HOAbilled monthly$499

Estimated total, before insurance$6,710/mo

Seller’s 2025 tax billper the MLS — includes any CDD / assessments$11,214/yr · $935/mo

• Homeowners insurance is on top — in Florida it varies widely with roof age and wind/flood zone (see the Reality Check below). Budget it before you offer.
• In CDD communities (Nocatee, eTown, Seven Pines…), bond assessments are collected on the property-tax bill, and the amount varies home to home — a prior owner may have prepaid the bond — so we confirm this home’s exact line rather than trust a community average.
• Taxes are estimated at YOUR purchase price — Florida assessments reset on sale, so the seller’s current bill is usually lower than yours will be (that applies to the reference bill above too).

Cost to own

Taxes & assessment

2025 property taxes (current owner): $11,214/yr

Estimated taxes if purchased at asking price: ~$15,300/yr

Florida’s Save Our Homes cap limits how fast the current owner’s assessment can rise — and it resets when a home sells, so a buyer’s tax bill is typically based on the purchase price, not the seller’s bill above. Estimate uses the median effective rate across 1,595 current St. Johns listings and includes typical non-ad-valorem assessments; actual taxes depend on exemptions and taxing district. Sources: Florida DOR certified tax roll, NEFMLS.

History