Renovated Six-Unit Apartment
For Sale
$578,000
116 Springfield Avenue, Panama City, FL 32401
Residential, Panama City, FL
Property Size2,907 SF
Lot Size0.31 Acres
Price / SF$198.83
Days on Market86
Property Features for 116 Springfield Avenue
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning description
Resid Multi-Family
Bedrooms
6
Bathrooms
6
Full bathrooms
6
Rooms
Bathroom 6, Bathroom 2, Bathroom 4, Bedroom 4, Bedroom 6, Bedroom 3, Bathroom 5, Bathroom 3, Bedroom 2, Bedroom 1, Bathroom 1, Bedroom 5
Patio and Porch features
Porch
Interior features
MainLevelPrimary, TubShower
Appliances
ElectricCooktop, ElectricOven
Subdivision
No Named Subdivision
Elementary school
Cherry Street
Middle school
Rutherford Middle
High school
Rutherford
Directions
From Bay Medical Center, head south on North Bonita Ave. Turn left on Bus-US 98. Take a right onto Everitt Ave., left on E First Court. Proceed to Second Street and take a left onto Springfield Ave. The property will be on the corner lot on the right.
Standard status
Active
APN
24226-000-000
Size
2,907 SF
Lot size
0.31 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
N MOORETOWN (1.15) LOTS 1,2 BLK 9 ORB 4686 P 914
Tax Annual Amount
8434
Legal Description
N MOORETOWN (1.15) LOTS 1,2 BLK 9 ORB 4686 P 914
Utilities
Sewer type
Public Sewer
Cooling system
Window Unit(s)
Building Details
Year built
1952
Building materials
Block
Roof type
Shingle
Listing Agency:
Beachy Beach Real Estate
(850) 532-6262
Listed By:
Heather Fox · License #SL3392228
(850) 541-5774
Added: May 30
Changed: Aug 20
Last Checked: Aug 23 at 10:06PM
MLS# 790574
Copyright © 2026 Central Panhandle Association of REALTORS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This apartment property comprises six detached single-family units totaling 2,907 square feet on 0.31 acres. Each residence includes one bedroom, one bathroom, a living area, and a kitchen. The buildings were remodeled in 2021 with dimensional shingle roofs, energy-efficient windows, updated electrical wiring, sheetrock, interior paint, luxury vinyl plank flooring, kitchen cabinets, and countertops. Individual water and electric meters serve each unit. Block construction, window-unit cooling, porches, shingle roofing, and public sewer are also in place. The property was originally built in 1952 and is fully occupied.
Located in Panama City, the property is addressed at 116 Springfield Avenue, Panama City, FL 32401. The six separate dwellings provide a clearly defined multifamily layout, while the updated interiors and separately metered utilities support the existing rental configuration.
Located in Panama City, the property is addressed at 116 Springfield Avenue, Panama City, FL 32401. The six separate dwellings provide a clearly defined multifamily layout, while the updated interiors and separately metered utilities support the existing rental configuration.
Key Highlights
- Six detached single‑family units with one bedroom and one bathroom per residence
- 2,907 square feet on 0.31 acres in Panama City
- Remodeled in 2021 with updated electrical, windows, roofs, flooring, kitchens, and interiors
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$32,194
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
5.57%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$643,880
$643.9K
Cap Rate 7%
$459,914
$459.9K
Cap Rate 9%
$357,711
$357.7K
Market Conditions
NOI Build-Up for 2,907 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$69.8K $24.00/SF
− Vacancy
−$11.2K −$3.86/SF
EGI
$58.5K $20.14/SF
− OpEx
−$26.3K −$9.06/SF
NOI
$32.2K $11.07/SF
Area
Walton County, FL
Vacancy
16.10%
Lease Rate
$24.00 /SF/Yr
Expense Ratio
45.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$643,880
Cap Rate 7%
$459,914
Cap Rate 9%
$357,711
Alternative Uses
Best Use
Apartment 5plus
$459.9K
$402.4K – $536.6K
NOI $32,194 @ 7.0% cap · market cap 5.57%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$731.1K
$639.7K – $852.9K
NOI $51,175 @ 7.0% cap · market cap 8.85%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
6
Residential units
100%
Occupancy
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
180
Businesses Nearby
Explore this area
Business Placement
Demographics for 32401, FL
20,487
Population
10,239
Households
2
Avg Household Size
42
Median Age
20%
College-Educated
86%
High-School Grad
12.5 sq mi
ZIP Area
1,639
Density / Sq Mi
$49,901
Median Household Income
$35,885
Median Earnings
$1,194
Median Rent
$207,000
Median Home Value
Market
Vacancy Rate% for Multifamily in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Apartment building - Six detached residences combine updated interiors, separate utility metering, and established occupancy in a compact multifamily configuration.
Where is this apartment building located?
The property is located at 116 Springfield Avenue Panama City, FL.
What is the asking price?
The asking price for this property is $578,000.
What are key features of this property?
This property features: Six detached single‑family units with one bedroom and one bathroom per residence; 2,907 square feet on 0.31 acres in Panama City; Remodeled in 2021 with updated electrical, windows, roofs, flooring, kitchens, and interiors
