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    209 Oleander Dr Panama City Beach, FL 32413

    Sponsored
    For Sale
    $1,400,000

    MULTI_FAMILY - Panama City Beach, FL

    Property size:
    2,798 SF
    Days on Market:
    5
    Last Refresh:
    Feb 28 at 3:06 am

    Property Features for 209 Oleander Dr

    General Information

    Property type
    Residential Multi Family
    Property subtype
    Other
    Standard status
    Active
    Security features
    Security
    Rooms
    Bedroom 3, Bedroom 4, Bathroom 2, Bedroom 2, Bedroom 1, Bathroom 3, Bathroom 1, Bathroom 4
    Bedrooms
    4
    Bathrooms
    4
    APN
    36813-000-000
    Patio and Porch features
    Patio, Porch
    Interior features
    SmartThermostat
    Exterior features
    Patio, OutdoorShower, Porch
    Fencing
    Fenced
    Appliances
    WasherDryerStacked, EnergyStarQualifiedAppliances, ElectricCooktop, ElectricOven, ElectricRange, WaterSoftenerOwned, TanklessWaterHeater
    Size
    2,798 SF

    Utilities

    Heating system
    Central, Heat Pump (Heating)
    Cooling system
    ENERGY STAR Qualified Equipment, Ductless, Central Air

    Building Details

    Year built
    1964
    Flooring type
    Vinyl
    Building materials
    Block, HardiplankType
    Roof type
    Metal
    Additional Structures
    Garage(s)

    We can help!

    Listing Contact
    Chris M Shelton

    Beachy Beach Real Estate (850) 527-5651

    Listing agent Chris M Shelton (850) 896-2000

    Listing date Feb 24, 2026

    MLS# 785643 Listing URL

    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.

    Learn more

    Property Insight Report

    Overview

    Two Homes Near Panama City Beach

    Located in Panama City Beach, the property at 209 Oleander Drive features two homes on an L-shaped lot, suitable for a primary residence, second home, or short-term rentals. The main house, remodeled in 2017, includes two bedrooms, two full baths, a dining room, a kitchen, and a living room. It is equipped with new plumbing and wiring, a 2025 HVAC system with UV light and a heat pump, a screened-in patio, a large outdoor deck, and a fenced backyard. Additional features include a touchless faucet, hurricane panels, an outdoor shower, a sprinkler system, and an 8 x 12 storage shed. A 30 x 30 insulated workshop and an ozone hot tub are also present. The main house is a concrete block structure with Harding siding and trim, built on a slab on grade. The garage accommodates two cars and a golf cart, with driveway space for six cars. The property also includes a carriage house built in 2023, featuring a two-car garage. The carriage house includes a great room, master bedroom (15 x 13), a second bedroom (14 x 10), a bathroom (8 x 10) with a separate water closet, and a stackable washer and dryer. It has a balcony and a paved patio. Both homes include a full appliance package, tankless water heaters, walk-in showers, and smoke detectors. The carriage house is built with wood framing and Harding siding and trim on a slab on stem wall. It features vinyl plank flooring, a smart thermostat, window treatments, hurricane windows, and high-impact windows and doors. The property is located 527 steps from the beach. The sellers have generated approximately $23,000 per year in short-term rental income over the past two years.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Single family properties

    Suggested Use

    Real Estate Agency Law Firm Restaurant Building Supply Auto Repair Shop Accounting Firm Kitchen & Bath Showroom Bar & Pub Food Market HVAC Service

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Panama City Beach
    County
    Bay
    State
    Florida
    Longitude
    -85.937525
    Latitude
    30.24775

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    FAQs

    What type of property is this?
    Single family property - Two homes on one lot, ideal for rental income.
    Where is this single family property located?
    The property is located at 209 Oleander Dr Panama City Beach, FL.
    What is the asking price?
    The asking price for this property is $1,400,000.
    What are key features of this property?
    This property features: - Two Homes on one L-shaped lot: Main house remodeled in 2017 and a Carriage House built in 2023, offering flexibility.; - Proven Short-Term Rental Income: Approximately $23,000 per year generated by sellers.; - Prime Location: Minutes from the beach with easy access to dining, shopping, and entertainment.
    (850) 896-2000
    Request Owner's contact information
    209 Oleander Dr Panama City Beach, FL 32413
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    Panama City Beach, FL 32413
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    209 Oleander Dr Panama City Beach, FL 32413
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    Listing Contact
    Chris M Shelton
    (850) 896-2000
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