Duplex with Patio and
For Sale
$450,000
2826 La Mesa Avenue, Panama City, FL 32405
Residential, Panama City, FL
Property Size2,500 SF
Price / SF$180
Days on Market140
Property Features for 2826 La Mesa Avenue
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Property condition
Under Construction
Zoning description
City, Resid Multi-Family
Bedrooms
6
Bathrooms
4
Full bathrooms
4
Rooms
Bedroom 6, Bedroom 1, Bathroom 2, Bedroom 2, Bathroom 1, Bathroom 4, Bedroom 3, Bedroom 4, Bathroom 3, Bedroom 5
Patio and Porch features
Patio
Interior features
MainLevelPrimary, WalkInClosets
Exterior features
Patio
Appliances
ElectricRange, ElectricWaterHeater
Subdivision
455 Harrison Avenue Group
Elementary school
Hiland Park
Middle school
Mowat
High school
Bay
Directions
North on HWY 231, Left on Canal St, Left on Game Farm.
Standard status
Active
APN
12192-002-000
Size
2,500 SF
Taxes and HOA fees
Tax Year
2025
Tax Description
SHEFFIELD'S 2ND ADD LOT 6 BLK 4 ORB 974 P 1316 MAP 104A
Tax Annual Amount
363
Legal Description
SHEFFIELD'S 2ND ADD LOT 6 BLK 4 ORB 974 P 1316 MAP 104A
Utilities
Heating system
Central
Cooling system
Central Air
Amenities
large back yard
Building Details
Year built
2026
Architectural style
Other
Listing Agency:
AMERICAN REALTY of Bay Co, Inc · EXIT Realty
(850) 234-5678
Listed By:
Mayrelis C Roman Davila · License #3476683
(850) 691-9904
Added: Apr 25
Changed: Sep 2
Last Checked: Sep 11 at 7:06AM
MLS# 789006
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 duplex is under construction and measures 2500 square feet. The layout provides two residential units, with three bedrooms and two bathrooms in each. Interior features include main-level primary bedrooms and walk-in closets, while each unit includes a modern kitchen, updated-style bathrooms, and patio space. Electric ranges and electric water heaters are specified, along with central heating and central air conditioning.
The property is located at 2826 La Mesa Avenue in Panama City, Florida. It is near a mall and 23rd Street, where schools, supermarkets, and department stores are located. The area’s beaches are approximately 20 minutes away. Completion is identified for 2026.
The property is located at 2826 La Mesa Avenue in Panama City, Florida. It is near a mall and 23rd Street, where schools, supermarkets, and department stores are located. The area’s beaches are approximately 20 minutes away. Completion is identified for 2026.
Key Highlights
- Duplex configuration with 3 bedrooms and 2 bathrooms per unit
- 2500 square feet of property size
- Under construction with a 2026 year built
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
$30,241
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
6.72%
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%
$604,820
$604.8K
Cap Rate 7%
$432,014
$432.0K
Cap Rate 9%
$336,011
$336.0K
Market Conditions
NOI Build-Up for 2,500 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
$51.0K $20.40/SF
− Vacancy
−$7.8K −$3.12/SF
EGI
$43.2K $17.28/SF
− OpEx
−$13.0K −$5.18/SF
NOI
$30.2K $12.10/SF
Area
Walton County, FL
Vacancy
15.29%
Lease Rate
$20.40 /SF/Yr
Expense Ratio
30.00%
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%
$604,820
Cap Rate 7%
$432,014
Cap Rate 9%
$336,011
Alternative Uses
Best Use
Multifamily LT 5
$432.0K
$378.0K – $504.0K
NOI $30,241 @ 7.0% cap · market cap 6.72%
Second Best
Apartment 5plus
$395.5K
$346.1K – $461.5K
NOI $27,687 @ 7.0% cap · market cap 6.15%
Theoretical Best
Office A
$628.7K
$550.1K – $733.5K
NOI $44,010 @ 7.0% cap · market cap 9.78%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
208
Businesses Nearby
Explore this area
Business Placement
Demographics for 32405, FL
28,158
Population
13,585
Households
2.1
Avg Household Size
40
Median Age
29%
College-Educated
92%
High-School Grad
18.8 sq mi
ZIP Area
1,498
Density / Sq Mi
$71,002
Median Household Income
$41,867
Median Earnings
$1,418
Median Rent
$255,100
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in South region
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Frequently Asked Questions
What type of property is this?
Duplex - Each residential unit includes three bedrooms, two bathrooms, a modern kitchen, and access to a large backyard.
Where is this duplex located?
The property is located at 2826 La Mesa Avenue Panama City, FL.
What is the asking price?
The asking price for this property is $450,000.
What are key features of this property?
This property features: Duplex configuration with 3 bedrooms and 2 bathrooms per unit; 2500 square feet of property size; Under construction with a 2026 year built
