Duplex with Two Private
For Sale
$645,000
3707 Mystic Street, Panama City Beach, FL 32408
Residential, Panama City Beach, FL
Property Size2,088 SF
Lot Size0.13 Acres
Price / SF$308.91
Days on Market189
Property Features for 3707 Mystic Street
General Information
Property type
Residential Multi Family
Property subtype
Other
Property condition
Under Construction
Zoning description
Resid Multi-Family
Bedrooms
5
Bathrooms
3
Full bathrooms
2
Half bathrooms
1
Rooms
Bedroom 3, Living Room, Bathroom 2, Bedroom 2, Bedroom 4, Bedroom 5, Bathroom 1, Bedroom 1, Bathroom 3
Patio and Porch features
Patio
Interior features
SmartThermostat
Exterior features
Patio
Fireplace
1
Appliances
ElectricOven, ElectricWaterHeater
Subdivision
Biltmore Beach 1st Add
Lot features
Paved
Elementary school
Patronis
Middle school
Surfside
High school
Arnold
Directions
From Thomas Drive, turn north (away from Gulf) on Luft St, left on Pinetree, right on Mystic. Property is on the right on the corner of Mystic and S. Lagoon Dr.
Standard status
Active
APN
32050-000-000
Size
2,088 SF
Lot size
0.13 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
BILTMORE BEACH 1ST ADD LOT 1 BLK F ORB 4552 P 508
Tax Annual Amount
6028
Legal Description
BILTMORE BEACH 1ST ADD LOT 1 BLK F ORB 4552 P 508
Utilities
Heating system
Fireplace(s), Electric (Heating), Central
Cooling system
Ceiling Fan(s), Central Air
Amenities
electric fireplace
wood-burning fireplace
private patio
storage shed
Building Details
Year built
1981
Floors in Building
2
Building materials
Stucco
Roof type
Metal
Listing Agency:
EXP Realty LLC
(888) 883-8509
Listed By:
January Johnson · License #SL3368469
(850) 691-9851
Added: Feb 27
Changed: Aug 31
Last Checked: Sep 4 at 10:06AM
MLS# 785975
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 2,088-square-foot duplex, built in 1981, is arranged as two distinct living spaces with separate private patios and storage sheds. Side A provides three bedrooms, one full bath, one half bath, a full kitchen, an electric fireplace, and sleeping accommodations for up to eight. Side B includes two bedrooms, one full bath, a full kitchen, and a wood-burning fireplace, with sleeping accommodations for up to four. The property is listed as under construction and includes central air, central and electric heating, a metal roof, stucco construction, and an electric water heater.
Set on 0.13 acres at 3707 Mystic Street in Panama City Beach, the duplex is across from public lagoon access and one block from a public boat ramp. Public beach access #11 is seven blocks away, while Buster's Beer and Bait is within walking distance. Schooner's and St. Andrews State Park are accessible by car.
Set on 0.13 acres at 3707 Mystic Street in Panama City Beach, the duplex is across from public lagoon access and one block from a public boat ramp. Public beach access #11 is seven blocks away, while Buster's Beer and Bait is within walking distance. Schooner's and St. Andrews State Park are accessible by car.
Key Highlights
- Duplex with 2,088 square feet on a 0.13‑acre lot
- Side A: 3 BR, 1 full bath, 1 half bath, sleeps 8
- Side B: 2 BR, 1 full bath, sleeps 4
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
$22,217
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
3.44%
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%
$444,340
$444.3K
Cap Rate 7%
$317,386
$317.4K
Cap Rate 9%
$246,856
$246.9K
Market Conditions
NOI Build-Up for 2,088 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
$33.8K $16.20/SF
− Vacancy
−$2.1K −$1.00/SF
EGI
$31.7K $15.20/SF
− OpEx
−$9.5K −$4.56/SF
NOI
$22.2K $10.64/SF
Area
Bay County, FL
Vacancy
6.17%
Lease Rate
$16.20 /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%
$444,340
Cap Rate 7%
$317,386
Cap Rate 9%
$246,856
Alternative Uses
Best Use
Multifamily LT 5
$317.4K
$277.7K – $370.3K
NOI $22,217 @ 7.0% cap · market cap 3.44%
Second Best
Apartment 5plus
$290.8K
$254.5K – $339.3K
NOI $20,358 @ 7.0% cap · market cap 3.16%
Theoretical Best
Office A
$608.4K
$532.3K – $709.8K
NOI $42,586 @ 7.0% cap · market cap 6.60%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
522
Businesses Nearby
Explore this area
Business Placement
Demographics for 32408, FL
17,479
Population
17,018
Households
1
Avg Household Size
48
Median Age
39%
College-Educated
96%
High-School Grad
8.6 sq mi
ZIP Area
2,032
Density / Sq Mi
$72,322
Median Household Income
$42,749
Median Earnings
$1,453
Median Rent
$352,400
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?
Duplex - Two separately configured sides offer kitchens, fireplaces, patios, and access near the lagoon, boat ramp, and beach.
Where is this duplex located?
The property is located at 3707 Mystic Street Panama City Beach, FL.
What is the asking price?
The asking price for this property is $645,000.
What are key features of this property?
This property features: Duplex with 2,088 square feet on a 0.13‑acre lot; Side A: 3 BR, 1 full bath, 1 half bath, sleeps 8; Side B: 2 BR, 1 full bath, sleeps 4
