Duplex Vacation Rental with Private
For Sale
$2,199,000
5237 Thomas Drive, Panama City, FL 32408
MULTI_FAMILY - Other - Panama City, FL
Property Size5,156 SF
Lot Size0.13 Acres
Price / SF$426.49
Days on Market48
Property Features for 5237 Thomas Drive
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Property condition
Under Construction
Zoning description
City, Commercial
Bedrooms
10
Bathrooms
10
Full bathrooms
8
Half bathrooms
2
Rooms
Bedroom 4, Bedroom 8, Bathroom 5, Living Room, Bedroom 5, Bedroom 2, Bedroom 1, Bathroom 10, Bathroom 6, Bathroom 2, Bathroom 8, Bathroom 1, Bedroom 7, Bathroom 7, Bedroom 3, Bathroom 9, Bathroom 4, Bedroom 10, Bedroom 9, Bedroom 6, Bathroom 3
Patio and Porch features
Porch, Deck, Patio
Pool private
1
Interior features
UpperLevelPrimary
Exterior features
Barbecue, CoveredPatio, OutdoorShower
Fencing
Fenced
Fireplace
1
Subdivision
No Named Subdivision
Lot features
Sprinkler System
Elementary school
Patronis
Middle school
Surfside
High school
Arnold
Directions
Please take south off HWY 98 onto Thomas Drive toward the beach. On junction with South Thomas drive make a right and drive about 1 mile. House located on the right side of the road.
Standard status
Active
APN
32375-000-000
Size
5,156 SF
Lot size
0.13 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
GULF LAGOON BEACH LOT 3 BLK 18 ORB 4705 P 2250
Legal Description
GULF LAGOON BEACH LOT 3 BLK 18 ORB 4705 P 2250
Utilities
Sewer type
Public Sewer
Heating system
Fireplace(s), Central, Electric (Heating)
Cooling system
ENERGY STAR Qualified Equipment, Ceiling Fan(s), Central Air
Amenities
in-ground saltwater pool
natural gas grill
balcony
fenced yard
laundry room
Building Details
Year built
2025
Floors in Building
3
Number of units
2
Building materials
WoodFrame
Roof type
Metal
Architectural style
Other
Listing Agency:
CENTURY 21 AllPoints Realty
(850) 230-4514
Listed By:
Christopher C Jennings · License #3287657
(850) 532-9449
Added: Jun 24
Changed: Aug 9
Last Checked: Aug 10 at 8:06AM
MLS# 791806
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.
New construction duplex vacation rental on Thomas Drive, built in 2025 and currently under construction. The fully furnished, professionally decorated property is designed as a side-by-side setup for short- or long-term rental operations.
Each side offers three floors with its own living areas and outdoor space, including five bedrooms, four full bathrooms, and one half bathroom. The first floor includes a living area, modern kitchen, and a back porch/patio that opens to a private, meticulously paved backyard. Each unit also has a private in-ground saltwater pool with a natural gas heater and remote control, plus a fenced yard with a privacy divider between the sides.
Upstairs, the layout includes a large primary suite with an en-suite bath, two additional guest bedrooms (one with built-in bunk beds), a dedicated laundry room, and ample storage. The third floor adds another spacious primary bedroom with en-suite bath, plus an additional guest room. Outdoor features include a balcony for Gulf views, a built-in natural gas grill, covered patio, and outdoor shower. A full fire suppression system is included. Address: 5237 Thomas Drive, Panama City, FL 32408.
Each side offers three floors with its own living areas and outdoor space, including five bedrooms, four full bathrooms, and one half bathroom. The first floor includes a living area, modern kitchen, and a back porch/patio that opens to a private, meticulously paved backyard. Each unit also has a private in-ground saltwater pool with a natural gas heater and remote control, plus a fenced yard with a privacy divider between the sides.
Upstairs, the layout includes a large primary suite with an en-suite bath, two additional guest bedrooms (one with built-in bunk beds), a dedicated laundry room, and ample storage. The third floor adds another spacious primary bedroom with en-suite bath, plus an additional guest room. Outdoor features include a balcony for Gulf views, a built-in natural gas grill, covered patio, and outdoor shower. A full fire suppression system is included. Address: 5237 Thomas Drive, Panama City, FL 32408.
Key Highlights
- Under construction duplex built in 2025, fully furnished and professionally decorated
- Each side features three floors with 5 bedrooms, 4 full baths, and 1 half bath
- Private in‑ground saltwater pool for each side with natural gas heater and remote control
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
$62,370
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
2.84%
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%
$1,247,400
$1.2M
Cap Rate 7%
$891,000
$891.0K
Cap Rate 9%
$693,000
$693.0K
Market Conditions
NOI Build-Up for 5,156 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
$105.2K $20.40/SF
− Vacancy
−$16.1K −$3.12/SF
EGI
$89.1K $17.28/SF
− OpEx
−$26.7K −$5.18/SF
NOI
$62.4K $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%
$1,247,400
Cap Rate 7%
$891,000
Cap Rate 9%
$693,000
Alternative Uses
Best Use
Multifamily LT 5
$891.0K
$779.6K – $1.04M
NOI $62,370 @ 7.0% cap · market cap 2.84%
Second Best
Apartment 5plus
$815.7K
$713.8K – $951.7K
NOI $57,102 @ 7.0% cap · market cap 2.60%
Theoretical Best
Office A
$1.30M
$1.13M – $1.51M
NOI $90,766 @ 7.0% cap · market cap 4.13%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Yes
Sprinkler system
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
772
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 - Under construction duplex built in 2025, featuring fully furnished interiors, fenced outdoor space, and a private saltwater pool for each side.
Where is this duplex located?
The property is located at 5237 Thomas Drive Panama City, FL.
What is the asking price?
The asking price for this property is $2,199,000.
What are key features of this property?
This property features: Under construction duplex built in 2025, fully furnished and professionally decorated; Each side features three floors with 5 bedrooms, 4 full baths, and 1 half bath; Private in‑ground saltwater pool for each side with natural gas heater and remote control
