Six-Unit Apartment
For Sale
$1,300,000
528 Kraft Avenue, Panama City, FL 32401
MULTI_FAMILY - Panama City, FL
Property Size6,372 SF
Price / SF$204.02
Days on Market95
Property Features for 528 Kraft Avenue
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning description
City
Bedrooms
12
Bathrooms
12
Full bathrooms
12
Rooms
Bedroom 6, Bedroom 5, Bedroom 8, Bathroom 1, Bathroom 4, Bathroom 2, Bathroom 8, Bedroom 10, Bedroom 12, Bathroom 11, Bathroom 12, Bathroom 7, Bathroom 5, Bedroom 7, Bedroom 11, Bedroom 4, Bathroom 6, Bedroom 1, Bedroom 3, Bathroom 10, Bedroom 9, Bathroom 3, Bathroom 9, Bedroom 2
Interior features
HandicapAccess, MainLevelPrimary, WalkInClosets
Accessibility
Accessible Approach with Ramp
Appliances
WasherDryerStacked, ElectricRange, ElectricWaterHeater
Subdivision
[No Recorded Subdiv]
Elementary school
Cedar Grove
Middle school
Rutherford
High school
Rutherford
Directions
15th street to East ave. to 8th plaza to Kraft ave.
Standard status
Active
APN
23276-000-000
Size
6,372 SF
Taxes and HOA fees
Tax Year
2025
Tax Description
11 4S 14W -267- MAP 118C2 BEG 277' N OF SW COR OF SE1/4 OF NW1/4 OF NW1/4 TH E 432' N 132' W 432' S 132' TO POB LESS S 66' TO -267.1- ORB 4610 P 572
Tax Annual Amount
379
Legal Description
11 4S 14W -267- MAP 118C2 BEG 277' N OF SW COR OF SE1/4 OF NW1/4 OF NW1/4 TH E 432' N 132' W 432' S 132' TO POB LESS S 66' TO -267.1- ORB 4610 P 572
Utilities
Heating system
Central
Cooling system
Central Air
Building Details
Year built
2024
Building materials
Block
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: May 11
Changed: Aug 1
Last Checked: Aug 13 at 12:06AM
MLS# 789738
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.
Newer six-unit apartment complex built in 2024 at 528 Kraft Avenue, Panama City, FL 32401. The property is configured with two bedrooms and two bathrooms per apartment and totals 6,372 SF.
Constructed with block materials, the building includes central heating and central air conditioning. Accessibility features include an accessible approach with a ramp. Interior conveniences include a main-level primary option and walk-in closets, and each unit is equipped with a stacked washer/dryer and electric range, along with an electric water heater.
Constructed with block materials, the building includes central heating and central air conditioning. Accessibility features include an accessible approach with a ramp. Interior conveniences include a main-level primary option and walk-in closets, and each unit is equipped with a stacked washer/dryer and electric range, along with an electric water heater.
Key Highlights
- Six apartments with two bedrooms and two bathrooms each
- Built in 2024
- 6,372 SF apartment complex
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
$70,569
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
5.43%
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%
$1,411,380
$1.4M
Cap Rate 7%
$1,008,129
$1.0M
Cap Rate 9%
$784,100
$784.1K
Market Conditions
NOI Build-Up for 6,372 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
$152.9K $24.00/SF
− Vacancy
−$24.6K −$3.86/SF
EGI
$128.3K $20.14/SF
− OpEx
−$57.7K −$9.06/SF
NOI
$70.6K $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%
$1,411,380
Cap Rate 7%
$1,008,129
Cap Rate 9%
$784,100
Alternative Uses
Best Use
Apartment 5plus
$1.01M
$882.1K – $1.18M
NOI $70,569 @ 7.0% cap · market cap 5.43%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.60M
$1.40M – $1.87M
NOI $112,173 @ 7.0% cap · market cap 8.63%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
6
Residential units
Location Intelligence
Trade Area within ½ mile
331
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 - Newer six-unit complex built in 2024 with central HVAC, block construction, and accessible ramp entry.
Where is this apartment building located?
The property is located at 528 Kraft Avenue Panama City, FL.
What is the asking price?
The asking price for this property is $1,300,000.
What are key features of this property?
This property features: Six apartments with two bedrooms and two bathrooms each; Built in 2024; 6,372 SF apartment complex
