Triplex with Converted Garage Flex
For Sale
$550,000
5612 Hilltop Avenue, Panama City Beach, FL 32408
Residential, Panama City Beach, FL
Property Size3,804 SF
Price / SF$144.58
Days on Market77
Property Features for 5612 Hilltop Avenue
General Information
Property type
Residential Multi Family
Property subtype
Other
Bedrooms
8
Bathrooms
6
Full bathrooms
6
Rooms
Bedroom 1, Bedroom 8, Bathroom 6, Bedroom 6, Bathroom 4, Bonus Room, Bedroom 5, Bathroom 1, Bedroom 7, Bedroom 2, Bathroom 5, Family Room, Bathroom 2, Bathroom 3, Bedroom 4, Bedroom 3
Parking features
Covered
Appliances
Dishwasher, Microwave, Refrigerator, Stove/Oven Electric
Subdivision
BILTMORE BEACH 1ST ADDN
Elementary school
Patronis
Middle school
Surfside
High school
Arnold
Directions
From Thomas Drive, turn north onto Luff Street. Continue to Hilltop Avenue and turn left. Follow Hilltop Avenue to 5612 Hilltop Ave, located in the Biltmore Beach community of Lower Grand Lagoon. Prop
Standard status
Active
APN
32061-000-000
Size
3,804 SF
Taxes and HOA fees
Tax Year
2025
Tax Description
BILTMORE BEACH 1ST ADD LOTS 1 & 2 BLK G ORB 3211 P 1444
Tax Annual Amount
3754
Legal Description
BILTMORE BEACH 1ST ADD LOTS 1 & 2 BLK G ORB 3211 P 1444
Utilities
Sewer type
Septic Tank
Heating system
Central
Cooling system
Central Air
Building Details
Year built
1986
Floors in Building
3
Architectural style
Other
Listing Agency:
Coldwell Banker Realty · Coldwell Banker Real Estate
(850) 650-4563
Listed By:
Courtney Pantalena · License #3504789
(850) 738-4881
Added: Jul 8
Changed: Sep 13
Last Checked: Sep 22 at 11:06PM
MLS# 1007232
Copyright © 2026 Emerald Coast 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 3,804-square-foot triplex, built in 1986, contains three separately accessed apartments with a combined 8 bedrooms and 6 bathrooms. Apartment A occupies the main level in a split-level four-bedroom, two-bath layout and includes an updated kitchen with white cabinetry, granite countertops, and stainless steel appliances. Its converted two-car garage provides additional bonus or flex space. Apartments B and C each offer two bedrooms and two bathrooms, with the latter positioned on the third floor and featuring elevated views.
The property occupies a prominent corner across three separate parcels in the South Lagoon area of Panama City Beach. Gulf Drive public beach access points are a few blocks away, while a local lagoon boat ramp is even closer. The site provides covered parking and room for an RV, boat, or multiple vehicles. Central heating and central air serve the property, with septic service in place and no HOA.
The property occupies a prominent corner across three separate parcels in the South Lagoon area of Panama City Beach. Gulf Drive public beach access points are a few blocks away, while a local lagoon boat ramp is even closer. The site provides covered parking and room for an RV, boat, or multiple vehicles. Central heating and central air serve the property, with septic service in place and no HOA.
Key Highlights
- 3,804 SF triplex with 8 bedrooms and 6 bathrooms
- Three separate parcels on a prominent corner in South Lagoon
- Apartment A includes an updated kitchen and converted two‑car garage flex space
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
$40,476
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
7.36%
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%
$809,520
$809.5K
Cap Rate 7%
$578,229
$578.2K
Cap Rate 9%
$449,733
$449.7K
Market Conditions
NOI Build-Up for 3,804 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
$61.6K $16.20/SF
− Vacancy
−$3.8K −$1.00/SF
EGI
$57.8K $15.20/SF
− OpEx
−$17.3K −$4.56/SF
NOI
$40.5K $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%
$809,520
Cap Rate 7%
$578,229
Cap Rate 9%
$449,733
Alternative Uses
Best Use
Multifamily LT 5
$578.2K
$506.0K – $674.6K
NOI $40,476 @ 7.0% cap · market cap 7.36%
Second Best
Apartment 5plus
$529.9K
$463.6K – $618.2K
NOI $37,090 @ 7.0% cap · market cap 6.74%
Theoretical Best
Office A
$1.11M
$969.8K – $1.29M
NOI $77,585 @ 7.0% cap · market cap 14.11%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
3
Residential units
Location Intelligence
Trade Area within ½ mile
552
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
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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?
Triplex - Three private units include separate entrances, central systems, and an updated kitchen with granite countertops.
Where is this triplex located?
The property is located at 5612 Hilltop Avenue Panama City Beach, FL.
What is the asking price?
The asking price for this property is $550,000.
What are key features of this property?
This property features: 3,804 SF triplex with 8 bedrooms and 6 bathrooms; Three separate parcels on a prominent corner in South Lagoon; Apartment A includes an updated kitchen and converted two‑car garage flex space
