Triplex with Separate
5612 Hilltop Avenue Panama City Beach, FL 32408
5612 Hilltop Avenue, Panama City Beach, FL, 32408
$674,000
For Sale
$674,000
MULTI_FAMILY - Other - Panama City Beach, FL
Property Size3,804 SF
Price / SF$177.18
Days on Market14
Property Features for 5612 Hilltop Avenue
General Information
- Property type
- Residential Multi Family
- Property subtype
- Other
- Bedrooms
- 8
- Bathrooms
- 6
- Rooms
- Bedroom 1, Bedroom 4, Bathroom 3, Bathroom 1, Bedroom 3, Bathroom 6, Bedroom 5, Bedroom 6, Bedroom 7, Bathroom 2, Family Room, Bonus Room, Bathroom 4, Bedroom 8, Bedroom 2, Bathroom 5
- Parking features
- Covered
- Appliances
- Dishwasher, Microwave, Refrigerator, Stove/Oven Electric
- 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
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
(850) 650-4563
Listed by
Courtney Pantalena · License #3504789
(850) 738-4881
Added: Jul 8 Updated: Jul 20 at 9:52PM Checked: Jul 21 at 12:06PM
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 triplex property is arranged as three private apartments across multiple levels. Apartment A is a split-level 4-bedroom, 2-bath layout on the main floor, with an updated kitchen featuring white cabinetry, granite countertops, and stainless steel appliances, plus a converted two-car garage that creates additional bonus or flex space. Apartment B is a private 2-bedroom, 2-bath unit on the second floor with its own separate entrance. Apartment C occupies the third floor and offers a private 2-bedroom, 2-bath layout with its own entrance.
The property sits on a prominent corner and spans three separate parcels, providing ownership of the entire corner. The expansive lot allows for flexible parking, and the offering is described as having no HOA.
The triplex is listed as an investment-focused opportunity positioned in the South Lagoon area, described as being just a few blocks from public beach access off Gulf Drive and near a local boat ramp on the lagoon.
The property sits on a prominent corner and spans three separate parcels, providing ownership of the entire corner. The expansive lot allows for flexible parking, and the offering is described as having no HOA.
The triplex is listed as an investment-focused opportunity positioned in the South Lagoon area, described as being just a few blocks from public beach access off Gulf Drive and near a local boat ramp on the lagoon.
Key Highlights
- Triplex layout with 8 bedrooms and 6 bathrooms across Apartments A, B, and C, each with its own entrance
- Apartment A: split‑level 4‑bedroom, 2‑bath with an updated kitchen and converted 2‑car garage bonus/flex space
- Apartment B: private 2‑bedroom, 2‑bath on the second floor with separate entrance
Local Financial Insights For Multifamily LT 5
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $61.6k | $16.20 |
| − Vacancy | −$3.8k | −$1.00 |
| EGI | $57.8k | $15.20 |
| − OpEx | −$17.3k | −$4.56 |
| NOI | $40.5k | $10.64 |
3,804 SF · lease $16.20/SF/yr · vacancy 6.17% · expense 30.00%
Alternative Uses
Best Use
Multifamily LT 5
$578.2K
$506.0K – $674.6K
NOI $40,476 @ 7.0% cap · market cap 6.01%
Second Best
Apartment 5plus
$529.9K
$463.6K – $618.2K
NOI $37,090 @ 7.0% cap · market cap 5.50%
Theoretical Best
Office A
$1.11M
$969.8K – $1.29M
NOI $77,585 @ 7.0% cap · market cap 11.51%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Property Profile
Location Intelligence
Current Use by Public Records
Triplexes
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FAQs
What type of property is this?
Triplex - Three separate apartments in a corner triplex, with a converted garage bonus space and no HOA.
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 $674,000.
What are key features of this property?
This property features: Triplex layout with 8 bedrooms and 6 bathrooms across Apartments A, B, and C, each with its own entrance; Apartment A: split‑level 4‑bedroom, 2‑bath with an updated kitchen and converted 2‑car garage bonus/flex space; Apartment B: private 2‑bedroom, 2‑bath on the second floor with separate entrance
