Pool-Amenitized Multifamily
For Sale
$650,000
604 Fernwood Street, Panama City Beach, FL 32407
Residential, Panama City Beach, FL
Property Size2,556 SF
Lot Size0.42 Acres
Price / SF$254.30
Days on Market171
Property Features for 604 Fernwood Street
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning description
Resid Multi-Family
Bedrooms
7
Bathrooms
6
Full bathrooms
6
Rooms
Bedroom 3, Bathroom 2, Bathroom 4, Bathroom 5, Bathroom 6, Bedroom 2, Bedroom 7, Bedroom 4, Bedroom 5, Bathroom 1, Bedroom 6, Bedroom 1, Bathroom 3
Parking features
Paved or Surfaced
Pool private
1
Subdivision
Hutchison's 1st To Bahama Bch
Lot features
Paved
Elementary school
Hutchison Beach
Middle school
Surfside
High school
Arnold
Directions
From Panama City Beach Pkwy (Back Beach Rd / US-98), turn south onto Richard Jackson Blvd. Continue to Hutchison Blvd (Middle Beach Rd) and turn right (west). Proceed to Lullwater Dr and turn left. Turn left onto Fernwood St. Property will be on the left.
Standard status
Active
APN
34201-000-000
Size
2,556 SF
Lot size
0.42 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
HUTCHISON'S 1ST ADD LOTS 2 & 3 BLK 4 DAUGETTE ADDITION LOT 19 BLK B ORB 2090 P 521
Tax Annual Amount
5450
Legal Description
HUTCHISON'S 1ST ADD LOTS 2 & 3 BLK 4 DAUGETTE ADDITION LOT 19 BLK B ORB 2090 P 521
Utilities
Sewer type
Public Sewer
Cooling system
Ceiling Fan(s), Window Unit(s)
Amenities
swimming pool
Building Details
Year built
1960
Floors in Building
1
Building materials
Block
Listing Agency:
Think Real Estate
(850) 270-4200
Listed By:
Dien and Andrew Group · License #SL3466729
(850) 600-0605
Added: Mar 18
Changed: Aug 30
Last Checked: Sep 4 at 9:06PM
MLS# 786962
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 2,556-square-foot multifamily property contains 7 bedrooms and 6 bathrooms on 0.42 acres. Built in 1960 with block construction, the improvements include ceiling fans, window-unit cooling, paved or surfaced parking, and a private swimming pool. Public sewer serves the property.
Previously operated as a motel, the building can be evaluated for multifamily residential, short-term rental, workforce housing, or commercial conversion, subject to zoning and intended-use verification. Its Panama City Beach setting places it near shopping, dining, attractions, and entertainment, with access to both Front Beach Road and Back Beach Road. The property is located on Fernwood Street in Bay County, Florida.
Previously operated as a motel, the building can be evaluated for multifamily residential, short-term rental, workforce housing, or commercial conversion, subject to zoning and intended-use verification. Its Panama City Beach setting places it near shopping, dining, attractions, and entertainment, with access to both Front Beach Road and Back Beach Road. The property is located on Fernwood Street in Bay County, Florida.
Key Highlights
- 2,556 square feet with 7 bedrooms and 6 bathrooms
- 0.42‑acre property with a private swimming pool
- Former motel operation with multifamily and short‑term rental use options
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
$24,921
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
3.83%
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%
$498,420
$498.4K
Cap Rate 7%
$356,014
$356.0K
Cap Rate 9%
$276,900
$276.9K
Market Conditions
NOI Build-Up for 2,556 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
$48.5K $18.96/SF
− Vacancy
−$3.2K −$1.23/SF
EGI
$45.3K $17.73/SF
− OpEx
−$20.4K −$7.98/SF
NOI
$24.9K $9.75/SF
Area
Bay County, FL
Vacancy
6.50%
Lease Rate
$18.96 /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%
$498,420
Cap Rate 7%
$356,014
Cap Rate 9%
$276,900
Alternative Uses
Best Use
Apartment 5plus
$356.0K
$311.5K – $415.4K
NOI $24,921 @ 7.0% cap · market cap 3.83%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$744.7K
$651.6K – $868.9K
NOI $52,131 @ 7.0% cap · market cap 8.02%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
358
Businesses Nearby
Explore this area
Business Placement
Demographics for 32407, FL
14,366
Population
12,163
Households
1.2
Avg Household Size
41
Median Age
40%
College-Educated
96%
High-School Grad
14.9 sq mi
ZIP Area
964
Density / Sq Mi
$79,052
Median Household Income
$44,027
Median Earnings
$1,792
Median Rent
$403,500
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?
Multifamily property - Former motel with a private pool, paved parking, and flexible residential configuration options.
Where is this multifamily property located?
The property is located at 604 Fernwood Street Panama City Beach, FL.
What is the asking price?
The asking price for this property is $650,000.
What are key features of this property?
This property features: 2,556 square feet with 7 bedrooms and 6 bathrooms; 0.42‑acre property with a private swimming pool; Former motel operation with multifamily and short‑term rental use options
