New Construction Townhome Investment
6720-6728 Cherry Street Panama City, FL 32404
For Sale
$1,099,500
Pending
MULTI_FAMILY - Panama City, FL
Property Size6,750 SF
Days on Market140
Property Features for 6720-6728 Cherry Street
General Information
- Property type
- Residential Multi Family
- Property subtype
- Other
- Property condition
- Under Construction
- Standard status
- Pending
- APN
- 06829-000-000
- Size
- 6,750 SF
Taxes and HOA fees
- Tax Description
- CHERRY GROVE TOWNHOMES
Utilities
- Sewer type
- Public Sewer
- Heating system
- Central, Electric (Heating)
Building Details
- Year built
- 2025
Listing Agency:
ERA Neubauer Real Estate Inc
(850) 785-1551
Listed By:
Heather H Neubauer · License #3257545
(850) 774-2832
Added: Mar 8
Changed: Jul 24
Last Checked: Jul 26 at 3:06PM
MLS# 786497
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 newly constructed five-unit townhome building presents an exceptional investment opportunity with strong rental potential in a convenient Panama City location. Each townhome features 3 bedrooms, 2.5 bathrooms, and approximately 1,300 square feet of heated and cooled living space, along with an attached one-car garage. The two-story units include a spacious entry with tall ceilings and a wide hallway. The main level offers an open-concept living, dining, and kitchen area with quartz countertops, stainless steel appliances, breakfast bar seating, and contemporary finishes. A half bathroom is located on the first floor, and rear access leads to a covered patio space. Upstairs, the primary bedroom suite provides generous space with a walk-in closet featuring built-in shelving and a private ensuite bathroom showcasing custom tile work and an oversized shower. Two additional bedrooms, a full bathroom, and washer and dryer connections are also located on the second level. Community amenities include exterior maintenance and common area upkeep. The property is located approximately 6.6 miles from Tyndall Air Force Base, 1.6 miles from Winn-Dixie, and 2.9 miles from Under the Oaks Park, with easy access to shopping, parks, and major roadways. The property size is 6,750 square feet.
Key Highlights
- New Construction 5‑Unit Townhome: Ideal investment property.
- Proximity to Tyndall Air Force Base: Convenient location (approx. 6.6 miles).
- Each Unit Features: 3 bedrooms, 2.5 bathrooms, approximately 1,300 sq ft, and a 1‑car garage.
Financial Insights For Apartment 5plus
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 | $162.0k | $24.00 |
| − Vacancy | −$26.1k | −$3.86 |
| EGI | $135.9k | $20.14 |
| − OpEx | −$61.2k | −$9.06 |
| NOI | $74.8k | $11.07 |
6,750 SF · lease $24.00/SF/yr · vacancy 16.10% · expense 45.00%
Alternative Uses
Best Use
Apartment 5plus
$1.07M
$934.4K – $1.25M
NOI $74,755 @ 7.0% cap · market cap 6.80%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.70M
$1.49M – $1.98M
NOI $118,827 @ 7.0% cap · market cap 10.81%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Property Profile
Location Intelligence
Current Use by Public Records
Apartment buildings
FAQs
What type of property is this?
Apartment building - Five-unit townhome near Tyndall Air Force Base.
Where is this apartment building located?
The property is located at 6720-6728 Cherry Street Panama City, FL.
What is the asking price?
The asking price for this property is $1,099,500.
What are key features of this property?
This property features: New Construction 5‑Unit Townhome: Ideal investment property.; Proximity to Tyndall Air Force Base: Convenient location (approx. 6.6 miles).; Each Unit Features: 3 bedrooms, 2.5 bathrooms, approximately 1,300 sq ft, and a 1‑car garage.
