Investment Duplex Home with
For Sale
$375,000
Pending
7022 Starfish Court, Panama City Beach, FL 32407
MULTI_FAMILY - Other - Panama City Beach, FL
Property Size1,512 SF
Days on Market74
Property Features for 7022 Starfish Court
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
Resid Multi-Family, Resid
Bedrooms
3
Bathrooms
2
Full bathrooms
2
Rooms
Bathroom 2, Bedroom 1, Bedroom 2, Bathroom 1, Bedroom 3
Parking features
Garage
Window features
Double Pane Windows, Plantation Shutters
Patio and Porch features
Deck
Interior features
Breakfast Bar, Ceiling Raised, Lighting Recessed, Washer/Dryer Hookup
Exterior features
Fenced Back Yard, Sprinkler System
Fencing
Back Yard
Appliances
Auto Garage Door Opn, Dishwasher, Disposal, Dryer, Microwave, Refrigerator W/IceMk, Smooth Stovetop Rnge, Washer
Subdivision
Dolphin Bay II
Lot features
Covenants, Cul-De-Sac, Flood Insurance Req, Irregular, Within 1/2 Mile to Water
Elementary school
Breakfast Point
Middle school
Breakfast Point
High school
Arnold
Directions
FROM THOMAS DR JUST BEFORE HATHAWAY BRIDGE, USE THE MIDDLE LANE TO GO STRAIGHT TOWARD WILDWOOD RD. STAY STRAIGHT AND IN APPROX 1/2 MILE, TURN RIGHT ONTO DOLPHIN BAY BLVD. GO THROUGH GATE. (NEED CODE)
Standard status
Pending
APN
27343-618-000
Size
1,512 SF
Taxes and HOA fees
Tax Year
2025
Tax Description
Dolphin Bay Ph II 68B3 & B4 Wly 1/2 Of Lot 16 Blk G Desc. As Beg At Th Sw Cor Of Lot 16 Th N23 Deg W 173.58' Th N74 Deg E 96.94' Th S12 Deg W 51.09'S04 Deg E 130.84' To The Nly R/W Of Starfish Ct Th Run Wly Along R/W 24.73' To Pob Orb 2524 P 1892 Orb 3032 P 1775
Tax Annual Amount
3390
HOA Fee
$450 Quarterly
Legal Description
Dolphin Bay Ph II 68B3 & B4 Wly 1/2 Of Lot 16 Blk G Desc. As Beg At Th Sw Cor Of Lot 16 Th N23 Deg W 173.58' Th N74 Deg E 96.94' Th S12 Deg W 51.09'S04 Deg E 130.84' To The Nly R/W Of Starfish Ct Th Run Wly Along R/W 24.73' To Pob Orb 2524 P 1892 Orb 3032 P 1775
Utilities
Sewer type
Public Sewer
Heating system
Central
Cooling system
Central Air
Amenities
gated neighborhood
deep-water marina
pocket parks
basketball courts
tennis courts
pickleball courts
trailer storage
Building Details
Year built
2004
Floors in Building
1
Flooring type
Carpet, Tile
Building materials
Stucco
Architectural style
Other
Listing Agency:
Beachy Beach Real Estate
(850) 233-4351
Listed By:
Mark A Vickers · License #3309067
(678) 557-3640
Added: Jun 15
Changed: Aug 16
Last Checked: Aug 27 at 7:06PM
MLS# 1006857
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 investment duplex purchase pairs 7020 and 7022 and presents a 3-bedroom, 2-bath home with an open floor plan designed for everyday living and entertaining. The interior includes raised ceilings and recessed lighting, with tile and carpet flooring throughout. The eat-in kitchen features a breakfast bar, and the home includes washer/dryer hookup. Outside, you’ll find a fenced back yard with a sprinkler system and an expansive deck for outdoor dining and relaxation.
The residence was built in 2004. It has a central heating and central air system, and a brand-new 2030 EPA compliant TRANE HVAC system. Key updates include a complete kitchen renovation in 2018 and a primary bathroom renovation in 2024. Exterior improvements include a new roof in 2025, exterior paint in 2026, gutters in 2022, and a garage door with impact glass installed in 2024. The home has public sewer and a garage for parking and storage.
Offered as part of the duplex investment, the home sits on a quiet cul-de-sac setting, backing up to undeveloped woodlands.
The residence was built in 2004. It has a central heating and central air system, and a brand-new 2030 EPA compliant TRANE HVAC system. Key updates include a complete kitchen renovation in 2018 and a primary bathroom renovation in 2024. Exterior improvements include a new roof in 2025, exterior paint in 2026, gutters in 2022, and a garage door with impact glass installed in 2024. The home has public sewer and a garage for parking and storage.
Offered as part of the duplex investment, the home sits on a quiet cul-de-sac setting, backing up to undeveloped woodlands.
Key Highlights
- Investment duplex purchase includes 7020 and 7022
- 3‑bedroom, 2‑bath home with open floor plan and raised 10‑foot ceilings
- Fenced back yard with sprinkler system plus expansive deck
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
$14,742
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
3.93%
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%
$294,840
$294.8K
Cap Rate 7%
$210,600
$210.6K
Cap Rate 9%
$163,800
$163.8K
Market Conditions
NOI Build-Up for 1,512 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
$28.7K $18.96/SF
− Vacancy
−$1.9K −$1.23/SF
EGI
$26.8K $17.73/SF
− OpEx
−$12.1K −$7.98/SF
NOI
$14.7K $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%
$294,840
Cap Rate 7%
$210,600
Cap Rate 9%
$163,800
Alternative Uses
Best Use
Apartment 5plus
$210.6K
$184.3K – $245.7K
NOI $14,742 @ 7.0% cap · market cap 3.93%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$440.5K
$385.5K – $514.0K
NOI $30,838 @ 7.0% cap · market cap 8.22%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
154
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
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Single family property - Three-bedroom, two-bath home with a fenced back yard, deck, and central HVAC, built in 2004.
Where is this single family property located?
The property is located at 7022 Starfish Court Panama City Beach, FL.
What is the asking price?
The asking price for this property is $375,000.
What are key features of this property?
This property features: Investment duplex purchase includes 7020 and 7022; 3‑bedroom, 2‑bath home with open floor plan and raised 10‑foot ceilings; Fenced back yard with sprinkler system plus expansive deck
