Furnished Two-Unit
For Sale
$529,000
8402 Elizabeth Avenue, Panama City Beach, FL 32408
Residential, Panama City Beach, FL
Property Size1,788 SF
Lot Size0.14 Acres
Price / SF$295.86
Days on Market192
Property Features for 8402 Elizabeth Avenue
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Zoning description
Resid Single Family
Bedrooms
4
Bathrooms
4
Full bathrooms
4
Rooms
Bathroom 1, Bathroom 3, Bedroom 1, Bedroom 4, Bedroom 3, Bathroom 4, Bedroom 2, Bathroom 2
Interior features
MainLevelPrimary
Exterior features
FirePit
Fencing
Privacy
Appliances
ElectricOven
Subdivision
Bel Air
Elementary school
Breakfast Point
Middle school
Breakfast Point
High school
Arnold
Directions
From the Hathaway Bridge traveling west on Hwy 98 Use the middle 2 lanes to turn slightly right to stay on US-98 W Pass by Taco Bell (on the right in 0.2 mi) Use the left 2 lanes to turn slightly left onto FL-30 W/Front Beach Rd Continue on Joan Ave. Take C R 392/Thomas Dr to Elizabeth Ave in Lower Grand Lagoon
Standard status
Active
APN
30291-000-000
Size
1,788 SF
Lot size
0.14 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
BEL AIR LOT 25 BLK 5 ORB 3422 P 1068 MAP 58B3&B4
Tax Annual Amount
5053
Legal Description
BEL AIR LOT 25 BLK 5 ORB 3422 P 1068 MAP 58B3&B4
Utilities
Heating system
Central, Electric (Heating)
Cooling system
Central Air
Amenities
fire pits
outdoor shower
Building Details
Year built
1999
Building materials
Stucco
Architectural style
Other
Listing Agency:
Coldwell Banker Realty · Coldwell Banker Real Estate
(850) 234-6696
Listed By:
Catriese M Johnson · License #SL3431258
(850) 687-7487
Added: Feb 24
Changed: Aug 27
Last Checked: Sep 4 at 1:06PM
MLS# 785770
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.
Built in 1999, this 1,788-square-foot duplex contains two units, each with two bedrooms and two bathrooms. Both sides are furnished and feature open interiors, renovated kitchens with granite countertops and stainless steel appliances, updated bathrooms, and tile flooring throughout. Central heating and cooling serve the property, while privacy fencing, fire pits, and an outdoor shower enhance the exterior areas. The parcel measures 0.14 acres.
The property is positioned within a five-minute walk of the beach and near public beach access, restaurants, shopping, and local attractions. Its two-unit configuration supports several ownership and operating approaches, including occupying one unit while leasing the other or using both units as rentals. No HOA is associated with the property.
The property is positioned within a five-minute walk of the beach and near public beach access, restaurants, shopping, and local attractions. Its two-unit configuration supports several ownership and operating approaches, including occupying one unit while leasing the other or using both units as rentals. No HOA is associated with the property.
Key Highlights
- Two‑unit duplex with 1,788 square feet of building area
- Each unit includes 2 bedrooms and 2 bathrooms
- Furnished property with renovated kitchens and updated bathrooms
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
$19,025
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
3.60%
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%
$380,500
$380.5K
Cap Rate 7%
$271,786
$271.8K
Cap Rate 9%
$211,389
$211.4K
Market Conditions
NOI Build-Up for 1,788 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
$29.0K $16.20/SF
− Vacancy
−$1.8K −$1.00/SF
EGI
$27.2K $15.20/SF
− OpEx
−$8.2K −$4.56/SF
NOI
$19.0K $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%
$380,500
Cap Rate 7%
$271,786
Cap Rate 9%
$211,389
Alternative Uses
Best Use
Multifamily LT 5
$271.8K
$237.8K – $317.1K
NOI $19,025 @ 7.0% cap · market cap 3.60%
Second Best
Apartment 5plus
$249.0K
$217.9K – $290.6K
NOI $17,433 @ 7.0% cap · market cap 3.30%
Theoretical Best
Office A
$521.0K
$455.8K – $607.8K
NOI $36,467 @ 7.0% cap · market cap 6.89%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
434
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
Market
Vacancy Rate% for Multifamily in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Duplex - Furnished duplex with two-bedroom units, renovated interiors, and no HOA.
Where is this duplex located?
The property is located at 8402 Elizabeth Avenue Panama City Beach, FL.
What is the asking price?
The asking price for this property is $529,000.
What are key features of this property?
This property features: Two‑unit duplex with 1,788 square feet of building area; Each unit includes 2 bedrooms and 2 bathrooms; Furnished property with renovated kitchens and updated bathrooms
