Triplex Rental
For Sale
$2,099,000
10609 Parkhill Circle, Panama City Beach, FL 32407
MULTI_FAMILY - Panama City Beach, FL
Property Size6,856 SF
Price / SF$306.16
Days on Market494
Property Features for 10609 Parkhill Circle
General Information
Property type
Residential Multi Family
Property subtype
Triplex
Zoning description
Resid Multi-Family
Bedrooms
13
Bathrooms
15
Full bathrooms
15
Rooms
Bathroom 4, Bedroom 1, Bedroom 10, Bedroom 2, Bedroom 4, Bedroom 3, Bedroom 5, Bathroom 11, Bedroom 8, Bathroom 15, Bathroom 6, Bedroom 7, Bathroom 13, Bedroom 11, Living Room, Bedroom 6, Bedroom 9, Bedroom 12, Bedroom 13, Bathroom 10, Bathroom 8, Bathroom 12, Bathroom 14, Bathroom 5, Bathroom 9, Bathroom 7, Bathroom 1, Bathroom 3, Bathroom 2
Fencing
Fenced
Appliances
ElectricRange, ElectricWaterHeater
Subdivision
No Named Subdivision
Lot features
Paved
Elementary school
Hutchison Beach
Middle school
Surfside
High school
Arnold
Directions
From 98, South on Richard Jackson Blvd, Left on Middle Beach Road, Right on Churchwell Drive, Left on Parkhill Circle. Duplex & Triplex will be on your Left.
Standard status
Active
APN
34980-000-000
Size
6,856 SF
Taxes and HOA fees
Tax Description
LONG BEACH 3RD ADD LOTS 3, 4 & 5 BLK 13 ORB 4178 P 807
Legal Description
LONG BEACH 3RD ADD LOTS 3, 4 & 5 BLK 13 ORB 4178 P 807
Utilities
Sewer type
Public Sewer
Heating system
Electric (Heating)
Cooling system
Ceiling Fan(s)
Amenities
private entrances
Building Details
Year built
2020
Floors in Building
2
Roof type
Metal
Listing Agency:
Counts Real Estate Group Inc
(850) 249-3615
Listed By:
Kristen Counts Barr · License #3248132
(850) 832-3728
Added: Apr 21, 2025
Changed: Aug 2
Last Checked: Aug 27 at 3:06PM
MLS# 772255
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.
A turnkey triplex rental package with an adjoining duplex, sold together and fully furnished for immediate use. The triplex was built in 2020 and features three individually themed units with private entrances, including The Beach Cabana, The Groovy Shack, and Welcome to Paradise. Across the triplex, there are 9 bedrooms and 9 bathrooms, and each unit includes modern coastal finishes and vibrant exterior doors.
The adjoining duplex adds two distinct units, The Surf House and The Tropical House, with 4 bedrooms and 6 bathrooms total. The triplex is described as having over 4,000 square feet of space, while the duplex adds 2,800 square feet. This package is set up to operate as a plug-and-play rental, with every unit furnished and fully equipped.
The property includes electric heating and ceiling fans, a metal roof, fencing, and public sewer service. Appliances noted include an electric range and an electric water heater. Plans are in place for a 3-bedroom townhouse to be added on the west side of the lot for future expansion. The Gulf is described as a short walk away.
The adjoining duplex adds two distinct units, The Surf House and The Tropical House, with 4 bedrooms and 6 bathrooms total. The triplex is described as having over 4,000 square feet of space, while the duplex adds 2,800 square feet. This package is set up to operate as a plug-and-play rental, with every unit furnished and fully equipped.
The property includes electric heating and ceiling fans, a metal roof, fencing, and public sewer service. Appliances noted include an electric range and an electric water heater. Plans are in place for a 3-bedroom townhouse to be added on the west side of the lot for future expansion. The Gulf is described as a short walk away.
Key Highlights
- Triplex and adjoining duplex sold together, fully furnished for immediate rental use
- Built in 2020 with a metal roof and public sewer service
- Triplex includes three themed units with 9 bedrooms and 9 bathrooms; private entrances
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
$72,950
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
3.48%
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%
$1,459,000
$1.5M
Cap Rate 7%
$1,042,143
$1.0M
Cap Rate 9%
$810,556
$810.6K
Market Conditions
NOI Build-Up for 6,856 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
$111.1K $16.20/SF
− Vacancy
−$6.9K −$1.00/SF
EGI
$104.2K $15.20/SF
− OpEx
−$31.3K −$4.56/SF
NOI
$73.0K $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%
$1,459,000
Cap Rate 7%
$1,042,143
Cap Rate 9%
$810,556
Alternative Uses
Best Use
Multifamily LT 5
$1.04M
$911.9K – $1.22M
NOI $72,950 @ 7.0% cap · market cap 3.48%
Second Best
Apartment 5plus
$955.0K
$835.6K – $1.11M
NOI $66,847 @ 7.0% cap · market cap 3.18%
Theoretical Best
Office A
$2.00M
$1.75M – $2.33M
NOI $139,832 @ 7.0% cap · market cap 6.66%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
870
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?
Triplex - Built in 2020, the triplex and adjoining duplex come furnished, with private entrances and a short walk to the Gulf.
Where is this triplex located?
The property is located at 10609 Parkhill Circle Panama City Beach, FL.
What is the asking price?
The asking price for this property is $2,099,000.
What are key features of this property?
This property features: Triplex and adjoining duplex sold together, fully furnished for immediate rental use; Built in 2020 with a metal roof and public sewer service; Triplex includes three themed units with 9 bedrooms and 9 bathrooms; private entrances
