Furnished Five-Unit Short-Term
For Sale
$2,099,000
10609 Parkhill Circle, Panama City Beach, FL 32407
Residential, Panama City Beach, FL
Property Size6,856 SF
Price / SF$306.16
Days on Market512
Property Features for 10609 Parkhill Circle
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
Resid Multi-Family
Bedrooms
13
Bathrooms
15
Full bathrooms
15
Rooms
Bedroom 1, Bedroom 6, Bathroom 3, Bedroom 4, Bedroom 5, Bathroom 2, Bathroom 15, Bathroom 10, Bathroom 6, Bathroom 14, Bedroom 9, Bedroom 13, Bathroom 9, Bedroom 12, Bedroom 8, Bathroom 12, Bathroom 11, Bathroom 5, Bathroom 7, Bathroom 8, Bathroom 13, Bedroom 11, Bedroom 2, Bedroom 3, Bedroom 7, Kitchen, Bathroom 4, Bathroom 1, Bedroom 10
Window features
Window Treatments
Interior features
Breakfast Bar, Washer/Dryer Hookup
Exterior features
Fenced Back Yard
Fencing
Back Yard
Appliances
Dishwasher, Dryer, Microwave, Refrigerator, Stove/Oven Electric, Washer, Water Heater - Elect
Subdivision
LONG BEACH 3RD ADDN
Lot features
Survey Available, Within 1/2 Mile to Water
Elementary school
Hutchinson 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
Central
Cooling system
Central Air
Building Details
Year built
2020
Floors in Building
2
Architectural style
Other
Listing Agency:
Counts Real Estate Group Inc
(850) 249-1414
Listed By:
Thomas J Lewis · License #3231512
(850) 896-6939
Added: Apr 24, 2025
Changed: Sep 12
Last Checked: Sep 17 at 5:06PM
MLS# 974700
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 furnished short-term rental compound combines a triplex and duplex in a five-unit configuration totaling 6,856 square feet. Built in 2020, the property includes 13 bedrooms and 15 bathrooms, with each unit individually designed and equipped for guest use. Separate entrances, central heating and cooling, kitchens, appliances, and washer and dryer equipment support the individual-unit layout. A fenced backyard and public sewer serve the property.
Located at 10609 Parkhill Circle in Panama City Beach, the property is described as a short walk from the Gulf and is near dining, shopping, and entertainment. The zoning is identified as Resid Multi-Family. Plans are in place for an additional three-bedroom townhouse on the west side of the lot, subject to applicable approvals.
Located at 10609 Parkhill Circle in Panama City Beach, the property is described as a short walk from the Gulf and is near dining, shopping, and entertainment. The zoning is identified as Resid Multi-Family. Plans are in place for an additional three-bedroom townhouse on the west side of the lot, subject to applicable approvals.
Key Highlights
- Five‑unit property comprising a triplex and duplex
- 6,856 square feet with 13 bedrooms and 15 bathrooms
- Built in 2020 and sold fully furnished
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
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Current Use
Lease Details
5
Residential units
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
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in South region
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Frequently Asked Questions
What type of property is this?
Short term rental property - Turnkey, fully furnished rental compound with separate entrances, modern coastal interiors, and a short walk to the Gulf.
Where is this short term rental property 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: Five‑unit property comprising a triplex and duplex; 6,856 square feet with 13 bedrooms and 15 bathrooms; Built in 2020 and sold fully furnished
