5-Unit New Construction Apartment
New
For Sale
$1,099,500
Pending
110 S Berthe Ave, Panama City, FL 32404
Five contemporary two-story residences offer private garages, modern finishes, and low-maintenance community upkeep.
Property Size6,750 SF
Days on Market5
Property Features for 110 S Berthe Ave
General Information
Standard status
Pending
Size
6,750 SF
Total Parking Spaces
5
Property subtype
Commercial
Units
Unit Mix
5 x 3BR/2.5BA
Multifamily Units
5
Building Details
Year Built
2025
Buildings
1
Stories
2
Listing Agency:
ERA Neubauer Real Estate Inc
Listed By:
Heather H Neubauer · License #3257545
(850) 774-2832
Source:
Emeraldcoasthomesource
Added: Aug 30
Changed: Sep 1
Last Checked: Sep 2 at 6:31PM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of ERA Neubauer Real Estate Inc
Investment Insights
Based on property information with market context.
Completed in 2025, this five-unit apartment building is configured as individually designed two-story townhomes. Each residence includes three bedrooms, two-and-a-half bathrooms, approximately 1,300 square feet of heated and cooled living space, and an attached one-car garage. Interiors feature open living, dining, and kitchen areas with quartz countertops, stainless steel appliances, breakfast bar seating, contemporary finishes, and covered rear patios. The upper level includes a primary suite with a walk-in closet and private bathroom, along with two additional bedrooms, a full bathroom, and washer and dryer connections.
The property is located at 110 S Berthe Avenue in Panama City, approximately 6.6 miles from Tyndall Air Force Base. Winn-Dixie is 1.6 miles away, and Under the Oaks Park is 2.9 miles away. Exterior maintenance and common-area upkeep are included among the community amenities, providing a low-maintenance ownership structure.
The property is located at 110 S Berthe Avenue in Panama City, approximately 6.6 miles from Tyndall Air Force Base. Winn-Dixie is 1.6 miles away, and Under the Oaks Park is 2.9 miles away. Exterior maintenance and common-area upkeep are included among the community amenities, providing a low-maintenance ownership structure.
Key Highlights
- Five‑unit townhome building completed in 2025
- Each residence offers 3 bedrooms, 2.5 bathrooms, and approximately 1,300 square feet
- Attached one‑car garage included with each unit
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
$74,755
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
6.80%
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%
$1,495,100
$1.5M
Cap Rate 7%
$1,067,929
$1.1M
Cap Rate 9%
$830,611
$830.6K
Market Conditions
NOI Build-Up for 6,750 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
$162.0K $24.00/SF
− Vacancy
−$26.1K −$3.86/SF
EGI
$135.9K $20.14/SF
− OpEx
−$61.2K −$9.06/SF
NOI
$74.8K $11.07/SF
Area
Walton County, FL
Vacancy
16.10%
Lease Rate
$24.00 /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%
$1,495,100
Cap Rate 7%
$1,067,929
Cap Rate 9%
$830,611
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 authorities.
Property Analytics
Property Profile
Current Use
Lease Details
5
Residential units
Location Intelligence
Trade Area within ½ mile
196
Businesses Nearby
Explore this area
Business Placement
Demographics for 32404, FL
38,186
Population
18,053
Households
2.1
Avg Household Size
40
Median Age
21%
College-Educated
87%
High-School Grad
135.1 sq mi
ZIP Area
283
Density / Sq Mi
$72,208
Median Household Income
$38,701
Median Earnings
$1,355
Median Rent
$239,700
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?
Apartment building - Five contemporary two-story residences offer private garages, modern finishes, and low-maintenance community upkeep.
Where is this apartment building located?
The property is located at 110 S Berthe Ave 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: Five‑unit townhome building completed in 2025; Each residence offers 3 bedrooms, 2.5 bathrooms, and approximately 1,300 square feet; Attached one‑car garage included with each unit
