Five-Unit Townhome Apartment
For Sale
$1,099,500
Pending
110 S Berthe Avenue, Panama City, FL 32404
CommercialSale, Panama City, FL
Property Size6,750 SF
Lot Size1.03 Acres
Days on Market179
Property Features for 110 S Berthe Avenue
General Information
Property type
Commercial Sale
Property subtype
Other
Property condition
Under Construction
Subdivision
[No Recorded Subdiv]
Elementary school
Callaway
Middle school
Everitt
High school
Rutherford
Directions
Fr N Tyndall Pkwy, head S. on US98E/N Tyndall Pkwy. Use left 2 lanes to left on FL-22 E. Turn right onto S. Berthe
Standard status
Pending
APN
06829-000-000
Size
6,750 SF
Lot size
1.03 Acres
Taxes and HOA fees
Tax Description
CALLAWAY PLAT 132B1 LOTS 1 THRU 8 INC BLK 26 PT VACATED ALLEY ORB 905 P1538 ORB 446 P 1827
HOA Fee
$125 Monthly
Legal Description
CALLAWAY PLAT 132B1 LOTS 1 THRU 8 INC BLK 26 PT VACATED ALLEY ORB 905 P1538 ORB 446 P 1827
Utilities
Sewer type
Public Sewer
Building Details
Year built
2025
Listing Agency:
ERA Neubauer Real Estate Inc · ERA Real Estate
(850) 785-1551
Listed By:
Heather H Neubauer · License #3257545
(850) 774-2832
Added: Mar 8
Changed: Aug 31
Last Checked: Sep 3 at 5:06PM
MLS# 794801
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.
This apartment property comprises five two-story townhome residences on a 1.03-acre site. Each home contains approximately 1,300 square feet of heated and cooled living area, with three bedrooms, two-and-one-half bathrooms, and an attached one-car garage. Interior layouts include open living, dining, and kitchen areas, quartz countertops, stainless steel appliances, breakfast bars, a first-floor half bath, covered rear patios, walk-in primary closets, ensuite bathrooms, and washer and dryer connections. The property size is 6,750 square feet, with public sewer service and a 2025 year built designation.
The property is approximately 6.6 miles from Tyndall Air Force Base, 1.6 miles from Winn-Dixie, and 2.9 miles from Under the Oaks Park. Community services include exterior maintenance and common-area upkeep, providing a defined shared-maintenance structure for the residences.
The property is approximately 6.6 miles from Tyndall Air Force Base, 1.6 miles from Winn-Dixie, and 2.9 miles from Under the Oaks Park. Community services include exterior maintenance and common-area upkeep, providing a defined shared-maintenance structure for the residences.
Key Highlights
- Five townhome residences on 1.03 acres
- Each unit offers 3 bedrooms, 2.5 bathrooms, and approximately 1,300 square feet
- Attached one‑car garage included with every residence
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
161
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
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Apartment building - Two-story residences combine private garages, contemporary finishes, and shared exterior maintenance for streamlined ownership.
Where is this apartment building located?
The property is located at 110 S Berthe Avenue 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 townhome residences on 1.03 acres; Each unit offers 3 bedrooms, 2.5 bathrooms, and approximately 1,300 square feet; Attached one‑car garage included with every residence
