Four-Building Multifamily
For Sale
Contact for pricing
114 S HWY 22 A, Panama City, FL 32404
For sale multifamily portfolio with four buildings totaling 14 units.
Property Size13,768 SF
Price / SF$127.11
Days on Market84
Property Features for 114 S HWY 22 A
General Information
Standard status
Active
Size
13,768 SF
Property subtype
Multifamily
Zoning
Multi-Family
Occupancy
100%
Investment Type
Value Add
Additional Details
Multifamily Units
14
Building Details
Year Built
1984
Buildings
4
Stories
2
Units
14
Tenancy
Multi
Listing Agency:
Counts Real Estate Group
(850) 248-3615
Listed By:
Charlie Haas · License #3021473
Source:
Crexi
Added: Jun 5
Changed: Aug 22
Last Checked: Aug 24 at 12:12PM
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 Counts Real Estate Group
Investment Insights
Based on property information with market context.
This offering is a multifamily portfolio consisting of four separate buildings with a total of 14 units. The property is presented as a consolidated package for ownership.
Located at 114 S HWY 22 A in Panama City, Florida, the portfolio is well-suited for buyers seeking a small multi-building residential income structure.
With multiple buildings under one ownership umbrella, the configuration provides a straightforward way to acquire and manage a 14-unit multifamily asset.
Located at 114 S HWY 22 A in Panama City, Florida, the portfolio is well-suited for buyers seeking a small multi-building residential income structure.
With multiple buildings under one ownership umbrella, the configuration provides a straightforward way to acquire and manage a 14-unit multifamily asset.
Key Highlights
- Four‑building multifamily portfolio totaling 14 units
- Year built: 1984
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
$152,478
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
8.71%
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%
$3,049,560
$3.0M
Cap Rate 7%
$2,178,257
$2.2M
Cap Rate 9%
$1,694,200
$1.7M
Market Conditions
NOI Build-Up for 13,768 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
$330.4K $24.00/SF
− Vacancy
−$53.2K −$3.86/SF
EGI
$277.2K $20.14/SF
− OpEx
−$124.8K −$9.06/SF
NOI
$152.5K $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%
$3,049,560
Cap Rate 7%
$2,178,257
Cap Rate 9%
$1,694,200
Alternative Uses
Best Use
Apartment 5plus
$2.18M
$1.91M – $2.54M
NOI $152,478 @ 7.0% cap · market cap 8.71%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$3.46M
$3.03M – $4.04M
NOI $242,372 @ 7.0% cap · market cap 13.85%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
14
Residential units
Location Intelligence
Trade Area within ½ mile
361
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 - For sale multifamily portfolio with four buildings totaling 14 units.
Where is this apartment building located?
The property is located at 114 S HWY 22 A Panama City, FL.
What is the asking price?
The asking price for this property is $1,750,000.
What are key features of this property?
This property features: Four‑building multifamily portfolio totaling 14 units; Year built: 1984
