Renovated Duplex with Fenced
For Sale
$510,000
116 Lakeside Circle, Panama City Beach, FL 32413
Residential, Panama City Beach, FL
Property Size1,664 SF
Lot Size0.17 Acres
Price / SF$306.49
Days on Market118
Property Features for 116 Lakeside Circle
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
Resid Single Family
Bedrooms
4
Bathrooms
2
Full bathrooms
2
Rooms
Bedroom 4, Bedroom 2, Bathroom 2, Dining Room, Bedroom 3, Bedroom 1, Bathroom 1
Interior features
Washer/Dryer Hookup
Exterior features
Fenced Back Yard
Fencing
Back Yard
Appliances
Disposal, Microwave, Refrigerator W/IceMk
Subdivision
LAKESIDE VILLAS
Elementary school
Hutchinson Beach
Middle school
Surfside
High school
Arnold
Directions
From Highway 79 and Panama City Beach Parkway head east. Turn Right on Lullwater Dr and Left on Lakeside Circle. Duplex will be on the left
Standard status
Active
APN
32827-082-000
Size
1,664 SF
Lot size
0.17 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
LAKESIDE VILLAS LOT 10 BLK A ORB 4704 P 1632
Tax Annual Amount
4249
Legal Description
LAKESIDE VILLAS LOT 10 BLK A ORB 4704 P 1632
Utilities
Sewer type
Public Sewer
Cooling system
Central Air
Building Details
Year built
1972
Floors in Building
1
Flooring type
Vinyl, Tile
Building materials
Brick
Architectural style
Other
Listing Agency:
La Florida Coastal Properties
(850) 231-7896
Listed By:
Ronald C Godwin III · License #3451664
(850) 797-2563
Added: May 2
Changed: Aug 26
Last Checked: Aug 27 at 4:06PM
MLS# 1002139
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 1,664-square-foot duplex includes two units identified as Unit A and Unit B. Seller-completed updates include fresh paint, newer flooring, and upgraded fixtures. The property has brick construction, tile and vinyl flooring, central air, washer/dryer hookups, and a kitchen equipped with a disposal, microwave, and refrigerator with ice maker. The layout includes four bedrooms, two bathrooms, and a dining room.
The 0.17-acre parcel is located in Panama City Beach, Florida, within Bay County. Exterior features include a fenced backyard, while public sewer serves the property. Built in 1972, the duplex is zoned Resid Single Family.
The 0.17-acre parcel is located in Panama City Beach, Florida, within Bay County. Exterior features include a fenced backyard, while public sewer serves the property. Built in 1972, the duplex is zoned Resid Single Family.
Key Highlights
- Two‑unit duplex identified as Unit A and Unit B
- 1,664 square feet on a 0.17‑acre parcel
- Four bedrooms, two bathrooms, and a dining room
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
$17,705
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
3.47%
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%
$354,100
$354.1K
Cap Rate 7%
$252,929
$252.9K
Cap Rate 9%
$196,722
$196.7K
Market Conditions
NOI Build-Up for 1,664 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
$27.0K $16.20/SF
− Vacancy
−$1.7K −$1.00/SF
EGI
$25.3K $15.20/SF
− OpEx
−$7.6K −$4.56/SF
NOI
$17.7K $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%
$354,100
Cap Rate 7%
$252,929
Cap Rate 9%
$196,722
Alternative Uses
Best Use
Multifamily LT 5
$252.9K
$221.3K – $295.1K
NOI $17,705 @ 7.0% cap · market cap 3.47%
Second Best
Apartment 5plus
$231.8K
$202.8K – $270.4K
NOI $16,224 @ 7.0% cap · market cap 3.18%
Theoretical Best
Office A
$484.8K
$424.2K – $565.6K
NOI $33,938 @ 7.0% cap · market cap 6.65%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
477
Businesses Nearby
Explore this area
Business Placement
Demographics for 32413, FL
15,217
Population
16,334
Households
0.9
Avg Household Size
50
Median Age
34%
College-Educated
94%
High-School Grad
108.2 sq mi
ZIP Area
141
Density / Sq Mi
$76,010
Median Household Income
$41,282
Median Earnings
$1,629
Median Rent
$384,000
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?
Duplex - Brick duplex with central air, updated finishes, and a fenced rear yard in Panama City Beach.
Where is this duplex located?
The property is located at 116 Lakeside Circle Panama City Beach, FL.
What is the asking price?
The asking price for this property is $510,000.
What are key features of this property?
This property features: Two‑unit duplex identified as Unit A and Unit B; 1,664 square feet on a 0.17‑acre parcel; Four bedrooms, two bathrooms, and a dining room
