Six-Unit Apartment
For Sale
$578,000
116 Springfield Ave, Panama City, FL 32401
Remodeled rental compound with individually metered dwellings and fully occupied units.
Property Size2,907 SF
Price / SF$198.83
Days on Market44
Property Features for 116 Springfield Ave
General Information
Standard status
Active
Size
2,907 SF
Property subtype
Multi-Family
Occupancy
100%
Units
Unit Mix
6 x 1BR/1BA
Multifamily Units
6
Additional Details
Gross Income
$63,900
Utilities to Site
Yes
Building Details
Year Built
1952
Year Renovated
2021
Buildings
6
Listing Agency:
Beachy Beach Real Estate
Listed By:
Heather Fox · License #SL3392228
(850) 541-5774
Source:
Bemajorteam
Added: Jul 21
Changed: Aug 31
Last Checked: Sep 1 at 9:58PM
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 Beachy Beach Real Estate
Investment Insights
Based on property information with market context.
This apartment property includes six detached one-bedroom dwellings, each with one bathroom, a living area, and a kitchen. The improvements were completed in 2021 and include dimensional shingle roofs, energy-efficient windows, revised electrical wiring, new sheetrock, interior paint, luxury vinyl plank flooring, kitchen cabinets, and updated countertops. The property contains 2,907 square feet and was built in 1952.
Water and electricity are separately metered for each dwelling. All six units are occupied, and rent rolls are available for review. The property is located at 116 Springfield Ave in Panama City, Florida, with a 32401 ZIP code.
Water and electricity are separately metered for each dwelling. All six units are occupied, and rent rolls are available for review. The property is located at 116 Springfield Ave in Panama City, Florida, with a 32401 ZIP code.
Key Highlights
- Six detached one‑bedroom apartment units, each with one bathroom, living space, and a kitchen
- 2021 remodeling included roofs, windows, electrical wiring, sheetrock, flooring, cabinetry, and countertops
- 2,907 square feet on a property built in 1952
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
$32,194
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
5.57%
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%
$643,880
$643.9K
Cap Rate 7%
$459,914
$459.9K
Cap Rate 9%
$357,711
$357.7K
Market Conditions
NOI Build-Up for 2,907 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
$69.8K $24.00/SF
− Vacancy
−$11.2K −$3.86/SF
EGI
$58.5K $20.14/SF
− OpEx
−$26.3K −$9.06/SF
NOI
$32.2K $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%
$643,880
Cap Rate 7%
$459,914
Cap Rate 9%
$357,711
Alternative Uses
Best Use
Apartment 5plus
$459.9K
$402.4K – $536.6K
NOI $32,194 @ 7.0% cap · market cap 5.57%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$731.1K
$639.7K – $852.9K
NOI $51,175 @ 7.0% cap · market cap 8.85%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
6
Residential units
100%
Occupancy
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
180
Businesses Nearby
Explore this area
Business Placement
Demographics for 32401, FL
20,487
Population
10,239
Households
2
Avg Household Size
42
Median Age
20%
College-Educated
86%
High-School Grad
12.5 sq mi
ZIP Area
1,639
Density / Sq Mi
$49,901
Median Household Income
$35,885
Median Earnings
$1,194
Median Rent
$207,000
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?
Apartment building - Remodeled rental compound with individually metered dwellings and fully occupied units.
Where is this apartment building located?
The property is located at 116 Springfield Ave Panama City, FL.
What is the asking price?
The asking price for this property is $578,000.
What are key features of this property?
This property features: Six detached one‑bedroom apartment units, each with one bathroom, living space, and a kitchen; 2021 remodeling included roofs, windows, electrical wiring, sheetrock, flooring, cabinetry, and countertops; 2,907 square feet on a property built in 1952
