Turnkey Income-Producing Investment
116 Springfield Avenue Panama City, FL 32401
116 Springfield Avenue, Panama City, FL, 32401
$608,000
For Sale
$608,000
MULTI_FAMILY - Panama City, FL
Property Size2,907 SF
Lot Size0.31 Acres
Price / SF$209.15
Days on Market49
Property Features for 116 Springfield Avenue
General Information
- Property type
- Residential Multi Family
- Property subtype
- Other
- Standard status
- Active
- APN
- 24226-000-000
- Size
- 2,907 SF
- Lot size
- 0.31 Acres
Taxes and HOA fees
- Tax Description
- N MOORETOWN (1.15) LOTS 1,2 BLK 9 ORB 4686 P 914
Building Details
- Year built
- 1952
- Building materials
- Block, VinylSiding
- Roof type
- Shingle, Composition
Listing Agency
Beachy Beach Real Estate
(850) 532-6262
213 Harrison Avenue, Panama City Beach, FL
Listed by
Heather Fox · License #SL3392228
(850) 541-5774
Added: May 30 Checked: Jul 17 at 10:06 am
MLS# 790575
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 turnkey income-producing investment opportunity features six detached single-family units, each with one bedroom, one bathroom, a living area, and a kitchen. The property was remodeled in 2021 and is fully occupied, generating $63,900 in annual gross rental income. Rent rolls are available for review. Each unit was updated in 2021 with 30-year dimensional shingle roofs, energy-efficient windows, updated electrical wiring, fresh sheetrock, interior paint, luxury vinyl plank flooring, new kitchen cabinetry, and updated countertops. Each unit is individually metered for both water and electricity. The property contains 2907 square feet and sits on a lot of 0.31 acres. This multi-unit property is located in Panama City, Florida. It is suitable for expanding rental holdings, securing consistent income, or investing in a low-maintenance multi-unit property.
Key Highlights
- Turnkey investment property generating $63,900 annual gross rental income.
- Six detached single‑family units, fully occupied with established rent rolls.
- Remodeled in 2021 with major updates: 30‑year roof, energy‑efficient windows, updated electrical, new interiors.
Local Financial Insights For Apartment 5plus
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $69.8k | $24.00 |
| − Vacancy | −$11.2k | −$3.86 |
| EGI | $58.5k | $20.14 |
| − OpEx | −$26.3k | −$9.06 |
| NOI | $32.2k | $11.07 |
2,907 SF · lease $24.00/SF/yr · vacancy 16.10% · expense 45.00%
Alternative Uses
Best Use
Apartment 5plus
$459.9K
$402.4K – $536.6K
NOI $32,194 @ 7.0% cap · market cap 5.30%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$731.1K
$639.7K – $852.9K
NOI $51,175 @ 7.0% cap · market cap 8.42%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Property Profile
Location Intelligence
Current Use by Public Records
Single family properties
Similar For Sale Nearby
FAQs
What type of property is this?
Single family property - Six detached single-family units, remodeled in 2021, generating $63,900 annually.
Where is this single family property located?
The property is located at 116 Springfield Avenue Panama City, FL.
What is the asking price?
The asking price for this property is $608,000.
What are key features of this property?
This property features: Turnkey investment property generating $63,900 annual gross rental income.; Six detached single‑family units, fully occupied with established rent rolls.; Remodeled in 2021 with major updates: 30‑year roof, energy‑efficient windows, updated electrical, new interiors.
