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
- Bedrooms
- 6
- Bathrooms
- 6
- Rooms
- Bathroom 1, Bedroom 3, Bathroom 2, Bathroom 6, Bathroom 4, Bathroom 3, Bedroom 2, Bedroom 1, Bedroom 5, Bedroom 4, Bedroom 6, Bathroom 5
- Patio and Porch features
- Porch
- Interior features
- MainLevelPrimary, TubShower
- Appliances
- ElectricCooktop, ElectricOven
- Standard status
- Active
- APN
- 24226-000-000
- Size
- 2,907 SF
- Lot size
- 0.31 Acres
Taxes and HOA fees
- Tax Year
- 2025
- Tax Description
- N MOORETOWN (1.15) LOTS 1,2 BLK 9 ORB 4686 P 914
- Tax Annual Amount
- 8434
Utilities
- Sewer type
- Public Sewer
- Cooling system
- Window Unit(s)
Building Details
- Year built
- 1952
- Building materials
- Block
- Roof type
- Shingle
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# 790574
Listing URL
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 property features six detached single-family units, each with one bedroom, one spacious bathroom, a comfortable living area, and a functional kitchen. The property was remodeled in 2021. It is fully occupied and currently generates $63,900 in annual gross rental income. Rent rolls are available for review. Each unit was updated in 2021 with improvements including 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 0.31-acre lot. This multi-unit property is located in Panama City, Florida. This property is designed for ease, efficiency, and long-term value and is a strong addition to any investment portfolio. This turnkey opportunity is ready to perform from day one, whether you are looking to expand your rental holdings, secure consistent income, or invest in a low-maintenance multi-unit property.
Key Highlights
- Six detached 1‑bedroom, 1‑bath single‑family units, fully occupied and generating $63,900 annual gross rental income
- Remodeled in 2021 with 30‑year dimensional shingle roofs, energy‑efficient windows, updated electrical wiring, and fresh sheetrock/paint
- Each unit has luxury vinyl plank flooring and updated kitchens with new cabinetry and updated countertops
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: Six detached 1‑bedroom, 1‑bath single‑family units, fully occupied and generating $63,900 annual gross rental income; Remodeled in 2021 with 30‑year dimensional shingle roofs, energy‑efficient windows, updated electrical wiring, and fresh sheetrock/paint; Each unit has luxury vinyl plank flooring and updated kitchens with new cabinetry and updated countertops
