Renovated 4-Unit Townhome
1211 Stephen Drive, Panama City, FL 32405
For Sale
$992,500
Four two-bedroom residences each include two bathrooms, with upgrades spanning kitchens, flooring, lighting, and baths.
Property Size4,288 SF
Price / SF$231.46
Days on Market314
Property Features for 1211 Stephen Drive
General Information
Standard status
Size
Property subtype
Units
Unit Mix
Multifamily Units
Taxes and HOA fees
Annual Taxes
Amenities
laundry room
Building Details
Building Size
Year Built
Listing Agency:
Red Real Estate Associates, LL
Listed By:
Milton Vergara · License #BK3066026
(754) 422-9250
Source:
Indianspringsfl
Added: Dec 29, 2025
Changed: Nov 7
Last Checked: Nov 7 at 2:25PM
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 Red Real Estate Associates, LL
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Investment Insights
Based on property information with market context.
This four-unit residential income property contains four townhomes, each configured with two bedrooms and two bathrooms. The 4,288-square-foot property was built in 1986 and has undergone renovations that include kitchen cabinetry, quartz countertops, tile flooring across the stairs and living areas, recessed lighting, fresh paint, updated bathrooms, laundry rooms, and landscaping.
The property is in Panama City, with the beach, St. Andrews Bay, downtown, and Tyndall Air Force Base identified as nearby destinations.
The property is in Panama City, with the beach, St. Andrews Bay, downtown, and Tyndall Air Force Base identified as nearby destinations.
Key Highlights
- Four townhomes, each with 2 bedrooms and 2 bathrooms
- 4,288 square feet; built in 1986
- Renovation work includes quartz countertops, new kitchen cabinets, tile flooring, recessed lighting, updated bathrooms, laundry rooms, and landscaping
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$45,626
Cap Rate
4.60%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$912,520
$912.5K
Cap Rate 7%
$651,800
$651.8K
Cap Rate 9%
$506,956
$507.0K
Market Conditions
NOI Build-Up for 4,288 SF
Gross rent
$69.5K $16.20/SF
− Vacancy
−$4.3K −$1.00/SF
EGI
$65.2K $15.20/SF
− OpEx
−$19.6K −$4.56/SF
NOI
$45.6K $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 Rate 5%
$912,520
Cap Rate 7%
$651,800
Cap Rate 9%
$506,956
Alternative Uses
Best Use
Multifamily LT 5
$651.8K
$570.3K – $760.4K
NOI $45,626 @ 7.0% cap · market cap 4.60%
Second Best
Apartment 5plus
$597.3K
$522.6K – $696.8K
NOI $41,809 @ 7.0% cap · market cap 4.21%
Theoretical Best
Office A
$1.25M
$1.09M – $1.46M
NOI $87,456 @ 7.0% cap · market cap 8.81%
Zoning and permitted uses should be independently verified with authorities.
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Lease Details
4
Residential units
Location Intelligence
Trade Area within ½ mile
816
Businesses Nearby
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Business Placement
Demographics for 32405, FL
28,158
Population
13,585
Households
2.1
Avg Household Size
40
Median Age
29%
College-Educated
92%
High-School Grad
18.8 sq mi
ZIP Area
1,498
Density / Sq Mi
$71,002
Median Household Income
$41,867
Median Earnings
$1,418
Median Rent
$255,100
Median Home Value
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Market
Vacancy Rate% for Multifamily in South region
Frequently Asked Questions
What type of property is this?
Quadplex - Four two-bedroom residences each include two bathrooms, with upgrades spanning kitchens, flooring, lighting, and baths.
Where is this quadplex located?
The property is located at 1211 Stephen Drive Panama City, FL.
What is the asking price?
The asking price for this property is $992,500.
What are key features of this property?
This property features: Four townhomes, each with 2 bedrooms and 2 bathrooms; 4,288 square feet; built in 1986; Renovation work includes quartz countertops, new kitchen cabinets, tile flooring, recessed lighting, updated bathrooms, laundry rooms, and landscaping
