50-Unit Multifamily Investment
For Sale
$6,243,750
3510/ 3536 Saint John Street, Panama City, FL 32401
Renovated apartment community near Panama City Beach with assumable financing.
Property Size33,060 SF
Price / SF$188.86
Days on Market184
Property Features for 3510/ 3536 Saint John Street
General Information
Standard status
Active
Size
33,060 SF
Zoning
Multi Family
Taxes and HOA fees
Annual Taxes
$18,237
Building Details
Building Size
33,060 SF
Year Built
1970
Stories
2
Listing Agency:
Luxe Coastal Realty Group LLC
Listed By:
Marcy L O'Donnell · License #3417794
(848) 220-5555
Source:
Laerrealty
Added: Mar 5
Changed: Sep 3
Last Checked: Sep 5 at 4:05AM
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 Luxe Coastal Realty Group LLC
Investment Insights
Based on property information with market context.
This 50-unit garden-style apartment community features a diverse unit mix consisting of 8 one-bedroom, 20 two-bedroom, 12 three-bedroom, and 10 four-bedroom units. The property has strong fundamentals and consistent performance. Since 2020, 42 units have been renovated with updated flooring, fresh paint, windows, and fixtures. An on-site laundry facility provides additional income. A separate office building with storage offers operational flexibility. Capital improvements include new metal roofs, upgraded electrical panels, and multiple HVAC and water-heater replacements. The property has steady occupancy and an assumable $4.57M, 3.75% fixed-rate non-recourse loan. The property is positioned near major retailers, schools, and employment centers, and is located within minutes of Panama City Beach. The property is situated in a high-demand rental corridor with long-term growth potential. The property size is 33060 square feet.
Key Highlights
- Assumable $4.57M, 3.75% fixed‑rate non‑recourse loan
- 42 units renovated since 2020 with updated flooring, paint, windows, and fixtures**
- Diverse unit mix (1‑4 bedroom units)
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
$366,133
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
5.86%
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%
$7,322,660
$7.3M
Cap Rate 7%
$5,230,471
$5.2M
Cap Rate 9%
$4,068,144
$4.1M
Market Conditions
NOI Build-Up for 33,060 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
$793.4K $24.00/SF
− Vacancy
−$127.7K −$3.86/SF
EGI
$665.7K $20.14/SF
− OpEx
−$299.6K −$9.06/SF
NOI
$366.1K $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%
$7,322,660
Cap Rate 7%
$5,230,471
Cap Rate 9%
$4,068,144
Alternative Uses
Best Use
Apartment 5plus
$5.23M
$4.58M – $6.10M
NOI $366,133 @ 7.0% cap · market cap 5.86%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$8.31M
$7.27M – $9.70M
NOI $581,988 @ 7.0% cap · market cap 9.32%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
168
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 - Renovated apartment community near Panama City Beach with assumable financing.
Where is this apartment building located?
The property is located at 3510/ 3536 Saint John Street Panama City, FL.
What is the asking price?
The asking price for this property is $6,243,750.
What are key features of this property?
This property features: Assumable $4.57M, 3.75% fixed‑rate non‑recourse loan; 42 units renovated since 2020 with updated flooring, paint, windows, and fixtures**; Diverse unit mix (1‑4 bedroom units)
