Turn-Key Panama City Investment
For Sale
$1,150,000
1300 Grace Avenue, Panama City, FL 32401
Fully renovated 10-unit apartment building in growing Panama City.
Property Size8,652 SF
Price / SF$132.92
Days on Market506
Property Features for 1300 Grace Avenue
General Information
Standard status
Active
Size
8,652 SF
Building Details
Year Built
1986
Listing Agency:
CENTURY 21 COMMANDER REALTY
Listed By:
CAIN MCNEIL · License #SL3358940
(850) 814-0530
Source:
Corcoran
Added: Jun 9, 2025
Changed: Mar 16
Last Checked: Mar 16 at 9:09AM
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 CENTURY 21 COMMANDER REALTY
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Investment Insights
Based on property information with market context.
This is a turn-key investment property located in Panama City, near the downtown area. The property features 10 units, including eight 2-bedroom, 1-bathroom units and two 1-bedroom, 1-bathroom units. The units are fully occupied, with an average rental rate of $1,195 per month. Each unit has separate electric and water meters. Landlord responsibilities include grass, trash, and maintenance. The units were completely renovated in 2019 after Hurricane Michael and are meticulously maintained. The property is professionally managed. The Panama City/Bay County MSA ranks 2nd nationally for percentage population growth per US Census Bureau. The property size is 8,652 square feet.
Key Highlights
- Turn‑key investment property featuring 10 units.
- Units renovated in 2019 and meticulously maintained.
- High occupancy with an average rental rate of $1,195/month per unit.
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$84,359
Cap Rate
7.34%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,687,180
$1.7M
Cap Rate 7%
$1,205,129
$1.2M
Cap Rate 9%
$937,322
$937.3K
Market Conditions
NOI Build-Up for 8,652 SF
Gross rent
$164.0K $18.96/SF
− Vacancy
−$10.7K −$1.23/SF
EGI
$153.4K $17.73/SF
− OpEx
−$69.0K −$7.98/SF
NOI
$84.4K $9.75/SF
Area
Bay County, FL
Vacancy
6.50%
Lease Rate
$18.96 /SF/Yr
Expense Ratio
45.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,687,180
Cap Rate 7%
$1,205,129
Cap Rate 9%
$937,322
Alternative Uses
Best Use
Apartment 5plus
$1.21M
$1.05M – $1.41M
NOI $84,359 @ 7.0% cap · market cap 7.34%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$2.52M
$2.21M – $2.94M
NOI $176,463 @ 7.0% cap · market cap 15.34%
Zoning and permitted uses should be independently verified with authorities.
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Property Analytics
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Open Analytics
Location Intelligence
Trade Area within ½ mile
1,213
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
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in South region
Frequently Asked Questions
What type of property is this?
Apartment building - Fully renovated 10-unit apartment building in growing Panama City.
Where is this apartment building located?
The property is located at 1300 Grace Avenue Panama City, FL.
What is the asking price?
The asking price for this property is $1,150,000.
What are key features of this property?
This property features: Turn‑key investment property featuring 10 units.; Units renovated in 2019 and meticulously maintained.; High occupancy with an average rental rate of $1,195/month per unit.
