12-Unit Apartment Building
For Sale
$400,000
1337 E Park Road #Q1-4, Panama City, FL 32404
Three multifamily buildings provide separately configured residences under Resid Multi-Family zoning.
Property Size3,000 SF
Days on Market8
Property Features for 1337 E Park Road #Q1-4
General Information
Standard status
Active
Size
3,000 SF
Property subtype
Multi Family Home
Zoning
Resid Multi-Family
Taxes and HOA fees
Annual Taxes
$1,704
Building Details
Building Size
3,000 SF
Year Built
1985
Stories
2
Units
4
Listing Agency:
Anchor Realty Florida
(850) 293-5389
Listed By:
Paul T LaCourse · License #B1220
(850) 293-5389
Source:
Fullsailnwfl
Added: Aug 12
Changed: Aug 18
Last Checked: Aug 18 at 6:22AM
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 Anchor Realty Florida
Investment Insights
Based on property information with market context.
This multifamily offering comprises three apartment buildings with four residences in each structure. Every apartment is configured with two bedrooms and one bathroom and measures about 750 square feet, producing 3,000 square feet per building and 9,000 square feet across the portfolio. The buildings were constructed in 1985.
The property is identified as 1337 E Park Road #Q1-4, Panama City, FL 32404. Additional parcel numbers associated with the offering are 07238-006-000 and 07238-003-000. The property is zoned Resid Multi-Family and includes 12 total apartments across the three buildings.
The property is identified as 1337 E Park Road #Q1-4, Panama City, FL 32404. Additional parcel numbers associated with the offering are 07238-006-000 and 07238-003-000. The property is zoned Resid Multi-Family and includes 12 total apartments across the three buildings.
Key Highlights
- 12 total apartments across 3 apartment buildings
- Each building contains 4 apartments with 2 bedrooms and 1 bathroom
- Apartments measure about 750 sq. ft. each
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
$33,224
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
8.31%
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%
$664,480
$664.5K
Cap Rate 7%
$474,629
$474.6K
Cap Rate 9%
$369,156
$369.2K
Market Conditions
NOI Build-Up for 3,000 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
$72.0K $24.00/SF
− Vacancy
−$11.6K −$3.86/SF
EGI
$60.4K $20.14/SF
− OpEx
−$27.2K −$9.06/SF
NOI
$33.2K $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%
$664,480
Cap Rate 7%
$474,629
Cap Rate 9%
$369,156
Alternative Uses
Best Use
Apartment 5plus
$474.6K
$415.3K – $553.7K
NOI $33,224 @ 7.0% cap · market cap 8.31%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$754.5K
$660.2K – $880.2K
NOI $52,812 @ 7.0% cap · market cap 13.20%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
57
Businesses Nearby
Explore this area
Business Placement
Demographics for 32404, FL
38,186
Population
18,053
Households
2.1
Avg Household Size
40
Median Age
21%
College-Educated
87%
High-School Grad
135.1 sq mi
ZIP Area
283
Density / Sq Mi
$72,208
Median Household Income
$38,701
Median Earnings
$1,355
Median Rent
$239,700
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 - Three multifamily buildings provide separately configured residences under Resid Multi-Family zoning.
Where is this apartment building located?
The property is located at 1337 E Park Road #Q1-4 Panama City, FL.
What is the asking price?
The asking price for this property is $400,000.
What are key features of this property?
This property features: 12 total apartments across 3 apartment buildings; Each building contains 4 apartments with 2 bedrooms and 1 bathroom; Apartments measure about 750 sq. ft. each
