4-Unit Apartment
For Sale
$400,000
1339 E Park Road #R1-4, Panama City, FL 32404
Two-bedroom apartments with one bath each and approximately 750 square feet per unit.
Property Size3,000 SF
Price / SF$133.33
Days on Market73
Property Features for 1339 E Park Road #R1-4
General Information
Standard status
Active
Size
3,000 SF
Property subtype
Multi-Family
Units
Unit Mix
12 x 2BR/1BA
Multifamily Units
12
Additional Details
Asking Price
$1,200,000
Building Details
Year Built
1985
Buildings
3
Listing Agency:
Anchor Realty Florida
Listed By:
Paul Lacourse · License #B1220
(850) 293-5389
Source:
30afineliving
Added: Aug 16
Changed: Oct 25
Last Checked: Oct 26 at 1:23PM
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
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Review the available facts, identify missing information and prepare questions for the agent.
Investment Insights
Based on property information with market context.
The offering comprises three apartment buildings identified as Q1-4, R1-4, and S1-4. Each building contains four two-bedroom, one-bath apartments, with approximately 750 square feet per unit and about 3,000 square feet per building. Across the three-building offering, the property includes 12 apartments and approximately 9,000 square feet of total area.
The R1-4 building is located at 1339 E Park Road in Panama City, Florida. The buildings were constructed in 1985. Additional parcel numbers associated with the offering are 07238-006-000 and 07238-003-000.
The R1-4 building is located at 1339 E Park Road in Panama City, Florida. The buildings were constructed in 1985. Additional parcel numbers associated with the offering are 07238-006-000 and 07238-003-000.
Key Highlights
- Three apartment buildings included: Q1‑4, R1‑4, and S1‑4
- 12 total apartments across the three‑building offering
- Each building contains 4 two‑bedroom, one‑bath apartments
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$29,251
Cap Rate
7.31%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$585,020
$585.0K
Cap Rate 7%
$417,871
$417.9K
Cap Rate 9%
$325,011
$325.0K
Market Conditions
NOI Build-Up for 3,000 SF
Gross rent
$56.9K $18.96/SF
− Vacancy
−$3.7K −$1.23/SF
EGI
$53.2K $17.73/SF
− OpEx
−$23.9K −$7.98/SF
NOI
$29.3K $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%
$585,020
Cap Rate 7%
$417,871
Cap Rate 9%
$325,011
Alternative Uses
Best Use
Apartment 5plus
$417.9K
$365.6K – $487.5K
NOI $29,251 @ 7.0% cap · market cap 7.31%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$874.1K
$764.8K – $1.02M
NOI $61,187 @ 7.0% cap · market cap 15.30%
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
Property Analytics
Lease Details
12
Residential units
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
Frequently Asked Questions
What type of property is this?
Apartment building - Two-bedroom apartments with one bath each and approximately 750 square feet per unit.
Where is this apartment building located?
The property is located at 1339 E Park Road #R1-4 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: Three apartment buildings included: Q1‑4, R1‑4, and S1‑4; 12 total apartments across the three‑building offering; Each building contains 4 two‑bedroom, one‑bath apartments
