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 Market19
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: Sep 2
Last Checked: Sep 2 at 1:50PM
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.
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 = 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
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
Questions? Ask Rey
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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
