Furnished Gulf-View
For Sale
$1,800,000
6006 Thomas Drive, Panama City, FL 32408
Two furnished residential units feature coastal interiors, private driveways, covered patios, and flexible bedroom layouts.
Property Size4,480 SF
Price / SF$401.79
Days on Market470
Property Features for 6006 Thomas Drive
General Information
Standard status
Active
Size
4,480 SF
Property subtype
Duplex
Units
Unit Mix
2 x 5BR/3BA
Multifamily Units
2
Additional Details
Furnished
Yes
Taxes and HOA fees
Annual Taxes
$6,558
Amenities
granite countertops
stainless steel appliances
private Gulf-view balcony
covered rear patios
backyard space
private driveways
Central Air, Electric, Ceiling Fan(s)
3
Electric Range/Cooktop, Electric Oven
Walk-in Closets
Alarm -Smoke/Fire
Other
Patio, Balcony, Covered
Fenced Yard.
110x50
US Highway.
Building Details
Year Built
2017
Buildings
1
Listing Agency:
Innerscope Realty LLC
(509) 250-3111
Listed By:
Travis Mattair
(509) 250-3111
Source:
Xome
Added: May 19, 2025
Changed: Aug 31
Last Checked: Jul 17 at 4:41PM
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 Innerscope Realty LLC
Investment Insights
Based on property information with market context.
Built in 2017, this furnished duplex contains two matching residences with a combined configuration of 10 bedrooms and 6 bathrooms. Each 5-bedroom, 3-bathroom unit offers an open living arrangement, granite countertops, stainless steel appliances, luxury vinyl plank flooring, and a light coastal interior palette. The layouts include a bedroom on the first level, an upstairs primary suite with a private Gulf-view balcony, a bunk room, and two additional guest bedrooms.
The property is located at 6006 Thomas Drive in Panama City, with public beach access and the Gulf of Mexico just steps away. Separate driveways provide on-site parking, while covered rear patios and backyard areas add outdoor space with room for a small private pool. The duplex is fully furnished and configured for residential, vacation, or multifamily use.
The property is located at 6006 Thomas Drive in Panama City, with public beach access and the Gulf of Mexico just steps away. Separate driveways provide on-site parking, while covered rear patios and backyard areas add outdoor space with room for a small private pool. The duplex is fully furnished and configured for residential, vacation, or multifamily use.
Key Highlights
- Two matching 5BR/3BA units create a combined 10BR/6BA duplex
- Built in 2017 and conveyed fully furnished
- Private Gulf‑view balconies accompany the upstairs primary suites
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
$54,193
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
3.01%
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%
$1,083,860
$1.1M
Cap Rate 7%
$774,186
$774.2K
Cap Rate 9%
$602,144
$602.1K
Market Conditions
NOI Build-Up for 4,480 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
$91.4K $20.40/SF
− Vacancy
−$14.0K −$3.12/SF
EGI
$77.4K $17.28/SF
− OpEx
−$23.2K −$5.18/SF
NOI
$54.2K $12.10/SF
Area
Walton County, FL
Vacancy
15.29%
Lease Rate
$20.40 /SF/Yr
Expense Ratio
30.00%
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%
$1,083,860
Cap Rate 7%
$774,186
Cap Rate 9%
$602,144
Alternative Uses
Best Use
Multifamily LT 5
$774.2K
$677.4K – $903.2K
NOI $54,193 @ 7.0% cap · market cap 3.01%
Second Best
Apartment 5plus
$708.8K
$620.2K – $826.9K
NOI $49,615 @ 7.0% cap · market cap 2.76%
Theoretical Best
Office A
$1.13M
$985.8K – $1.31M
NOI $78,866 @ 7.0% cap · market cap 4.38%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
434
Businesses Nearby
Explore this area
Business Placement
Demographics for 32408, FL
17,479
Population
17,018
Households
1
Avg Household Size
48
Median Age
39%
College-Educated
96%
High-School Grad
8.6 sq mi
ZIP Area
2,032
Density / Sq Mi
$72,322
Median Household Income
$42,749
Median Earnings
$1,453
Median Rent
$352,400
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?
Duplex - Two furnished residential units feature coastal interiors, private driveways, covered patios, and flexible bedroom layouts.
Where is this duplex located?
The property is located at 6006 Thomas Drive Panama City, FL.
What is the asking price?
The asking price for this property is $1,800,000.
What are key features of this property?
This property features: Two matching 5BR/3BA units create a combined 10BR/6BA duplex; Built in 2017 and conveyed fully furnished; Private Gulf‑view balconies accompany the upstairs primary suites
