Remodeled 6-Unit Apartment
New
For Sale
$399,900
143 Claire Avenue #101, Panama City, FL 32401
Six studio apartments offer a compact multifamily configuration with updated interiors and manageable scale.
Property Size1,612 SF
Price / SF$248.08
Days on Market4
Property Features for 143 Claire Avenue #101
General Information
Standard status
Active
Size
1,612 SF
Property subtype
Commercial
Units
Unit Mix
6 x studio
Multifamily Units
6
Amenities
Shingle Roof
Building Details
Year Built
1947
Listing Agency:
CENTURY 21 COMMANDER REALTY
(850) 769-8326
Listed By:
BUCK F HENRY
Source:
Corcoran
Added: Aug 10
Changed: Aug 13
Last Checked: Aug 13 at 3:03AM
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
Investment Insights
Based on property information with market context.
This remodeled apartment building contains six studio apartments within a single property. The units feature efficient studio layouts designed for low-maintenance residential living, while the completed updates reduce the need for immediate renovation work.
Located at 143 Claire Avenue in Panama City, the property was originally built in 1947 and has since been remodeled. Its six-unit configuration provides a straightforward multifamily asset for an owner seeking a smaller rental property or an addition to an existing portfolio.
Located at 143 Claire Avenue in Panama City, the property was originally built in 1947 and has since been remodeled. Its six-unit configuration provides a straightforward multifamily asset for an owner seeking a smaller rental property or an addition to an existing portfolio.
Key Highlights
- Six studio apartments in one multifamily property
- Remodeled property with updated units
- Efficient studio layouts
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
$17,853
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
4.46%
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%
$357,060
$357.1K
Cap Rate 7%
$255,043
$255.0K
Cap Rate 9%
$198,367
$198.4K
Market Conditions
NOI Build-Up for 1,612 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
$38.7K $24.00/SF
− Vacancy
−$6.2K −$3.86/SF
EGI
$32.5K $20.14/SF
− OpEx
−$14.6K −$9.06/SF
NOI
$17.9K $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%
$357,060
Cap Rate 7%
$255,043
Cap Rate 9%
$198,367
Alternative Uses
Best Use
Apartment 5plus
$255.0K
$223.2K – $297.6K
NOI $17,853 @ 7.0% cap · market cap 4.46%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$405.4K
$354.7K – $473.0K
NOI $28,378 @ 7.0% cap · market cap 7.10%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
6
Residential units
Location Intelligence
Trade Area within ½ mile
234
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
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 - Six studio apartments offer a compact multifamily configuration with updated interiors and manageable scale.
Where is this apartment building located?
The property is located at 143 Claire Avenue #101 Panama City, FL.
What is the asking price?
The asking price for this property is $399,900.
What are key features of this property?
This property features: Six studio apartments in one multifamily property; Remodeled property with updated units; Efficient studio layouts
