Duplex with Remodeled
For Sale
$249,000
144 & 146 Claire Avenue, Panama City, FL 32401
MULTI_FAMILY - Other - Springfield, FL
Property Size1,204 SF
Lot Size0.17 Acres
Price / SF$206.81
Days on Market47
Property Features for 144 & 146 Claire Avenue
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Bedrooms
4
Bathrooms
2
Full bathrooms
2
Rooms
Bedroom 1, Bedroom 2, Bedroom 3, Bathroom 2, Bathroom 1, Bedroom 4
Interior features
MainLevelPrimary, TubShower
Appliances
ElectricCooktop, ElectricOven
Subdivision
Grove Hill
Lot features
Paved
Elementary school
Cherry Street
Middle school
Rutherford Middle
High school
Rutherford
Directions
From Bus. Hwy 98 turn east onto Cherry St. Turn left onto Claire Av. House on right
Standard status
Active
APN
23931-000-000
Size
1,204 SF
Lot size
0.17 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
GROVE HILL PLAT -118C4- LOT 29 ORB 4068 P 1760 MAP 118C4
Tax Annual Amount
1102
Legal Description
GROVE HILL PLAT -118C4- LOT 29 ORB 4068 P 1760 MAP 118C4
Utilities
Heating system
Electric (Heating)
Cooling system
Central Air
Amenities
private outdoor storage shed
Building Details
Year built
1944
Building materials
HardiplankType
Architectural style
Other
Additional Structures
Shed(s)
Listing Agency:
Realty One Group Emerald Coast
(850) 238-8338
Listed By:
Shaunnah Whitely · License #3308847
(850) 381-1663
Added: Jul 18
Changed: Aug 4
Last Checked: Sep 2 at 7:06PM
MLS# 792854
Copyright © 2026 Central Panhandle Association of REALTORS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This duplex at 144 and 146 Claire Avenue includes two separate, remodeled units. Each unit features two bedrooms and one bathroom with a combined living and kitchen area. Updates include new cabinets, countertops, flooring, fresh interior paint, and installed appliances. Both units also include a private outdoor storage shed.
The property is a 1,204-square-foot structure built in 1944 with Hardiplank-type construction materials. Heating is provided by electric heat, and cooling is via central air.
Set on a 0.17-acre lot, the layout is designed to support tenant-ready living spaces with practical in-unit and outdoor storage components.
The property is a 1,204-square-foot structure built in 1944 with Hardiplank-type construction materials. Heating is provided by electric heat, and cooling is via central air.
Set on a 0.17-acre lot, the layout is designed to support tenant-ready living spaces with practical in-unit and outdoor storage components.
Key Highlights
- Two remodeled units, each with two bedrooms and one bathroom
- Combined living and kitchen area in each unit
- New cabinets, countertops, flooring, appliances, and fresh interior paint
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
$14,564
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
5.85%
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%
$291,280
$291.3K
Cap Rate 7%
$208,057
$208.1K
Cap Rate 9%
$161,822
$161.8K
Market Conditions
NOI Build-Up for 1,204 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
$24.6K $20.40/SF
− Vacancy
−$3.8K −$3.12/SF
EGI
$20.8K $17.28/SF
− OpEx
−$6.2K −$5.18/SF
NOI
$14.6K $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%
$291,280
Cap Rate 7%
$208,057
Cap Rate 9%
$161,822
Alternative Uses
Best Use
Multifamily LT 5
$208.1K
$182.1K – $242.7K
NOI $14,564 @ 7.0% cap · market cap 5.85%
Second Best
Apartment 5plus
$190.5K
$166.7K – $222.2K
NOI $13,334 @ 7.0% cap · market cap 5.36%
Theoretical Best
Office A
$302.8K
$264.9K – $353.3K
NOI $21,195 @ 7.0% cap · market cap 8.51%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Multi-tenant
Tenancy
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?
Duplex - Remodeled duplex with two 2-bedroom, 1-bath units, central air, electric heat, and a private outdoor storage shed for each unit.
Where is this duplex located?
The property is located at 144 & 146 Claire Avenue Panama City, FL.
What is the asking price?
The asking price for this property is $249,000.
What are key features of this property?
This property features: Two remodeled units, each with two bedrooms and one bathroom; Combined living and kitchen area in each unit; New cabinets, countertops, flooring, appliances, and fresh interior paint
