Two-Unit Duplex
For Sale
$350,000
147/ 149 Claire Ave, Panama City, FL 32401
Newer income property with two occupied three-bedroom units and established leases.
Property Size2,400 SF
Price / SF$145.83
Days on Market17
Property Features for 147/ 149 Claire Ave
General Information
Standard status
Active
Size
2,400 SF
Property subtype
Multi-Family
Occupancy
100%
Financials
Gross Income
$39,600
Average Monthly Rent
$1,650
Units
Unit Mix
2 x 3BR/2BA
Multifamily Units
2
Building Details
Year Built
2023
Listing Agency:
ERA Neubauer Real Estate Inc
Listed By:
Heather H Neubauer · License #3257545
(850) 774-2832
Source:
Emeraldcoasthomesource
Added: Aug 21
Changed: Sep 5
Last Checked: Sep 5 at 8:45AM
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 ERA Neubauer Real Estate Inc
Investment Insights
Based on property information with market context.
Completed in 2023, this 2,400-square-foot duplex contains two separate three-bedroom, two-bathroom residences. Both units are occupied and leased, providing an existing operating setup for the next owner.
The property is located at 147 / 149 Claire Ave in Panama City, Florida, near Tyndall Air Force Base and Business 98. Its unit configuration and recent construction provide a straightforward multifamily asset with two residential units under one property.
The property is located at 147 / 149 Claire Ave in Panama City, Florida, near Tyndall Air Force Base and Business 98. Its unit configuration and recent construction provide a straightforward multifamily asset with two residential units under one property.
Key Highlights
- Built in 2023
- 2,400 SF duplex with two residential units
- Each unit includes 3 bedrooms and 2 bathrooms
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
$29,032
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
8.29%
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%
$580,640
$580.6K
Cap Rate 7%
$414,743
$414.7K
Cap Rate 9%
$322,578
$322.6K
Market Conditions
NOI Build-Up for 2,400 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
$49.0K $20.40/SF
− Vacancy
−$7.5K −$3.12/SF
EGI
$41.5K $17.28/SF
− OpEx
−$12.4K −$5.18/SF
NOI
$29.0K $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%
$580,640
Cap Rate 7%
$414,743
Cap Rate 9%
$322,578
Alternative Uses
Best Use
Multifamily LT 5
$414.7K
$362.9K – $483.9K
NOI $29,032 @ 7.0% cap · market cap 8.29%
Second Best
Apartment 5plus
$379.7K
$332.3K – $443.0K
NOI $26,580 @ 7.0% cap · market cap 7.59%
Theoretical Best
Office A
$603.6K
$528.1K – $704.2K
NOI $42,250 @ 7.0% cap · market cap 12.07%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
2
Residential units
100%
Occupancy
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
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Duplex - Newer income property with two occupied three-bedroom units and established leases.
Where is this duplex located?
The property is located at 147/ 149 Claire Ave Panama City, FL.
What is the asking price?
The asking price for this property is $350,000.
What are key features of this property?
This property features: Built in 2023; 2,400 SF duplex with two residential units; Each unit includes 3 bedrooms and 2 bathrooms
