Two-Unit
New
For Sale
$350,000
147/ 149 Claire Avenue, Panama City, FL 32401
Residential, Panama City, FL
Property Size2,400 SF
Lot Size0.16 Acres
Price / SF$145.83
Days on Market4
Property Features for 147/ 149 Claire Avenue
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Bedrooms
6
Bathrooms
4
Full bathrooms
4
Rooms
Bedroom 5, Bedroom 4, Bedroom 6, Bathroom 3, Bathroom 4, Bedroom 1, Bedroom 2, Bedroom 3, Bathroom 1, Bathroom 2
Appliances
ElectricOven, ElectricWaterHeater
Subdivision
Grove Hill
Lot features
Paved
Elementary school
Cherry Street
Middle school
Rutherford Middle
High school
Rutherford
Directions
Start S Tyndall Pkwy (US-98 E). Turn right onto Boat Race Rd. Continue on E Business Highway 98 (US-98-BR). Continue on E Highway 98 (US-98-BR). Turn right onto E 2nd St. Turn right onto Claire Ave. End at 147 Claire Ave Panama City, Florida 32401
Standard status
Active
APN
23925-000-000
Size
2,400 SF
Lot size
0.16 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
GROVE HILL PLAT -118C4- LOT 22 ORB 4564 P 2296
Tax Annual Amount
4566
Legal Description
GROVE HILL PLAT -118C4- LOT 22 ORB 4564 P 2296
Utilities
Sewer type
Public Sewer
Heating system
Central
Cooling system
Central Air
Building Details
Year built
2023
Floors in Building
1
Architectural style
Other
Listing Agency:
ERA Neubauer Real Estate Inc · ERA Real Estate
(850) 785-1551
Listed By:
Heather H Neubauer · License #3257545
(850) 774-2832
Added: Aug 28
Last Checked: Aug 31 at 3:06PM
MLS# 794731
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.
Completed in 2023, this 2,400-square-foot duplex contains two separate three-bedroom, two-bathroom residences. Both units are occupied, providing an established tenant profile for the property. Interior features include central heating and central air conditioning, along with electric ovens and electric water heaters. Public sewer serves the property.
The duplex occupies a 0.16-acre parcel at 147/149 Claire Avenue in Panama City, Florida 32401. Its location provides proximity to Tyndall Air Force Base and Business 98, offering access to established employment and transportation destinations. The two-unit configuration and matching floor plans create a straightforward residential income property layout.
The duplex occupies a 0.16-acre parcel at 147/149 Claire Avenue in Panama City, Florida 32401. Its location provides proximity to Tyndall Air Force Base and Business 98, offering access to established employment and transportation destinations. The two-unit configuration and matching floor plans create a straightforward residential income property layout.
Key Highlights
- Built in 2023 with 2,400 square feet of total property size
- Two 3‑bedroom, 2‑bathroom units
- Both units are currently occupied
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
Property Profile
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
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Frequently Asked Questions
What type of property is this?
Duplex - Each residence offers three bedrooms, two bathrooms, central HVAC, and electric cooking and water heating.
Where is this duplex located?
The property is located at 147/ 149 Claire Avenue 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 with 2,400 square feet of total property size; Two 3‑bedroom, 2‑bathroom units; Both units are currently occupied
