Panama City Townhome Investment
For Sale
$995,917
Pending
1512 Kraft Avenue, Panama City, FL 32405
Eight townhomes, fully occupied, low maintenance, excellent investment property.
Property Size8,208 SF
Lot Size0.48 Acres
Days on Market364
Property Features for 1512 Kraft Avenue
General Information
Standard status
Pending
Size
8,208 SF
Lot size
0.48 Acres
Property subtype
Commercial
Building Details
Year Built
1985
Listing Agency:
CENTURY 21 COMMANDER REALTY
(850) 769-8326
Listed By:
CAIN MCNEIL · License #SL3358940
Source:
Corcoran
Added: Aug 28, 2025
Changed: Jul 6
Last Checked: Jul 23 at 8:19AM
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 property features eight townhomes located at 1512 Kraft Avenue and 1513 Bob Loftin in Panama City, Florida. The units are 100% occupied and require very little upkeep. Each unit includes 2 bedrooms and 1.5 bathrooms, with an approximate area of 973 square feet. The total property size is 8208 square feet. Each unit is separately metered for water and electric. Landlord responsibilities are limited to lawn care and maintenance. The property is located in Flood Zone X. Newer metal roofs and limited turnover make this an excellent addition to your portfolio.
Key Highlights
- 100% Occupied: Start generating income immediately with all units currently rented.
- Low Maintenance: Enjoy minimal landlord responsibilities limited to lawn care and general upkeep.
- Separately Metered Utilities: Simplify billing and expense tracking with individually metered units for water and electric.
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
$90,902
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
9.13%
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%
$1,818,040
$1.8M
Cap Rate 7%
$1,298,600
$1.3M
Cap Rate 9%
$1,010,022
$1.0M
Market Conditions
NOI Build-Up for 8,208 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
$197.0K $24.00/SF
− Vacancy
−$31.7K −$3.86/SF
EGI
$165.3K $20.14/SF
− OpEx
−$74.4K −$9.06/SF
NOI
$90.9K $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%
$1,818,040
Cap Rate 7%
$1,298,600
Cap Rate 9%
$1,010,022
Alternative Uses
Best Use
Apartment 5plus
$1.30M
$1.14M – $1.52M
NOI $90,902 @ 7.0% cap · market cap 9.13%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$2.06M
$1.81M – $2.41M
NOI $144,494 @ 7.0% cap · market cap 14.51%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
248
Businesses Nearby
Explore this area
Business Placement
Demographics for 32405, FL
28,158
Population
13,585
Households
2.1
Avg Household Size
40
Median Age
29%
College-Educated
92%
High-School Grad
18.8 sq mi
ZIP Area
1,498
Density / Sq Mi
$71,002
Median Household Income
$41,867
Median Earnings
$1,418
Median Rent
$255,100
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 - Eight townhomes, fully occupied, low maintenance, excellent investment property.
Where is this apartment building located?
The property is located at 1512 Kraft Avenue Panama City, FL.
What is the asking price?
The asking price for this property is $995,917.
What are key features of this property?
This property features: 100% Occupied: Start generating income immediately with all units currently rented.; Low Maintenance: Enjoy minimal landlord responsibilities limited to lawn care and general upkeep.; Separately Metered Utilities: Simplify billing and expense tracking with individually metered units for water and electric.
