Triplex with Private Upper-Floor
1908 Laurel Avenue, Panama City, FL 32405
For Sale
$435,000
Three residential units have separate utility metering, with a private entrance serving the upper floor.
Property Size3,006 SF
Price / SF$144.71
Days on Market47
Property Features for 1908 Laurel Avenue
General Information
Standard status
Size
Property subtype
Units
Unit Mix
Multifamily Units
Individually Metered Utilities
Taxes and HOA fees
Annual Taxes
Building Details
Building Size
Year Built
Buildings
Listing Agency:
JONES REAL ESTATE AND RENTALS LLC
Listed By:
Bill D Nieland · License FL #3282320
(360) 789-1260
Source:
Saltymarlinrealty
Added: Sep 25
Changed: Nov 7
Last Checked: Nov 9 at 8:52PM
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 JONES REAL ESTATE AND RENTALS LLC
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Investment Insights
Based on property information with market context.
The 3,006-square-foot triplex, built in 1996, contains three units. The first-floor residence has 3 bedrooms, 2 bathrooms, a kitchen, and a living room. Upstairs, two units each include 2 bedrooms, 1 bathroom, a kitchen, and a living room; the upper floor has a private entrance.
Each unit is separately metered for power and PC water/septic. The upper-floor units are configured as separate residences.
Each unit is separately metered for power and PC water/septic. The upper-floor units are configured as separate residences.
Key Highlights
- 3,006‑square‑foot triplex built in 1996
- First‑floor unit has 3 bedrooms, 2 bathrooms, a kitchen, and a living room
- Two upper‑floor units, each with 2 bedrooms, 1 bathroom, a kitchen, and a living room
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$31,985
Cap Rate
7.35%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$639,700
$639.7K
Cap Rate 7%
$456,929
$456.9K
Cap Rate 9%
$355,389
$355.4K
Market Conditions
NOI Build-Up for 3,006 SF
Gross rent
$48.7K $16.20/SF
− Vacancy
−$3.0K −$1.00/SF
EGI
$45.7K $15.20/SF
− OpEx
−$13.7K −$4.56/SF
NOI
$32.0K $10.64/SF
Area
Bay County, FL
Vacancy
6.17%
Lease Rate
$16.20 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$639,700
Cap Rate 7%
$456,929
Cap Rate 9%
$355,389
Alternative Uses
Best Use
Multifamily LT 5
$456.9K
$399.8K – $533.1K
NOI $31,985 @ 7.0% cap · market cap 7.35%
Second Best
Apartment 5plus
$418.7K
$366.4K – $488.5K
NOI $29,309 @ 7.0% cap · market cap 6.74%
Theoretical Best
Office A
$875.8K
$766.4K – $1.02M
NOI $61,309 @ 7.0% cap · market cap 14.09%
Zoning and permitted uses should be independently verified with authorities.
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Lease Details
3
Residential units
Location Intelligence
Trade Area within ½ mile
530
Businesses Nearby
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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
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Market
Vacancy Rate% for Multifamily in South region
Frequently Asked Questions
What type of property is this?
Triplex - Three residential units have separate utility metering, with a private entrance serving the upper floor.
Where is this triplex located?
The property is located at 1908 Laurel Avenue Panama City, FL.
What is the asking price?
The asking price for this property is $435,000.
What are key features of this property?
This property features: 3,006‑square‑foot triplex built in 1996; First‑floor unit has 3 bedrooms, 2 bathrooms, a kitchen, and a living room; Two upper‑floor units, each with 2 bedrooms, 1 bathroom, a kitchen, and a living room
