New Construction
For Sale
$825,000
19916 Bonita Drive, Panama City Beach, FL 32413
MULTI_FAMILY - Other - Panama City Beach, FL
Property Size2,400 SF
Price / SF$343.75
Days on Market69
Property Features for 19916 Bonita Drive
General Information
Property type
Residential Multi Family
Property subtype
Other
Property condition
Under Construction
Bedrooms
4
Bathrooms
5
Full bathrooms
4
Half bathrooms
2
Rooms
Bedroom 2, Bedroom 4, Bathroom 6, Bathroom 1, Laundry Room, Bathroom 4, Bathroom 2, Bathroom 3, Bedroom 1, Bathroom 5, Bedroom 3
Parking features
Golf Cart
Window features
Storm Window(s)
Interior features
Newly Painted, Owner's Closet, Washer/Dryer Hookup
Appliances
Dryer, Refrigerator, Stove/Oven Electric, Washer, Water Heater - Elect
Subdivision
LAGUNA BEACH 6TH ADDN
Elementary school
West Bay
Middle school
Surfside
High school
Arnold
Directions
Directions from Pier Park, travel west on Front Beach Road approximately 3.7 miles. Turn right onto El Centro Boulevard, then take the first left onto Bonita Drive. Continue a short distance, and 16619 Bonita Drive will be on the right.
Standard status
Active
APN
38104-030-000
Size
2,400 SF
Taxes and HOA fees
Tax Year
2025
Tax Description
LAGUNA BEACH 6TH ADD (8.02) E 50' OF LOT 8 BLK 33 ORB 4639 P 2128
Tax Annual Amount
604
Legal Description
LAGUNA BEACH 6TH ADD (8.02) E 50' OF LOT 8 BLK 33 ORB 4639 P 2128
Utilities
Sewer type
Public Sewer
Heating system
Central
Cooling system
Central Air
Amenities
golf cart garage
ceiling fans
anti-fog illuminated mirrors
washer/dryer
fenced backyard
Building Details
Year built
2026
Floors in Building
2
Flooring type
Vinyl, Tile
Building materials
Siding Wood, Trim Wood
Architectural style
Other
Listing Agency:
The Ketchersid Group LLC
(850) 344-9848
Listed By:
Melissa K Walls · License #3366556
(850) 685-5813
Added: Jun 25
Changed: Aug 14
Last Checked: Sep 1 at 12:06AM
MLS# 1006452
Copyright © 2026 Emerald Coast 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 is under construction with an anticipated 2026 build year and approximately 2,400 square feet overall. Each residence provides approximately 1,200 square feet across two levels, with an open main-floor arrangement connecting the kitchen, dining, and living areas. Each unit also includes two bedrooms with private ensuite bathrooms, a half bath, laundry appliances, ceiling fans, central heating and cooling, vinyl and tile flooring, and a private golf cart garage. Electric ranges, refrigerators, washers, dryers, and electric water heaters are included.
The property is located at 19916 Bonita Drive in Panama City Beach, Florida, near Beach Access #77. The site includes parking for both residences and a fully fenced backyard. Carousel Supermarket is nearby, while Pier Park and several named dining and entertainment destinations are located minutes away. Public sewer serves the property.
The property is located at 19916 Bonita Drive in Panama City Beach, Florida, near Beach Access #77. The site includes parking for both residences and a fully fenced backyard. Carousel Supermarket is nearby, while Pier Park and several named dining and entertainment destinations are located minutes away. Public sewer serves the property.
Key Highlights
- Duplex under construction with a 2026 build year
- Approximately 2,400 square feet overall; each unit is approximately 1,200 square feet
- Each residence includes 2 bedrooms with private ensuite 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
$25,537
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
3.10%
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%
$510,740
$510.7K
Cap Rate 7%
$364,814
$364.8K
Cap Rate 9%
$283,744
$283.7K
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
$38.9K $16.20/SF
− Vacancy
−$2.4K −$1.00/SF
EGI
$36.5K $15.20/SF
− OpEx
−$10.9K −$4.56/SF
NOI
$25.5K $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 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%
$510,740
Cap Rate 7%
$364,814
Cap Rate 9%
$283,744
Alternative Uses
Best Use
Multifamily LT 5
$364.8K
$319.2K – $425.6K
NOI $25,537 @ 7.0% cap · market cap 3.10%
Second Best
Apartment 5plus
$334.3K
$292.5K – $390.0K
NOI $23,400 @ 7.0% cap · market cap 2.84%
Theoretical Best
Office A
$699.3K
$611.9K – $815.8K
NOI $48,949 @ 7.0% cap · market cap 5.93%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
235
Businesses Nearby
Explore this area
Business Placement
Demographics for 32413, FL
15,217
Population
16,334
Households
0.9
Avg Household Size
50
Median Age
34%
College-Educated
94%
High-School Grad
108.2 sq mi
ZIP Area
141
Density / Sq Mi
$76,010
Median Household Income
$41,282
Median Earnings
$1,629
Median Rent
$384,000
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 - Two residences feature modern layouts, private outdoor space, and convenient access to Beach Access #77.
Where is this duplex located?
The property is located at 19916 Bonita Drive Panama City Beach, FL.
What is the asking price?
The asking price for this property is $825,000.
What are key features of this property?
This property features: Duplex under construction with a 2026 build year; Approximately 2,400 square feet overall; each unit is approximately 1,200 square feet; Each residence includes 2 bedrooms with private ensuite bathrooms
