Occupied
New
For Sale
$275,000
209 Sherman Ave, Panama City, FL 32401
Two-building apartment property with individually metered units and off-street parking.
Property Size1,920 SF
Lot Size0.23 Acres
Price / SF$143.23
Days on Market4
Property Features for 209 Sherman Ave
General Information
Standard status
Active
Size
1,920 SF
Lot size
0.23 Acres
Property subtype
Multi-Family
Occupancy
100%
Financials
Gross Income
$36,000
Average Monthly Rent
$750
Additional Details
Multifamily Units
4
Building Details
Year Built
1947
Buildings
2
Listing Agency:
Merrifield & Pilcher Realty
Listed By:
Hiller Group · License #no data
(850) 582-7653
Source:
Markhillersells
Added: Sep 20
Changed: Sep 23
Last Checked: Sep 22 at 4:42PM
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 Merrifield & Pilcher Realty
Investment Insights
Based on property information with market context.
Located at 209 Sherman Ave in Panama City, this quadplex includes four occupied apartment units arranged across two buildings. The property contains 1920 square feet on approximately 0.23 acres, with off-street parking serving the residential improvements. Each apartment is individually metered, providing separate utility measurement for the units. Built in 1947, the property offers an established four-unit rental configuration in a residential income-property format.
Key Highlights
- Four currently occupied apartment units
- Two buildings totaling 1920 square feet
- Approximately 0.23 acres
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
$23,225
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
8.45%
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%
$464,500
$464.5K
Cap Rate 7%
$331,786
$331.8K
Cap Rate 9%
$258,056
$258.1K
Market Conditions
NOI Build-Up for 1,920 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
$39.2K $20.40/SF
− Vacancy
−$6.0K −$3.12/SF
EGI
$33.2K $17.28/SF
− OpEx
−$10.0K −$5.18/SF
NOI
$23.2K $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%
$464,500
Cap Rate 7%
$331,786
Cap Rate 9%
$258,056
Alternative Uses
Best Use
Multifamily LT 5
$331.8K
$290.3K – $387.1K
NOI $23,225 @ 7.0% cap · market cap 8.45%
Second Best
Apartment 5plus
$303.8K
$265.8K – $354.4K
NOI $21,264 @ 7.0% cap · market cap 7.73%
Theoretical Best
Office A
$482.9K
$422.5K – $563.3K
NOI $33,800 @ 7.0% cap · market cap 12.29%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
4
Residential units
100%
Occupancy
Location Intelligence
Trade Area within ½ mile
223
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Multifamily in South region
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Frequently Asked Questions
What type of property is this?
Quadplex - Two-building apartment property with individually metered units and off-street parking.
Where is this quadplex located?
The property is located at 209 Sherman Ave Panama City, FL.
What is the asking price?
The asking price for this property is $275,000.
What are key features of this property?
This property features: Four currently occupied apartment units; Two buildings totaling 1920 square feet; Approximately 0.23 acres
