Four-Unit Apartment
209 Sherman Avenue, Panama City, FL 32401
For Sale
$250,000
Residential, Panama City, FL
Property Size1,920 SF
Lot Size0.23 Acres
Price / SF$130.21
Days on Market51
Property Features for 209 Sherman Avenue
General Information
Property type
Property subtype
Bedrooms
Bathrooms
Full bathrooms
Rooms
Subdivision
Elementary school
Middle school
High school
Directions
Standard status
APN
Size
Lot size
Additional Details
Tenant in Place
Individually Metered Utilities
Taxes and HOA fees
Tax Year
Tax Description
Tax Annual Amount
Legal Description
Utilities
Sewer type
Cooling system
Amenities
off-street parking
Building Details
Year built
Flooring type
Building materials
Architectural style
Buildings
Listing Agency:
EXP Realty LLC
(888) 883-8509
Listed By:
Bubba McCants · License #3062634
(850) 624-8433
Added: Sep 18
Changed: Nov 4
Last Checked: Nov 7 at 8:06PM
MLS# 1012259
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.
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Investment Insights
Based on property information with market context.
This multifamily property includes four occupied apartment units across two buildings on approximately 0.23 acres. The improvements contain 1,920 square feet and date to 1947, with block construction, tile flooring, window and wall/window cooling, and individual electric metering for each unit.
The property includes off-street parking and is served by public sewer. Its established configuration provides a compact residential income asset with existing occupancy and four separate units in Panama City.
The property includes off-street parking and is served by public sewer. Its established configuration provides a compact residential income asset with existing occupancy and four separate units in Panama City.
Key Highlights
- Four occupied apartment units across two buildings
- 1,920 square feet on approximately 0.23 acres
- Built in 1947 with block construction
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$18,720
Cap Rate
7.49%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$374,400
$374.4K
Cap Rate 7%
$267,429
$267.4K
Cap Rate 9%
$208,000
$208.0K
Market Conditions
NOI Build-Up for 1,920 SF
Gross rent
$36.4K $18.96/SF
− Vacancy
−$2.4K −$1.23/SF
EGI
$34.0K $17.73/SF
− OpEx
−$15.3K −$7.98/SF
NOI
$18.7K $9.75/SF
Area
Bay County, FL
Vacancy
6.50%
Lease Rate
$18.96 /SF/Yr
Expense Ratio
45.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$374,400
Cap Rate 7%
$267,429
Cap Rate 9%
$208,000
Alternative Uses
Best Use
Apartment 5plus
$267.4K
$234.0K – $312.0K
NOI $18,720 @ 7.0% cap · market cap 7.49%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$559.4K
$489.5K – $652.7K
NOI $39,160 @ 7.0% cap · market cap 15.66%
Zoning and permitted uses should be independently verified with authorities.
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Property Analytics
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Open Analytics
Lease Details
4
Residential units
100%
Occupancy
Yes
Utilities to site
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
$207,000
Median Home Value
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Market
Average Price Trend$/SF for Multifamily properties in Panama City, FL
Properties on Market for Multifamily properties in Panama City
Vacancy Rate% for Multifamily in South region
Frequently Asked Questions
What type of property is this?
Multifamily property - Two-building setup with individually metered units, off-street parking, and public sewer.
Where is this multifamily property located?
The property is located at 209 Sherman Avenue Panama City, FL.
What is the asking price?
The asking price for this property is $250,000.
What are key features of this property?
This property features: Four occupied apartment units across two buildings; 1,920 square feet on approximately 0.23 acres; Built in 1947 with block construction
