Four-Unit Apartment
New
For Sale
$275,000
209 Sherman Avenue, Panama City, FL 32401
Residential, Panama City, FL
Property Size1,920 SF
Lot Size0.23 Acres
Price / SF$143.23
Days on Market6
Property Features for 209 Sherman Avenue
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Bedrooms
4
Bathrooms
4
Full bathrooms
4
Rooms
Bathroom 4, Bathroom 2, Bedroom 2, Bathroom 1, Bedroom 4, Bedroom 1, Bedroom 3, Bathroom 3
Subdivision
No Recored Sub
Elementary school
Cherry Street
Middle school
Jinks
High school
Bay
Directions
Traveling East on Hwy 98, make a right on Sherman Ave. Travel approximately half a mile and the property will be on the Right.
Standard status
Active
APN
22427-000-000
Size
1,920 SF
Lot size
0.23 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
OLD MILL ADDLOT 13 LESS N 7' BLK 4ORB 3864 P 835
Tax Annual Amount
2835
Legal Description
OLD MILL ADDLOT 13 LESS N 7' BLK 4ORB 3864 P 835
Utilities
Sewer type
Public Sewer
Cooling system
Window Unit(s), Wall/Window Unit(s)
Building Details
Year built
1947
Flooring type
Tile
Building materials
Block
Architectural style
Other
Listing Agency:
EXP Realty LLC
(888) 883-8509
Listed By:
Bubba McCants · License #3062634
(850) 624-8433
Added: Sep 18
Last Checked: Sep 23 at 2:06PM
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.
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 = 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
$21,264
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
7.73%
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%
$425,280
$425.3K
Cap Rate 7%
$303,771
$303.8K
Cap Rate 9%
$236,267
$236.3K
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
$46.1K $24.00/SF
− Vacancy
−$7.4K −$3.86/SF
EGI
$38.7K $20.14/SF
− OpEx
−$17.4K −$9.06/SF
NOI
$21.3K $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%
$425,280
Cap Rate 7%
$303,771
Cap Rate 9%
$236,267
Alternative Uses
Best Use
Apartment 5plus
$303.8K
$265.8K – $354.4K
NOI $21,264 @ 7.0% cap · market cap 7.73%
Second Best
—
—
no second resolved use
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
Multi-tenant
Tenancy
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
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Market
Vacancy Rate% for Multifamily in South region
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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 $275,000.
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
