Move-In Ready Home with Rooftop
For Sale
$1,295,000
21 Sarah St Lot 19, Panama City, FL 32461
Coastal community home with rooftop deck, near beach access.
Property Size3,589 SF
Lot Size0.11 Acres
Days on Market271
Property Features for 21 Sarah St Lot 19
General Information
Standard status
Active
Size
3,589 SF
Lot size
0.11 Acres
Property subtype
Other
Building Details
Building Size
3,589 SF
Year Built
2025
Stories
4
Listing Agency:
(219) 577-6883
Listed By:
Heather A Klein
(219) 577-6883
Source:
Elliman
Added: Nov 27, 2025
Changed: Aug 14
Last Checked: Aug 24 at 6:12AM
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 Heather A Klein
Investment Insights
Based on property information with market context.
This fully completed and move-in ready home features a one-of-a-kind rooftop deck with outdoor kitchens, reinforced for a hot tub. The property is located in Wildwood At Inlet Beach, a coastal community by BluScape Homes. Situated within 0.5 miles of the largest public beach access, 30Avenue, Highway 98 Underpass, and 30A, it provides convenient access to Rosemary and Aly's Beach, known for boutique shopping and dining. The property includes upgrades already reflected in the price. This property is intended for use as a short term rental, multifamily property, and residential income property. Rental projections estimate $165,000 per year, making it a potentially lucrative investment.
Key Highlights
- New construction: Built in 2025.
- Rooftop deck with outdoor kitchen, reinforced for a hot tub.
- Potential rental income of $165,000 per year.
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
$39,747
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
3.07%
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%
$794,940
$794.9K
Cap Rate 7%
$567,814
$567.8K
Cap Rate 9%
$441,633
$441.6K
Market Conditions
NOI Build-Up for 3,589 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
$86.1K $24.00/SF
− Vacancy
−$13.9K −$3.86/SF
EGI
$72.3K $20.14/SF
− OpEx
−$32.5K −$9.06/SF
NOI
$39.7K $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%
$794,940
Cap Rate 7%
$567,814
Cap Rate 9%
$441,633
Alternative Uses
Best Use
Apartment 5plus
$567.8K
$496.8K – $662.5K
NOI $39,747 @ 7.0% cap · market cap 3.07%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$902.6K
$789.8K – $1.05M
NOI $63,181 @ 7.0% cap · market cap 4.88%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
1,679
Businesses Nearby
Explore this area
Business Placement
Demographics for 32461, FL
2,878
Population
5,860
Households
0.5
Avg Household Size
52
Median Age
59%
College-Educated
95%
High-School Grad
14.9 sq mi
ZIP Area
193
Density / Sq Mi
$146,393
Median Household Income
$82,620
Median Earnings
$2,665
Median Rent
$947,700
Median Home Value
Market
Vacancy Rate% for Multifamily in South region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Short term rental property - Coastal community home with rooftop deck, near beach access.
Where is this short term rental property located?
The property is located at 21 Sarah St Lot 19 Panama City, FL.
What is the asking price?
The asking price for this property is $1,295,000.
What are key features of this property?
This property features: New construction: Built in 2025.; Rooftop deck with outdoor kitchen, reinforced for a hot tub.; Potential rental income of $165,000 per year.
