Waterfront Community with
For Sale
$6,197,500
240 Harmon Avenue, Panama City, FL 32401
34-unit waterfront community with 22-slip marina in revitalizing downtown.
Property Size29,796 SF
Lot Size1.05 Acres
Price / SF$207
Days on Market250
Property Features for 240 Harmon Avenue
General Information
Standard status
Active
Size
29,796 SF
Lot size
1.05 Acres
Property subtype
Commercial
Building Details
Year Built
1966
Listing Agency:
LUXE COASTAL REALTY GROUP LLC
(848) 220-5555
Listed By:
MARCY L O'DONNELL · License #3417794
Source:
Corcoran
Added: Dec 5, 2025
Changed: Aug 12
Last Checked: Aug 12 at 6:24AM
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 LUXE COASTAL REALTY GROUP LLC
Investment Insights
Based on property information with market context.
This 34-unit waterfront community features a 22-slip marina. The property includes an income-generating on-site laundry facility and a low-maintenance marina that produces steady net revenue. Twenty-two units were fully renovated down to the studs in 2020. Upgrades include upgraded mechanicals, new roofs, and contemporary interiors. The property has a history of consistently high occupancy. It is positioned within the heart of Downtown Panama City's ongoing revitalization, featuring upgraded streetscapes, improved walkability, and renewed waterfront development. The property size is 29796 square feet.
Key Highlights
- Waterfront community featuring a 22‑slip marina.
- 22 units fully renovated in 2020**, including upgraded mechanicals and new roofs.
- Located in Downtown Panama City's revitalization area with improved walkability and waterfront development.
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
$329,985
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
5.32%
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%
$6,599,700
$6.6M
Cap Rate 7%
$4,714,071
$4.7M
Cap Rate 9%
$3,666,500
$3.7M
Market Conditions
NOI Build-Up for 29,796 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
$715.1K $24.00/SF
− Vacancy
−$115.1K −$3.86/SF
EGI
$600.0K $20.14/SF
− OpEx
−$270.0K −$9.06/SF
NOI
$330.0K $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%
$6,599,700
Cap Rate 7%
$4,714,071
Cap Rate 9%
$3,666,500
Alternative Uses
Best Use
Apartment 5plus
$4.71M
$4.12M – $5.50M
NOI $329,985 @ 7.0% cap · market cap 5.32%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$7.49M
$6.56M – $8.74M
NOI $524,529 @ 7.0% cap · market cap 8.46%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,466
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
Market
Vacancy Rate% for Multifamily in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Apartment building - 34-unit waterfront community with 22-slip marina in revitalizing downtown.
Where is this apartment building located?
The property is located at 240 Harmon Avenue Panama City, FL.
What is the asking price?
The asking price for this property is $6,197,500.
What are key features of this property?
This property features: Waterfront community featuring a **22‑slip marina**.; 22 units fully renovated in 2020**, including upgraded mechanicals and new roofs.; Located in Downtown Panama City's revitalization area with improved walkability and waterfront development.
