Six-Unit Apartment
New
For Sale
$675,000
2600 E 1st Plaza, Panama City, FL 32401
Newer multifamily property with one-bedroom units and water and garbage service included in rent.
Property Size2,432 SF
Price / SF$277.55
Days on Market2
Property Features for 2600 E 1st Plaza
General Information
Standard status
Active
Size
2,432 SF
Property subtype
Multi-Family
Units
Unit Mix
6 x 1BR/1BA
Multifamily Units
6
Additional Details
Gross Income
$82,692
Utilities to Site
Yes
Building Details
Year Built
2023
Listing Agency:
ERA Neubauer Real Estate Inc
Listed By:
Heather Neubauer · License #B1509
(850) 774-2832
Source:
30afineliving
Added: Sep 1
Last Checked: Sep 2 at 1:50PM
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 ERA Neubauer Real Estate Inc
Investment Insights
Based on property information with market context.
Built in 2023, this multifamily property contains six one-bedroom, one-bathroom apartments. The units are located at 2600, 2602, and 2604 E 1st Plaza in Panama City, with water and garbage service included in rent.
The property is situated near shopping and schools, providing a residential setting with access to everyday services and educational facilities. Its six-unit configuration offers a straightforward apartment-building format for a buyer seeking a smaller multifamily asset.
The property is situated near shopping and schools, providing a residential setting with access to everyday services and educational facilities. Its six-unit configuration offers a straightforward apartment-building format for a buyer seeking a smaller multifamily asset.
Key Highlights
- Six‑unit apartment property built in 2023
- Each unit has 1 bedroom and 1 bathroom
- Located at 2600, 2602, and 2604 E 1st Plaza
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
$26,934
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
3.99%
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%
$538,680
$538.7K
Cap Rate 7%
$384,771
$384.8K
Cap Rate 9%
$299,267
$299.3K
Market Conditions
NOI Build-Up for 2,432 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
$58.4K $24.00/SF
− Vacancy
−$9.4K −$3.86/SF
EGI
$49.0K $20.14/SF
− OpEx
−$22.0K −$9.06/SF
NOI
$26.9K $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%
$538,680
Cap Rate 7%
$384,771
Cap Rate 9%
$299,267
Alternative Uses
Best Use
Apartment 5plus
$384.8K
$336.7K – $448.9K
NOI $26,934 @ 7.0% cap · market cap 3.99%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$611.6K
$535.2K – $713.6K
NOI $42,813 @ 7.0% cap · market cap 6.34%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
6
Residential units
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
185
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 - Newer multifamily property with one-bedroom units and water and garbage service included in rent.
Where is this apartment building located?
The property is located at 2600 E 1st Plaza Panama City, FL.
What is the asking price?
The asking price for this property is $675,000.
What are key features of this property?
This property features: Six‑unit apartment property built in 2023; Each unit has 1 bedroom and 1 bathroom; Located at 2600, 2602, and 2604 E 1st Plaza
