Six-Unit Apartment
New
For Sale
$675,000
2600 E 1st Plaza, Panama City, FL 32401
Residential, Panama City, FL
Property Size2,432 SF
Lot Size0.35 Acres
Price / SF$277.55
Days on Market6
Property Features for 2600 E 1st Plaza
General Information
Property type
Residential Multi Family
Property subtype
Other
Bedrooms
6
Bathrooms
6
Full bathrooms
6
Rooms
Bathroom 1, Bathroom 4, Bedroom 3, Bedroom 4, Bathroom 6, Bedroom 1, Bedroom 6, Bathroom 5, Bathroom 3, Bedroom 5, Bathroom 2, Bedroom 2
Subdivision
Fairview
Elementary school
Cherry Street
Middle school
Jinks
High school
Bay
Directions
From 740 S Tyndall Pkwy (US-98 E). Turn right onto S Tyndall Pkwy. Turn right onto Boat Race Rd. Continue on E Business Highway 98 (US-98-BR). Continue on E Highway 98 (US-98-BR). Turn left onto Cherry St. Turn right onto N Everitt Ave. Turn left onto E 1st Ct.
Standard status
Active
APN
22987-000-000
Size
2,432 SF
Lot size
0.35 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
FAIRVIEW PLAT MAP 105D4 LOTS 23,24 BLK A ORB 4481 P 1623
Tax Annual Amount
5306
Legal Description
FAIRVIEW PLAT MAP 105D4 LOTS 23,24 BLK A ORB 4481 P 1623
Utilities
Sewer type
Public Sewer
Heating system
Central
Cooling system
Central Air
Building Details
Year built
2023
Floors in Building
1
Listing Agency:
ERA Neubauer Real Estate Inc · ERA Real Estate
(850) 785-1551
Listed By:
Heather H Neubauer · License #3257545
(850) 774-2832
Added: Aug 28
Changed: Sep 2
Last Checked: Sep 2 at 11:06PM
MLS# 794807
Copyright © 2026 Central Panhandle 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 six-unit apartment property was built in 2023 and is situated on 0.35 acres in Panama City. Each residence is configured with one bedroom and one bathroom, creating a consistent unit mix across the building. Central heating and central air conditioning serve the apartments, while public sewer supports the property’s utility infrastructure.
The property is located in Bay County within Panama City, Florida, with shopping and schools identified in the surrounding area. The six-unit configuration offers a straightforward multifamily layout for residential rental operations.
The property is located in Bay County within Panama City, Florida, with shopping and schools identified in the surrounding area. The six-unit configuration offers a straightforward multifamily layout for residential rental operations.
Key Highlights
- Six‑unit apartment property in Panama City, FL
- 2023 construction on a 0.35‑acre site
- Consistent one‑bedroom, one‑bathroom unit mix
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
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 - Recently built multifamily property with one-bedroom, one-bathroom residences and central heating and cooling.
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 in Panama City, FL; 2023 construction on a 0.35‑acre site; Consistent one‑bedroom, one‑bathroom unit mix
