Duplex with Privacy
For Sale
$519,995
Pending
2911 Treasure Circle, Panama City, FL 32408
MULTI_FAMILY - Other - Panama City, FL
Property Size2,078 SF
Lot Size0.17 Acres
Days on Market53
Property Features for 2911 Treasure Circle
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Bedrooms
4
Bathrooms
4
Full bathrooms
2
Half bathrooms
2
Rooms
Bathroom 3, Dining Room, Family Room, Bathroom 1, Bedroom 3, Bathroom 2, Bathroom 4, Bedroom 1, Bedroom 4, Bedroom 2
Fencing
Privacy, Fenced
Appliances
ElectricRange
Subdivision
Treasure Island
Elementary school
Patronis
Middle school
Surfside
High school
Arnold
Directions
From Hathaway Bridge, head South on Navy Blvd., Take a Right onto Beach Drive, Right onto Treasure Circle, duplex is on the Right
Standard status
Pending
APN
31526-000-000
Size
2,078 SF
Lot size
0.17 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
TREASURE ISLAND LOT 20 BLK 6 ORB 4525 P 2402
Tax Annual Amount
6330
Legal Description
TREASURE ISLAND LOT 20 BLK 6 ORB 4525 P 2402
Utilities
Sewer type
Public Sewer
Heating system
Electric (Heating), Central
Cooling system
Ceiling Fan(s), Central Air
Building Details
Year built
1991
Building materials
Stucco
Roof type
Metal
Architectural style
Other
Listing Agency:
Keller Williams Success Realty · Keller Williams Realty
(850) 249-0313
Listed By:
Kelly Simmons
(850) 919-6120
Added: Jun 16
Changed: Aug 3
Last Checked: Aug 7 at 5:06AM
MLS# 791574
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 duplex at 2911 Treasure Circle (with 2913 also included) was built in 1991 and totals 2,078 square feet. The exterior is stucco, and the roof is metal. Interior comfort is supported by central air plus electric heating, along with ceiling fans, and the unit includes an electric range. The property is served by public sewer and features privacy fencing with a fenced yard.
The listing is located in Bay County, Florida, with the postal code 32408 for 2911 Treasure Circle, and it offers a practical setup for investors looking for a duplex configuration with separated rooms and bathrooms throughout.
Additional interior details include multiple bedrooms and bathrooms, including a dining room, family room, and several bedroom/bathroom areas to support flexible use within the duplex layout.
The listing is located in Bay County, Florida, with the postal code 32408 for 2911 Treasure Circle, and it offers a practical setup for investors looking for a duplex configuration with separated rooms and bathrooms throughout.
Additional interior details include multiple bedrooms and bathrooms, including a dining room, family room, and several bedroom/bathroom areas to support flexible use within the duplex layout.
Key Highlights
- 2911 and 2913 Treasure Circle included
- Duplex built in 1991
- 0.17‑acre lot
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
$25,137
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
4.83%
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%
$502,740
$502.7K
Cap Rate 7%
$359,100
$359.1K
Cap Rate 9%
$279,300
$279.3K
Market Conditions
NOI Build-Up for 2,078 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
$42.4K $20.40/SF
− Vacancy
−$6.5K −$3.12/SF
EGI
$35.9K $17.28/SF
− OpEx
−$10.8K −$5.18/SF
NOI
$25.1K $12.10/SF
Area
Walton County, FL
Vacancy
15.29%
Lease Rate
$20.40 /SF/Yr
Expense Ratio
30.00%
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%
$502,740
Cap Rate 7%
$359,100
Cap Rate 9%
$279,300
Alternative Uses
Best Use
Multifamily LT 5
$359.1K
$314.2K – $419.0K
NOI $25,137 @ 7.0% cap · market cap 4.83%
Second Best
Apartment 5plus
$328.8K
$287.7K – $383.6K
NOI $23,013 @ 7.0% cap · market cap 4.43%
Theoretical Best
Office A
$522.6K
$457.3K – $609.7K
NOI $36,581 @ 7.0% cap · market cap 7.03%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
439
Businesses Nearby
Explore this area
Business Placement
Demographics for 32408, FL
17,479
Population
17,018
Households
1
Avg Household Size
48
Median Age
39%
College-Educated
96%
High-School Grad
8.6 sq mi
ZIP Area
2,032
Density / Sq Mi
$72,322
Median Household Income
$42,749
Median Earnings
$1,453
Median Rent
$352,400
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?
Duplex - Duplex built in 1991 on a 0.17-acre lot with stucco construction, central air, and privacy fencing.
Where is this duplex located?
The property is located at 2911 Treasure Circle Panama City, FL.
What is the asking price?
The asking price for this property is $519,995.
What are key features of this property?
This property features: 2911 and 2913 Treasure Circle included; Duplex built in 1991; 0.17‑acre lot
