Duplex with Massalina Bayou
For Sale
$499,000
339 Mercedes Avenue, Panama City, FL 32401
Both residences are updated and furnished, with a short-term rental already operating in one unit.
Property Size2,461 SF
Price / SF$202.76
Days on Market25
Property Features for 339 Mercedes Avenue
General Information
Standard status
Active
Size
2,461 SF
Property subtype
Duplex
Additional Details
Furnished
Yes
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$5,766
Amenities
backyard
Building Details
Building Size
2,461 SF
Year Built
1984
Listing Agency:
Counts Real Estate Group Inc
Listed By:
SunCoast Home Group
(850) 319-4596
Source:
Coastalheritagerealty
Added: Oct 3
Changed: Oct 26
Last Checked: Oct 26 at 12:25PM
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 Counts Real Estate Group Inc
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Investment Insights
Based on property information with market context.
Built in 1984, this 2,461-square-foot duplex has two updated, furnished residences. One unit is currently used as a short-term rental. Each side has its own backyard, and the property offers views of Massalina Bayou.
The address is near Downtown Panama City, shopping, dining, Ascension Sacred Heart Bay, and Tyndall Air Force Base. Panama City Beach and Gulf Coast beaches are a short drive away.
The address is near Downtown Panama City, shopping, dining, Ascension Sacred Heart Bay, and Tyndall Air Force Base. Panama City Beach and Gulf Coast beaches are a short drive away.
Key Highlights
- 2,461‑square‑foot duplex built in 1984
- Views of Massalina Bayou
- Both units are updated and furnished
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$26,186
Cap Rate
5.25%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$523,720
$523.7K
Cap Rate 7%
$374,086
$374.1K
Cap Rate 9%
$290,956
$291.0K
Market Conditions
NOI Build-Up for 2,461 SF
Gross rent
$39.9K $16.20/SF
− Vacancy
−$2.5K −$1.00/SF
EGI
$37.4K $15.20/SF
− OpEx
−$11.2K −$4.56/SF
NOI
$26.2K $10.64/SF
Area
Bay County, FL
Vacancy
6.17%
Lease Rate
$16.20 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$523,720
Cap Rate 7%
$374,086
Cap Rate 9%
$290,956
Alternative Uses
Best Use
Multifamily LT 5
$374.1K
$327.3K – $436.4K
NOI $26,186 @ 7.0% cap · market cap 5.25%
Second Best
Apartment 5plus
$342.8K
$299.9K – $399.9K
NOI $23,995 @ 7.0% cap · market cap 4.81%
Theoretical Best
Office A
$717.1K
$627.4K – $836.6K
NOI $50,194 @ 7.0% cap · market cap 10.06%
Zoning and permitted uses should be independently verified with authorities.
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Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
807
Businesses Nearby
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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
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Market
Vacancy Rate% for Multifamily in South region
Frequently Asked Questions
What type of property is this?
Duplex - Both residences are updated and furnished, with a short-term rental already operating in one unit.
Where is this duplex located?
The property is located at 339 Mercedes Avenue Panama City, FL.
What is the asking price?
The asking price for this property is $499,000.
What are key features of this property?
This property features: 2,461‑square‑foot duplex built in 1984; Views of Massalina Bayou; Both units are updated and furnished
