Duplex with Bayou
For Sale
$499,000
339 Mercedes Avenue, Panama City, FL 32401
Residential, Panama City, FL
Property Size2,461 SF
Lot Size0.17 Acres
Price / SF$202.76
Days on Market11
Property Features for 339 Mercedes Avenue
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Zoning description
Resid Multi-Family
Bedrooms
4
Bathrooms
3
Full bathrooms
3
Rooms
Bedroom 1, Bathroom 2, Bedroom 3, Bathroom 3, Bedroom 4, Bedroom 2, Bathroom 1
Parking features
Garage
Patio and Porch features
Patio
Interior features
TubShower
Exterior features
Patio
Fencing
Fenced
Appliances
ElectricOven, ElectricRange, ElectricWaterHeater
Subdivision
Sudduths 4th Add
Lot features
Paved
Elementary school
Cherry Street
Middle school
Jinks
High school
Bay
Directions
Take 77 South to N Cove Blvd. Turn Left on 4th Street. Turn Right on Mercedes Ave. Duplex is on Right.
Standard status
Active
APN
21232-010-000
Size
2,461 SF
Lot size
0.17 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
SUDDUTH'S 4TH ADD S 24' OF N 45' OF LOT 22 & S 5' OF LOT 23 & N 21' OF LOT 22 BLK 60 ORB 4601 P 470
Tax Annual Amount
5766
Legal Description
SUDDUTH'S 4TH ADD S 24' OF N 45' OF LOT 22 & S 5' OF LOT 23 & N 21' OF LOT 22 BLK 60 ORB 4601 P 470
Utilities
Sewer type
Public Sewer
Heating system
Central
Cooling system
Ceiling Fan(s), Central Air
Building Details
Year built
1984
Flooring type
Plank, Vinyl
Building materials
Stucco, WoodFrame
Roof type
Shingle, Composition
Architectural style
Other
Listing Agency:
Counts Real Estate Group Inc
(850) 249-3615
Listed By:
SunCoast Home Group
(850) 319-4596
Added: Sep 30
Changed: Oct 5
Last Checked: Oct 10 at 4:06AM
MLS# 796225
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.
Built in 1984, this 2,461-square-foot duplex sits on a 0.17-acre parcel. Both units are furnished and have been updated; one is currently used as a short-term rental. Each side has a backyard, and the property also includes a patio, garage, and fenced area.
The property overlooks Massalina Bayou and is near Downtown Panama City, shopping, dining, and Ascension Sacred Heart Bay. Tyndall Air Force Base and Panama City Beach are also identified as nearby destinations.
The property overlooks Massalina Bayou and is near Downtown Panama City, shopping, dining, and Ascension Sacred Heart Bay. Tyndall Air Force Base and Panama City Beach are also identified as nearby destinations.
Key Highlights
- 2,461‑square‑foot duplex on a 0.17‑acre parcel
- Built in 1984; both units are furnished and updated
- One unit is currently used as a short‑term rental
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.
Property Analytics
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Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
807
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
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in South region
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Frequently Asked Questions
What type of property is this?
Duplex - Both units are furnished, and one is currently used as a short-term rental.
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 on a 0.17‑acre parcel; Built in 1984; both units are furnished and updated; One unit is currently used as a short‑term rental
