Renovated Garden-Style Apartment
For Sale
$6,243,750
3510 / 3536 Saint John St, Panama City, FL 32401
Garden-style community with on-site laundry, a separate office building, and extensive unit and system upgrades.
Property Size33,060 SF
Price / SF$188.86
Days on Market60
Property Features for 3510 / 3536 Saint John St
General Information
Standard status
Active
Size
33,060 SF
Units
Unit Mix
8 x 1BR, 20 x 2BR, 12 x 3BR, 10 x 4BR
Multifamily Units
50
Amenities
on-site laundry
Building Details
Year Built
1970
Construction
garden-style
Listing Agency:
Luxe Coastal Realty Group LLC
Listed By:
Marcy L O'Donnell · License #3417794
(848) 220-5555
Source:
Thepennteam
Added: Aug 20
Changed: Oct 7
Last Checked: Oct 7 at 1:01PM
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 Luxe Coastal Realty Group LLC
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Investment Insights
Based on property information with market context.
The garden-style apartment community contains 50 units across a diverse mix: 8 one-bedroom, 20 two-bedroom, 12 three-bedroom, and 10 four-bedroom residences. The property encompasses 33,060 square feet and was built in 1970. Renovations completed since 2020 include flooring, paint, windows, and fixtures in 42 units. An on-site laundry facility adds an operating component, while a separate office building includes storage space.
Capital improvements include metal roofs, upgraded electrical panels, and multiple HVAC and water-heater replacements. The property is located at 3510 / 3536 Saint John St in Panama City, near major retailers, schools, and employment centers, with Panama City Beach within minutes.
Capital improvements include metal roofs, upgraded electrical panels, and multiple HVAC and water-heater replacements. The property is located at 3510 / 3536 Saint John St in Panama City, near major retailers, schools, and employment centers, with Panama City Beach within minutes.
Key Highlights
- 50‑unit garden‑style apartment community
- Unit mix includes 8 one‑bed, 20 two‑bed, 12 three‑bed, and 10 four‑bed units
- 42 units renovated since 2020 with updated flooring, paint, windows, and fixtures
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$322,341
Cap Rate
5.16%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$6,446,820
$6.4M
Cap Rate 7%
$4,604,871
$4.6M
Cap Rate 9%
$3,581,567
$3.6M
Market Conditions
NOI Build-Up for 33,060 SF
Gross rent
$626.8K $18.96/SF
− Vacancy
−$40.7K −$1.23/SF
EGI
$586.1K $17.73/SF
− OpEx
−$263.7K −$7.98/SF
NOI
$322.3K $9.75/SF
Area
Bay County, FL
Vacancy
6.50%
Lease Rate
$18.96 /SF/Yr
Expense Ratio
45.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$6,446,820
Cap Rate 7%
$4,604,871
Cap Rate 9%
$3,581,567
Alternative Uses
Best Use
Apartment 5plus
$4.60M
$4.03M – $5.37M
NOI $322,341 @ 7.0% cap · market cap 5.16%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$9.63M
$8.43M – $11.24M
NOI $674,278 @ 7.0% cap · market cap 10.80%
Zoning and permitted uses should be independently verified with authorities.
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Property Analytics
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Current Use
Lease Details
50
Residential units
Location Intelligence
Trade Area within ½ mile
168
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
Frequently Asked Questions
What type of property is this?
Apartment building - Garden-style community with on-site laundry, a separate office building, and extensive unit and system upgrades.
Where is this apartment building located?
The property is located at 3510 / 3536 Saint John St Panama City, FL.
What is the asking price?
The asking price for this property is $6,243,750.
What are key features of this property?
This property features: 50‑unit garden‑style apartment community; Unit mix includes 8 one‑bed, 20 two‑bed, 12 three‑bed, and 10 four‑bed units; 42 units renovated since 2020 with updated flooring, paint, windows, and fixtures
