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 Market14
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: Aug 29
Last Checked: Sep 1 at 8:55PM
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
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 = 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
$366,133
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
5.86%
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%
$7,322,660
$7.3M
Cap Rate 7%
$5,230,471
$5.2M
Cap Rate 9%
$4,068,144
$4.1M
Market Conditions
NOI Build-Up for 33,060 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
$793.4K $24.00/SF
− Vacancy
−$127.7K −$3.86/SF
EGI
$665.7K $20.14/SF
− OpEx
−$299.6K −$9.06/SF
NOI
$366.1K $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%
$7,322,660
Cap Rate 7%
$5,230,471
Cap Rate 9%
$4,068,144
Alternative Uses
Best Use
Apartment 5plus
$5.23M
$4.58M – $6.10M
NOI $366,133 @ 7.0% cap · market cap 5.86%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$8.31M
$7.27M – $9.70M
NOI $581,988 @ 7.0% cap · market cap 9.32%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
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
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 - 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
