Duplex with Private
New
For Sale
$599,900
3707 Mystic St, Panama City Beach, FL 32408
Two distinct residences have separate patios, parking areas, and kitchens, with short-term rentals permitted.
Property Size2,184 SF
Price / SF$274.68
Days on Market5
Property Features for 3707 Mystic St
General Information
Standard status
Active
Size
2,184 SF
Property subtype
Multi-Family
Additional Details
Multifamily Units
2
Amenities
electric fireplace
wood-burning fireplace
storage shed
patio
Building Details
Year Built
1981
Buildings
1
Listing Agency:
Legacy Premier Agency LLC
Listed By:
Nathan R Lawrence · License #3107484
(850) 250-3701
Source:
Susan.forsaleonthegulfcoast
Added: Oct 4
Changed: Oct 7
Last Checked: Oct 7 at 11:33AM
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 Legacy Premier Agency LLC
Investment Insights
Based on property information with market context.
Built in 1981, this 2,184-square-foot duplex is configured as two separate residences, each with a private entrance, parking area, patio, kitchen, and storage shed. One side has three king bedrooms plus a twin bed and trundle, with sleeping capacity for eight. The other offers two king suites. An electric fireplace serves one unit, while the other has a wood-burning fireplace. Both units are operating as vacation rentals, and short-term rentals are allowed. The property has no HOA.
The duplex sits across from the Grand Lagoon, with a public boat ramp one block away and Gulf beach access about half a mile from the property. Schooners is approximately 1.5 miles away, and St. Andrews State Park is about 2 miles away. Grand Lagoon marinas and charter fleets are within 1 to 2 miles; Pier Park is roughly 9 miles away.
The duplex sits across from the Grand Lagoon, with a public boat ramp one block away and Gulf beach access about half a mile from the property. Schooners is approximately 1.5 miles away, and St. Andrews State Park is about 2 miles away. Grand Lagoon marinas and charter fleets are within 1 to 2 miles; Pier Park is roughly 9 miles away.
Key Highlights
- Duplex totaling 2,184 square feet; built in 1981
- Two residences, each with a private entry, separate parking area, patio, kitchen, and shed
- One unit sleeps eight, with three king bedrooms, a twin bed, and a trundle
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$23,238
Cap Rate
3.87%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$464,760
$464.8K
Cap Rate 7%
$331,971
$332.0K
Cap Rate 9%
$258,200
$258.2K
Market Conditions
NOI Build-Up for 2,184 SF
Gross rent
$35.4K $16.20/SF
− Vacancy
−$2.2K −$1.00/SF
EGI
$33.2K $15.20/SF
− OpEx
−$10.0K −$4.56/SF
NOI
$23.2K $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%
$464,760
Cap Rate 7%
$331,971
Cap Rate 9%
$258,200
Alternative Uses
Best Use
Multifamily LT 5
$332.0K
$290.5K – $387.3K
NOI $23,238 @ 7.0% cap · market cap 3.87%
Second Best
Apartment 5plus
$304.2K
$266.2K – $354.9K
NOI $21,294 @ 7.0% cap · market cap 3.55%
Theoretical Best
Office A
$636.3K
$556.8K – $742.4K
NOI $44,544 @ 7.0% cap · market cap 7.43%
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
522
Businesses Nearby
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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
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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 - Two distinct residences have separate patios, parking areas, and kitchens, with short-term rentals permitted.
Where is this duplex located?
The property is located at 3707 Mystic St Panama City Beach, FL.
What is the asking price?
The asking price for this property is $599,900.
What are key features of this property?
This property features: Duplex totaling 2,184 square feet; built in 1981; Two residences, each with a private entry, separate parking area, patio, kitchen, and shed; One unit sleeps eight, with three king bedrooms, a twin bed, and a trundle
