Two-Unit Duplex Near
For Sale
$439,000
Pending
4017 Silver Sands Road, Panama City, FL 32408
MULTI_FAMILY - Other - Panama City, FL
Property Size1,596 SF
Lot Size0.11 Acres
Days on Market161
Property Features for 4017 Silver Sands Road
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Zoning description
Resid Multi-Family
Bedrooms
4
Bathrooms
2
Full bathrooms
2
Rooms
Laundry Room, Bedroom 2, Bathroom 1, Bathroom 2, Bedroom 1, Laundry Room, Bedroom 3, Bedroom 4, Family Room
Appliances
ElectricRange, ElectricWaterHeater
Subdivision
Silver Sands Unit 2
Lot features
Paved
Elementary school
Patronis
Middle school
Surfside
High school
Arnold
Directions
From the intersection of Thomas Drive and Silver Sands Rd., travel north on Silver Sands Rd. Duplex is approximately 0.1 mile on the right.
Standard status
Pending
APN
30196-260-000
Size
1,596 SF
Lot size
0.11 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
Lot 5, Block ''E'', Silver Sands Rd. Unit two according to the plat there of recorded in plat there of recorded in plat book 11, page 41 of the public records of Bay County Florida.
Tax Annual Amount
4110
Legal Description
Lot 5, Block ''E'', Silver Sands Rd. Unit two according to the plat there of recorded in plat there of recorded in plat book 11, page 41 of the public records of Bay County Florida.
Utilities
Sewer type
Public Sewer
Heating system
Electric (Heating), Central
Cooling system
Central Air, Ceiling Fan(s)
Building Details
Year built
2002
Building materials
VinylSiding, WoodFrame
Roof type
Metal
Architectural style
Other
Listing Agency:
ERA Neubauer Real Estate, Inc · ERA Real Estate
(850) 872-3434
Listed By:
Steve E Butler · License #0173808
(850) 832-6434
Added: Mar 11
Changed: Aug 13
Last Checked: Aug 18 at 3:06AM
MLS# 786720
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.
Two-unit duplex with two equal-sized units. Each unit includes a family/dining area, kitchen, two bedrooms, one full bath, and a dedicated laundry room. The property is served by public sewer and is heated and cooled with central electric systems plus ceiling fans. The metal roof and vinyl siding with wood frame construction were completed in 2002. Appliances include electric range and electric water heater.
Conveniently located about 0.1 mile off Thomas Drive, the property is close to restaurants, shopping, and beach-area attractions. Rick Seltzer Park, with public beach access, picnic areas, and Gulf views, is less than half a mile away.
Units are being vacated in preparation for the sale, giving the next owner flexibility to establish new rental terms. Short-term rentals are permitted, subject to registration with the local fire department.
Conveniently located about 0.1 mile off Thomas Drive, the property is close to restaurants, shopping, and beach-area attractions. Rick Seltzer Park, with public beach access, picnic areas, and Gulf views, is less than half a mile away.
Units are being vacated in preparation for the sale, giving the next owner flexibility to establish new rental terms. Short-term rentals are permitted, subject to registration with the local fire department.
Key Highlights
- Two equal‑sized duplex units
- 1,596 SF duplex on 0.11 acres
- Short‑term rentals permitted with local fire department registration
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
$19,306
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
4.40%
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%
$386,120
$386.1K
Cap Rate 7%
$275,800
$275.8K
Cap Rate 9%
$214,511
$214.5K
Market Conditions
NOI Build-Up for 1,596 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
$32.6K $20.40/SF
− Vacancy
−$5.0K −$3.12/SF
EGI
$27.6K $17.28/SF
− OpEx
−$8.3K −$5.18/SF
NOI
$19.3K $12.10/SF
Area
Walton County, FL
Vacancy
15.29%
Lease Rate
$20.40 /SF/Yr
Expense Ratio
30.00%
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%
$386,120
Cap Rate 7%
$275,800
Cap Rate 9%
$214,511
Alternative Uses
Best Use
Multifamily LT 5
$275.8K
$241.3K – $321.8K
NOI $19,306 @ 7.0% cap · market cap 4.40%
Second Best
Apartment 5plus
$252.5K
$220.9K – $294.6K
NOI $17,675 @ 7.0% cap · market cap 4.03%
Theoretical Best
Office A
$401.4K
$351.2K – $468.3K
NOI $28,096 @ 7.0% cap · market cap 6.40%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
444
Businesses Nearby
Explore this area
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
Market
Vacancy Rate% for Multifamily in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Duplex - Two-unit duplex offering dedicated laundry, central HVAC, and short-term rentals permitted with fire department registration.
Where is this duplex located?
The property is located at 4017 Silver Sands Road Panama City, FL.
What is the asking price?
The asking price for this property is $439,000.
What are key features of this property?
This property features: Two equal‑sized duplex units; 1,596 SF duplex on 0.11 acres; Short‑term rentals permitted with local fire department registration
