Two-Unit Duplex on Double
For Sale
$279,997
509 Pinetree Drive A & B, Panama City Beach, FL 32413
Two separate residences sit on a west-end Panama City Beach parcel near 30A and the beaches.
Property Size2,228 SF
Price / SF$125.67
Days on Market28
Property Features for 509 Pinetree Drive A & B
General Information
Standard status
Active
Size
2,228 SF
Property subtype
Duplex
Additional Details
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$4,671
Building Details
Building Size
2,228 SF
Year Built
1993
Listing Agency:
Salty Marlin Realty LLC
Listed By:
Kyle C Ballif · License #3280394
(850) 610-1555
Source:
Inletbeachre
Added: Sep 30
Changed: Oct 27
Last Checked: Oct 26 at 3:01PM
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 Salty Marlin Realty LLC
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Investment Insights
Based on property information with market context.
This duplex at 509 Pinetree Drive contains two separate units across 2,228 square feet. Built in 1993, the property also includes a downstairs garage area that could be finished for additional usable space.
The parcel is on the west end of Panama City Beach, near 30A and the beaches. Its double-lot configuration supports consideration of the existing buildings or a new-build project, subject to applicable approvals.
The parcel is on the west end of Panama City Beach, near 30A and the beaches. Its double-lot configuration supports consideration of the existing buildings or a new-build project, subject to applicable approvals.
Key Highlights
- Two separate units on a double lot
- 2,228 square feet; built in 1993
- Downstairs garage area offers potential for additional usable space
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$23,707
Cap Rate
8.47%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$474,140
$474.1K
Cap Rate 7%
$338,671
$338.7K
Cap Rate 9%
$263,411
$263.4K
Market Conditions
NOI Build-Up for 2,228 SF
Gross rent
$36.1K $16.20/SF
− Vacancy
−$2.2K −$1.00/SF
EGI
$33.9K $15.20/SF
− OpEx
−$10.2K −$4.56/SF
NOI
$23.7K $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%
$474,140
Cap Rate 7%
$338,671
Cap Rate 9%
$263,411
Alternative Uses
Best Use
Multifamily LT 5
$338.7K
$296.3K – $395.1K
NOI $23,707 @ 7.0% cap · market cap 8.47%
Second Best
Apartment 5plus
$310.3K
$271.5K – $362.1K
NOI $21,723 @ 7.0% cap · market cap 7.76%
Theoretical Best
Office A
$649.2K
$568.0K – $757.4K
NOI $45,441 @ 7.0% cap · market cap 16.23%
Zoning and permitted uses should be independently verified with authorities.
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Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
315
Businesses Nearby
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Business Placement
Demographics for 32413, FL
15,217
Population
16,334
Households
0.9
Avg Household Size
50
Median Age
34%
College-Educated
94%
High-School Grad
108.2 sq mi
ZIP Area
141
Density / Sq Mi
$76,010
Median Household Income
$41,282
Median Earnings
$1,629
Median Rent
$384,000
Median Home Value
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Market
Vacancy Rate% for Multifamily in South region
Frequently Asked Questions
What type of property is this?
Duplex - Two separate residences sit on a west-end Panama City Beach parcel near 30A and the beaches.
Where is this duplex located?
The property is located at 509 Pinetree Drive A & B Panama City Beach, FL.
What is the asking price?
The asking price for this property is $279,997.
What are key features of this property?
This property features: Two separate units on a double lot; 2,228 square feet; built in 1993; Downstairs garage area offers potential for additional usable space
