Three-Unit Triplex with
For Sale
$425,000
5138 Lance Street, Panama City, FL 32404
Each residence has a two-level layout with laundry inside the unit and dedicated parking.
Property Size2,916 SF
Price / SF$145.75
Days on Market28
Property Features for 5138 Lance Street
General Information
Standard status
Active
Size
2,916 SF
Total Parking Spaces
6
Property subtype
Triplex
Units
Unit Mix
3 x 2BR/1.5BA
Multifamily Units
3
Parking per Unit
2
Additional Details
Gross Income
$38,880
Tenant in Place
Yes
Taxes and HOA fees
Annual Taxes
$3,649
Building Details
Building Size
2,916 SF
Year Built
1984
Listing Agency:
CENTURY 21 Commander Realty
Listed By:
Kelli White Garrett · License #3139918
(850) 819-6423
Source:
Coastalheritagerealty
Added: Sep 30
Changed: Oct 26
Last Checked: Oct 26 at 12:16PM
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 CENTURY 21 Commander Realty
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Investment Insights
Based on property information with market context.
This 2,916-square-foot triplex, built in 1984, contains three two-story residences. Each unit has two bedrooms and 1.5 bathrooms, with the bedrooms and full bath upstairs. The main level combines living, dining, and kitchen space and also includes a half bath, an interior laundry room, and LVP flooring. Two units have privacy-fenced backyards; the third yard is partially fenced and faces a pond with a water feature and views of a neighboring walking park. Each residence is assigned two parking spaces.
The property is near Tyndall Air Force Base and area shopping and dining. Its three separate units are held under one ownership, with rental income currently in place.
The property is near Tyndall Air Force Base and area shopping and dining. Its three separate units are held under one ownership, with rental income currently in place.
Key Highlights
- Three units, each with 2 bedrooms and 1.5 bathrooms
- 2,916 square feet; built in 1984
- Two‑story floor plan in each unit, with interior laundry
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$31,027
Cap Rate
7.30%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$620,540
$620.5K
Cap Rate 7%
$443,243
$443.2K
Cap Rate 9%
$344,744
$344.7K
Market Conditions
NOI Build-Up for 2,916 SF
Gross rent
$47.2K $16.20/SF
− Vacancy
−$2.9K −$1.00/SF
EGI
$44.3K $15.20/SF
− OpEx
−$13.3K −$4.56/SF
NOI
$31.0K $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%
$620,540
Cap Rate 7%
$443,243
Cap Rate 9%
$344,744
Alternative Uses
Best Use
Multifamily LT 5
$443.2K
$387.8K – $517.1K
NOI $31,027 @ 7.0% cap · market cap 7.30%
Second Best
Apartment 5plus
$406.2K
$355.4K – $473.9K
NOI $28,432 @ 7.0% cap · market cap 6.69%
Theoretical Best
Office A
$849.6K
$743.4K – $991.2K
NOI $59,474 @ 7.0% cap · market cap 13.99%
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
Property Analytics
Who owns this building?
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Lease Details
3
Residential units
Location Intelligence
Trade Area within ½ mile
285
Businesses Nearby
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Business Placement
Demographics for 32404, FL
38,186
Population
18,053
Households
2.1
Avg Household Size
40
Median Age
21%
College-Educated
87%
High-School Grad
135.1 sq mi
ZIP Area
283
Density / Sq Mi
$72,208
Median Household Income
$38,701
Median Earnings
$1,355
Median Rent
$239,700
Median Home Value
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Market
Vacancy Rate% for Multifamily in South region
Frequently Asked Questions
What type of property is this?
Triplex - Each residence has a two-level layout with laundry inside the unit and dedicated parking.
Where is this triplex located?
The property is located at 5138 Lance Street Panama City, FL.
What is the asking price?
The asking price for this property is $425,000.
What are key features of this property?
This property features: Three units, each with 2 bedrooms and 1.5 bathrooms; 2,916 square feet; built in 1984; Two‑story floor plan in each unit, with interior laundry
