Newly Built Five-Plex Apartment
5333-5345 Cherry Street Panama City, FL 32404
For Sale
$1,575,000
2025-built five-plex is fully occupied with long-term tenants and attached 1-car garages for each unit.
Property Size8,385 SF
Price / SF$187.84
Days on Market76
Property Features for 5333-5345 Cherry Street
General Information
Standard status
Active
Size
8,385 SF
Property subtype
Multi-Family
Building Details
Year Built
2025
Listing Agency:
Coldwell Banker Realty
(850) 499-2432
Listed By:
Michael Tomlin · License #3406817
(850) 499-2432
Source:
Xome
Added: May 14
Changed: Jul 21
Last Checked: Jul 27 at 2:54AM
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 Coldwell Banker Realty
Investment Insights
Based on property information with market context.
This newly constructed 5-plex was built in 2025 and is currently fully occupied with long-term tenants already in place. Each unit is designed as a 3-bedroom, 2-bath residence with an attached 1-car garage. Interior finishes include luxury vinyl plank flooring, recessed lighting, modern fixtures, and updated kitchen features such as custom cabinetry, stainless steel appliances, oversized islands, and warm butcher block countertops. Bathrooms are finished with custom vanities, designer lighting and mirrors, and tiled walk-in showers with frameless glass enclosures.
The property includes ample parking and a clean, modern exterior presentation described as coastal-inspired. The unit mix and garage parking are consistent across the development, providing a straightforward, uniform setup for ongoing residential rental use.
For sale as a turnkey, occupied multifamily asset at 5333-5345 Cherry Street, Panama City, FL 32404.
The property includes ample parking and a clean, modern exterior presentation described as coastal-inspired. The unit mix and garage parking are consistent across the development, providing a straightforward, uniform setup for ongoing residential rental use.
For sale as a turnkey, occupied multifamily asset at 5333-5345 Cherry Street, Panama City, FL 32404.
Key Highlights
- Newly built 2025 5‑plex, fully occupied with long‑term tenants for immediate income.
- Each unit offers 3 bedrooms and 2 bathrooms, plus an attached 1‑car garage.
- Approx. 1,677 SF per unit with spacious open‑concept layouts.
Financial Insights For Apartment 5plus
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $201.2k | $24.00 |
| − Vacancy | −$32.4k | −$3.86 |
| EGI | $168.8k | $20.14 |
| − OpEx | −$76.0k | −$9.06 |
| NOI | $92.9k | $11.07 |
8,385 SF · lease $24.00/SF/yr · vacancy 16.10% · expense 45.00%
Alternative Uses
Best Use
Apartment 5plus
$1.33M
$1.16M – $1.55M
NOI $92,862 @ 7.0% cap · market cap 5.90%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$2.11M
$1.85M – $2.46M
NOI $147,610 @ 7.0% cap · market cap 9.37%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Location Intelligence
Current Use
Frequently Asked Questions
What type of property is this?
Apartment building - 2025-built five-plex is fully occupied with long-term tenants and attached 1-car garages for each unit.
Where is this apartment building located?
The property is located at 5333-5345 Cherry Street Panama City, FL.
What is the asking price?
The asking price for this property is $1,575,000.
What are key features of this property?
This property features: Newly built 2025 5‑plex, fully occupied with long‑term tenants for immediate income.; Each unit offers 3 bedrooms and 2 bathrooms, plus an attached 1‑car garage.; Approx. 1,677 SF per unit with spacious open‑concept layouts.
