Triplex on a Corner with Three
For Sale
$625,000
5612 Hilltop Avenue, Panama City Beach, FL 32408
MULTI_FAMILY - Other - Panama City Beach, FL
Property Size3,804 SF
Price / SF$164.30
Days on Market47
Property Features for 5612 Hilltop Avenue
General Information
Property type
Residential Multi Family
Property subtype
Other
Bedrooms
8
Bathrooms
6
Full bathrooms
6
Rooms
Bathroom 5, Bedroom 8, Bedroom 5, Family Room, Bedroom 6, Bedroom 4, Bedroom 7, Bedroom 3, Bathroom 2, Bathroom 4, Bonus Room, Bathroom 3, Bedroom 1, Bathroom 6, Bathroom 1, Bedroom 2
Parking features
Covered
Appliances
Dishwasher, Microwave, Refrigerator, Stove/Oven Electric
Subdivision
BILTMORE BEACH 1ST ADDN
Elementary school
Patronis
Middle school
Surfside
High school
Arnold
Directions
From Thomas Drive, turn north onto Luff Street. Continue to Hilltop Avenue and turn left. Follow Hilltop Avenue to 5612 Hilltop Ave, located in the Biltmore Beach community of Lower Grand Lagoon. Prop
Standard status
Active
APN
32061-000-000
Size
3,804 SF
Taxes and HOA fees
Tax Year
2025
Tax Description
BILTMORE BEACH 1ST ADD LOTS 1 & 2 BLK G ORB 3211 P 1444
Tax Annual Amount
3754
Legal Description
BILTMORE BEACH 1ST ADD LOTS 1 & 2 BLK G ORB 3211 P 1444
Utilities
Sewer type
Septic Tank
Heating system
Central
Cooling system
Central Air
Building Details
Year built
1986
Floors in Building
3
Architectural style
Other
Listing Agency:
Coldwell Banker Realty · Coldwell Banker Real Estate
(850) 650-4563
Listed By:
Courtney Pantalena · License #3504789
(850) 738-4881
Added: Jul 8
Changed: Aug 4
Last Checked: Aug 23 at 11:06AM
MLS# 1007232
Copyright © 2026 Emerald Coast 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.
This triplex offers a split configuration across three separate apartments and spans three parcels on a prominent corner. The property includes 8 bedrooms and 6 bathrooms, with separate entrances for Apartments B and C. Apartment A is a split-level 4-bedroom, 2-bath home on the main floor, with an updated kitchen that includes white cabinetry, granite countertops, and stainless steel appliances, plus a converted two-car garage that adds bonus or flex space. Apartment B is a private 2-bedroom, 2-bath unit on the second floor. Apartment C is another private 2-bedroom, 2-bath layout on the third floor with elevated views.
The home was built in 1986 and features central heating and central air conditioning. Parking is listed as covered, and the property has a septic tank for sewer service. The listing notes no HOA and an expansive lot that can accommodate parking for an RV, boat, or multiple vehicles.
The triplex is located in South Lagoon, just a few blocks from public beach access points off Gulf Drive, with proximity to a local boat ramp on the lagoon. It is also described as within a short stroll or golf cart ride to the marina area and dining and shopping along Thomas Drive.
The home was built in 1986 and features central heating and central air conditioning. Parking is listed as covered, and the property has a septic tank for sewer service. The listing notes no HOA and an expansive lot that can accommodate parking for an RV, boat, or multiple vehicles.
The triplex is located in South Lagoon, just a few blocks from public beach access points off Gulf Drive, with proximity to a local boat ramp on the lagoon. It is also described as within a short stroll or golf cart ride to the marina area and dining and shopping along Thomas Drive.
Key Highlights
- Prominent corner triplex spanning three separate parcels
- 8 bedrooms and 6 bathrooms across Apartments A, B, and C
- Apartment A: split‑level 4‑bedroom, 2‑bath with updated kitchen and converted two‑car garage bonus/flex space
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
$40,476
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
6.48%
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%
$809,520
$809.5K
Cap Rate 7%
$578,229
$578.2K
Cap Rate 9%
$449,733
$449.7K
Market Conditions
NOI Build-Up for 3,804 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
$61.6K $16.20/SF
− Vacancy
−$3.8K −$1.00/SF
EGI
$57.8K $15.20/SF
− OpEx
−$17.3K −$4.56/SF
NOI
$40.5K $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 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%
$809,520
Cap Rate 7%
$578,229
Cap Rate 9%
$449,733
Alternative Uses
Best Use
Multifamily LT 5
$578.2K
$506.0K – $674.6K
NOI $40,476 @ 7.0% cap · market cap 6.48%
Second Best
Apartment 5plus
$529.9K
$463.6K – $618.2K
NOI $37,090 @ 7.0% cap · market cap 5.93%
Theoretical Best
Office A
$1.11M
$969.8K – $1.29M
NOI $77,585 @ 7.0% cap · market cap 12.41%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
552
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?
Triplex - Corner triplex on three parcels with central HVAC, covered parking, and multiple separate entrances.
Where is this triplex located?
The property is located at 5612 Hilltop Avenue Panama City Beach, FL.
What is the asking price?
The asking price for this property is $625,000.
What are key features of this property?
This property features: Prominent corner triplex spanning three separate parcels; 8 bedrooms and 6 bathrooms across Apartments A, B, and C; Apartment A: split‑level 4‑bedroom, 2‑bath with updated kitchen and converted two‑car garage bonus/flex space
