Short-Term Rental Property with Swimming
For Sale
$650,000
604 Fernwood Street, Panama City Beach, FL 32407
MULTI_FAMILY - Panama City Beach, FL
Property Size2,556 SF
Lot Size0.42 Acres
Price / SF$254.30
Days on Market147
Property Features for 604 Fernwood Street
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning description
Resid Multi-Family
Bedrooms
7
Bathrooms
6
Full bathrooms
6
Rooms
Bedroom 5, Bathroom 6, Bathroom 4, Bedroom 3, Bathroom 3, Bedroom 2, Bedroom 6, Bedroom 1, Bedroom 7, Bathroom 1, Bathroom 5, Bathroom 2, Bedroom 4
Parking features
Paved or Surfaced
Pool private
1
Subdivision
Hutchison's 1st To Bahama Bch
Lot features
Paved
Elementary school
Hutchison Beach
Middle school
Surfside
High school
Arnold
Directions
From Panama City Beach Pkwy (Back Beach Rd / US-98), turn south onto Richard Jackson Blvd. Continue to Hutchison Blvd (Middle Beach Rd) and turn right (west). Proceed to Lullwater Dr and turn left. Turn left onto Fernwood St. Property will be on the left.
Standard status
Active
APN
34201-000-000
Size
2,556 SF
Lot size
0.42 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
HUTCHISON'S 1ST ADD LOTS 2 & 3 BLK 4 DAUGETTE ADDITION LOT 19 BLK B ORB 2090 P 521
Tax Annual Amount
5450
Legal Description
HUTCHISON'S 1ST ADD LOTS 2 & 3 BLK 4 DAUGETTE ADDITION LOT 19 BLK B ORB 2090 P 521
Utilities
Sewer type
Public Sewer
Cooling system
Window Unit(s), Ceiling Fan(s)
Amenities
swimming pool
Building Details
Year built
1960
Floors in Building
1
Building materials
Block
Listing Agency:
Think Real Estate
(850) 270-4200
Listed By:
Dien and Andrew Group · License #SL3466729
(850) 600-0605
Added: Mar 18
Changed: Aug 3
Last Checked: Aug 11 at 9:06PM
MLS# 786962
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.
604 Fernwood Street is a versatile income-producing property just off Middle Beach Road in Panama City Beach. Formerly operated as a motel, it offers flexible use options for multi-family residential, short-term rental, workforce housing, or commercial conversion (buyer to verify zoning and intended use).
The property contains 7 bedrooms and 6 bathrooms across approximately 2,556 square feet, providing multiple rental configurations. A private on-site swimming pool is included as an amenity for guests or long-term tenants. Construction is block, with cooling provided via window unit(s) and ceiling fan(s), and parking available on paved or surfaced areas.
Additional infrastructure includes public sewer. Built in 1960, the property sits on a 0.42-acre lot and is positioned for convenient access to shopping, dining, attractions, and entertainment, with proximity to both Front Beach Road and Back Beach Road.
The property contains 7 bedrooms and 6 bathrooms across approximately 2,556 square feet, providing multiple rental configurations. A private on-site swimming pool is included as an amenity for guests or long-term tenants. Construction is block, with cooling provided via window unit(s) and ceiling fan(s), and parking available on paved or surfaced areas.
Additional infrastructure includes public sewer. Built in 1960, the property sits on a 0.42-acre lot and is positioned for convenient access to shopping, dining, attractions, and entertainment, with proximity to both Front Beach Road and Back Beach Road.
Key Highlights
- 0.42‑acre lot just off Middle Beach Road in Panama City Beach
- Approximately 2,556 SF with 7 bedrooms and 6 bathrooms
- Formerly operated as a motel with flexible short‑term rental or multi‑family use
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
$24,921
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
3.83%
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%
$498,420
$498.4K
Cap Rate 7%
$356,014
$356.0K
Cap Rate 9%
$276,900
$276.9K
Market Conditions
NOI Build-Up for 2,556 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
$48.5K $18.96/SF
− Vacancy
−$3.2K −$1.23/SF
EGI
$45.3K $17.73/SF
− OpEx
−$20.4K −$7.98/SF
NOI
$24.9K $9.75/SF
Area
Bay County, FL
Vacancy
6.50%
Lease Rate
$18.96 /SF/Yr
Expense Ratio
45.00%
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%
$498,420
Cap Rate 7%
$356,014
Cap Rate 9%
$276,900
Alternative Uses
Best Use
Apartment 5plus
$356.0K
$311.5K – $415.4K
NOI $24,921 @ 7.0% cap · market cap 3.83%
Second Best
Hotel Hospitality
$228.9K
$200.3K – $267.1K
NOI $16,026 @ 7.0% cap · market cap 2.47%
Theoretical Best
Office A
$744.7K
$651.6K – $868.9K
NOI $52,131 @ 7.0% cap · market cap 8.02%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
427
Businesses Nearby
Explore this area
Business Placement
Demographics for 32407, FL
14,366
Population
12,163
Households
1.2
Avg Household Size
41
Median Age
40%
College-Educated
96%
High-School Grad
14.9 sq mi
ZIP Area
964
Density / Sq Mi
$79,052
Median Household Income
$44,027
Median Earnings
$1,792
Median Rent
$403,500
Median Home Value
Market
Vacancy Rate% for Multifamily in South region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Short term rental property - On-site swimming pool and block construction support flexible income use as a short-term rental or multi-family arrangement.
Where is this short term rental property located?
The property is located at 604 Fernwood Street Panama City Beach, FL.
What is the asking price?
The asking price for this property is $650,000.
What are key features of this property?
This property features: 0.42‑acre lot just off Middle Beach Road in Panama City Beach; Approximately 2,556 SF with 7 bedrooms and 6 bathrooms; Formerly operated as a motel with flexible short‑term rental or multi‑family use
