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New Construction Townhome Investment Opportunity

6710-6718 Cherry Street Panama City, FL 32404

Claim this Listing
For Sale
$1,099,500

Five-unit townhome building near Tyndall Air Force Base.

Type:Commercial
Property size:
6,750 SF
Price / SF:
$162/SF
Added:
Mar 8, 2026
Days on Market:
127
Last Refresh:
Jul 5 at 12:15 pm

Property Features for 6710-6718 Cherry Street

General Information

Standard status
Active
Size
6,750 SF
Property subtype
Commercial

Building Details

Year Built
2025

Listing office ERA NEUBAUER REAL ESTATE INC

Listing date Mar 8, 2026

Source Corcoran

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 ERA NEUBAUER REAL ESTATE INC


Investment Insights

Based on property information with market context.

This newly constructed five-unit townhome building presents an investment opportunity with strong rental potential in Panama City. Each townhome includes 3 bedrooms, 2.5 bathrooms, approximately 1,300 square feet of heated and cooled living space, and an attached one-car garage. The two-story units feature a spacious entry with tall ceilings and a wide hallway. The main level offers an open-concept living, dining, and kitchen area with quartz countertops, stainless steel appliances, breakfast bar seating, and contemporary finishes. A half bathroom is located on the first floor, and rear access leads to a covered patio space. Upstairs, the primary bedroom suite includes a walk-in closet with built-in shelving and a private ensuite bathroom with custom tile work and an oversized shower. Two additional bedrooms, a full bathroom, and washer and dryer connections are also located on the second level. Community amenities include exterior maintenance and common area upkeep. The property is located approximately 6.6 miles from Tyndall Air Force Base, 1.6 miles from Winn-Dixie, and 2.9 miles from Under the Oaks Park, with access to shopping, parks, and major roadways. The property size is 6,750 square feet.

Key Highlights

  • New Construction 5‑Unit Townhome Building: Ideal for investment.
  • Proximity to Tyndall Air Force Base: Only 6.6 miles away, great for military housing.
  • Each Unit: Features 3 bedrooms, 2.5 bathrooms, approximately 1,300 sq ft, and an attached one‑car garage.

Local 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 $162.0k $24.00
− Vacancy −$26.1k −$3.86
EGI $135.9k $20.14
− OpEx −$61.2k −$9.06
NOI $74.8k $11.07
6,750 SF · lease $24.00/SF/yr · vacancy 16.10% · expense 45.00%

Alternative Uses

Best Use
Apartment 5plus
$1.07M
$934.4K – $1.25M (±1% cap)
NOI $74,755 @ 7.0% cap · market cap 6.80%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.70M
$1.49M – $1.98M (±1% cap)
NOI $118,827 @ 7.0% cap · market cap 10.81%
Zoning and permitted uses should be independently verified with local authorities.

Property Analytics

Property Profile Location Intelligence

Current Use by Public Records

Apartment buildings

Suggested Use

Law Firm Real Estate Agency Hair Salon Dental Office Spa & Massage Center Nail Salon HVAC Service Gym & Fitness Center Skin Care Clinic Pharmacy

Zoning and permitted uses should be independently verified with local authorities.

FAQs

What type of property is this?
Apartment building - Five-unit townhome building near Tyndall Air Force Base.
Where is this apartment building located?
The property is located at 6710-6718 Cherry Street Panama City, FL.
What is the asking price?
The asking price for this property is $1,099,500.
What are key features of this property?
This property features: New Construction 5‑Unit Townhome Building: Ideal for investment.; Proximity to Tyndall Air Force Base: Only 6.6 miles away, great for military housing.; Each Unit: Features 3 bedrooms, 2.5 bathrooms, approximately 1,300 sq ft, and an attached one‑car garage.
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