New Construction Townhome Investment
6720-6728 Cherry Street, Panama City, FL 32404
Five-unit townhome building near Tyndall Air Force Base.
Property size:
6,750 SFPrice / SF:
$162/SF- Added:
- Mar 8, 2026
- Days on Market:
- 75
- Last Refresh:
- Mar 16 at 11:01 am
Property Features for 6720-6728 Cherry Street
General Information
- Standard status
- Active
- Size
- 6,750 SF
Building Details
- Year Built
- 2025
Listing agent HEATHER H NEUBAUER License #3257545
Listing office ERA NEUBAUER REAL ESTATE INC (850) 785-1551
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
HighLights
- New construction 5‑unit townhome building: a modern, low‑maintenance investment.
- Strong rental potential near Tyndall Air Force Base.
- Each unit features 3 bedrooms, 2.5 bathrooms, approximately 1,300 sq ft, and an attached one‑car garage.
- Modern finishes including quartz countertops, stainless steel appliances, and custom tile work.
- Low‑maintenance ownership: exterior maintenance and common area upkeep included.
- Convenient location close to Tyndall Air Force Base, shopping, parks, and major roadways.
Overview
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 living space, and an attached one-car garage. The two-story units feature 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. 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, providing easy access to shopping, parks, and major roadways. The property size is 6,750 square feet.
Financial Insights
Value Estimation Calculated for Apartment 5plus
Conservative
$830.6K
NOI $74,755 @ 9.00% cap · cautious / downside scenario
Moderate
$1.07M
NOI $74,755 @ 7.00% cap · market / base-case scenario
Aggressive
$1.50M
NOI $74,755 @ 5.00% cap · optimistic / upside scenario
NOI & Cap Rate Calculator
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.
Calculated for Apartment 5plus
| 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 Use Scenarios
Best Use
Apartment 5plus
$1.07M
$934.4K – $1.25M
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
NOI $118,827 @ 7.0% cap · market cap 10.81%
Zoning and permitted uses should be independently verified with local authorities.
Location Intelligence
Current Use by Public Records
Apartment buildings
Location Insight
- Map
- Local Demand
- City
- Panama City
- County
- Walton
- State
- Florida
- Longitude
- -85.5746382
- Latitude
- 30.1452116
Nearby Similar for Sale
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 6720-6728 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: a modern, low‑maintenance investment.; Strong rental potential near Tyndall Air Force Base.; Each unit features 3 bedrooms, 2.5 bathrooms, approximately 1,300 sq ft, and an attached one‑car garage.
