Five-Unit Townhome Apartment
For Sale
$1,099,500
Pending
6720-6728 Cherry Street, Panama City, FL 32404
CommercialSale, Panama City, FL
Property Size6,750 SF
Days on Market172
Property Features for 6720-6728 Cherry Street
General Information
Property type
Commercial Sale
Property subtype
Other
Property condition
Under Construction
Subdivision
[No Recorded Subdiv]
Elementary school
Callaway
Middle school
Everitt
High school
Rutherford
Directions
From N Tyndall Pkwy, Head Sou on Us-98 E/N Tyndall Pkwy. Use left 2 lanes to turn left onto FL-22 E. Turn right onto N Berthe Ave. Townhomes located on the corner of Cherry St and Berthe Ave.
Standard status
Pending
APN
06829-000-000
Size
6,750 SF
Taxes and HOA fees
Tax Description
CHERRY GROVE TOWNHOMES
HOA Fee
$125 Monthly
Legal Description
CHERRY GROVE TOWNHOMES
Utilities
Sewer type
Public Sewer
Heating system
Electric (Heating), Central
Building Details
Year built
2025
Listing Agency:
ERA Neubauer Real Estate Inc · ERA Real Estate
(850) 785-1551
Listed By:
Heather H Neubauer · License #3257545
(850) 774-2832
Added: Mar 8
Changed: Aug 19
Last Checked: Aug 27 at 6:06PM
MLS# 786497
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.
New construction five-unit townhome apartment building (2025) being offered with each two-story unit featuring approximately 1,300 square feet of heated and cooled living space. Each townhome includes three bedrooms, 2.5 bathrooms, and an attached one-car garage.
Interiors are designed around an open-concept living, dining, and kitchen area, with quartz countertops, stainless steel appliances, and breakfast bar seating. A half bathroom is located on the first floor, and rear access provides a covered patio area. 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.
The community includes exterior maintenance and common area upkeep. The property is at 6720-6728 Cherry Street in Panama City, FL, with central electric heating and public sewer. It is 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. Buyers should verify all measurements, features, and intended use.
Interiors are designed around an open-concept living, dining, and kitchen area, with quartz countertops, stainless steel appliances, and breakfast bar seating. A half bathroom is located on the first floor, and rear access provides a covered patio area. 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.
The community includes exterior maintenance and common area upkeep. The property is at 6720-6728 Cherry Street in Panama City, FL, with central electric heating and public sewer. It is 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. Buyers should verify all measurements, features, and intended use.
Key Highlights
- 2025 new construction five‑unit townhome apartment building
- Each two‑story unit offers approx 1,300 SF heated and cooled living space
- Unit layout: three bedrooms and 2.5 bathrooms
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
$74,755
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
6.80%
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%
$1,495,100
$1.5M
Cap Rate 7%
$1,067,929
$1.1M
Cap Rate 9%
$830,611
$830.6K
Market Conditions
NOI Build-Up for 6,750 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
$162.0K $24.00/SF
− Vacancy
−$26.1K −$3.86/SF
EGI
$135.9K $20.14/SF
− OpEx
−$61.2K −$9.06/SF
NOI
$74.8K $11.07/SF
Area
Walton County, FL
Vacancy
16.10%
Lease Rate
$24.00 /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%
$1,495,100
Cap Rate 7%
$1,067,929
Cap Rate 9%
$830,611
Alternative Uses
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 authorities.
Property Analytics
Property Profile
Current Use
Lease Details
5
Residential units
Location Intelligence
Trade Area within ½ mile
161
Businesses Nearby
Explore this area
Business Placement
Demographics for 32404, FL
38,186
Population
18,053
Households
2.1
Avg Household Size
40
Median Age
21%
College-Educated
87%
High-School Grad
135.1 sq mi
ZIP Area
283
Density / Sq Mi
$72,208
Median Household Income
$38,701
Median Earnings
$1,355
Median Rent
$239,700
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?
Apartment building - New construction five-unit townhome building with three-bedroom units and attached one-car garages.
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: 2025 new construction five‑unit townhome apartment building; Each two‑story unit offers approx 1,300 SF heated and cooled living space; Unit layout: three bedrooms and 2.5 bathrooms
