Updated Waterfront
For Sale
$1,100,000
6722 S Lagoon Dr, Panama City, FL 32408
Three-unit waterfront property with two boat slips and a boat lift.
Property Size2,720 SF
Price / SF$404.41
Days on Market46
Property Features for 6722 S Lagoon Dr
General Information
Standard status
Active
Size
2,720 SF
Property subtype
Multi-Family
Units
Unit Mix
1 x 3BR/2.5BA, 2 x 1BR
Multifamily Units
3
Additional Details
Furnished
Yes
Amenities
boat slips
boat lift
wraparound balcony
covered deck
Building Details
Year Built
1981
Year Renovated
2022
Listing Agency:
Beachy Beach Real Estate
Listed By:
Heather Fox · License #SL3392228
(850) 541-5774
Source:
Bemajorteam
Added: Jul 19
Changed: Aug 30
Last Checked: Sep 1 at 11:08PM
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 Beachy Beach Real Estate
Investment Insights
Based on property information with market context.
This 2720-square-foot triplex, built in 1981, combines a furnished upper-level residence with two separate one-bedroom units. The primary dwelling includes three bedrooms, 2.5 baths, an open living arrangement, and a three-quarter wraparound balcony oriented toward the lagoon. One lower-level apartment is furnished and has a covered waterfront deck, while the second unit is positioned on the street side.
The property includes two boat slips, a boat lift, and a pontoon. Improvements include a remodeled interior completed in 2020, Hardie board exterior work in 2022, and updates to the roof, windows, and doors in 2019. Located at 6722 S Lagoon Dr in Panama City, the property supports a combination of waterfront occupancy and separate residential units within a single triplex configuration.
The property includes two boat slips, a boat lift, and a pontoon. Improvements include a remodeled interior completed in 2020, Hardie board exterior work in 2022, and updates to the roof, windows, and doors in 2019. Located at 6722 S Lagoon Dr in Panama City, the property supports a combination of waterfront occupancy and separate residential units within a single triplex configuration.
Key Highlights
- 2720‑square‑foot triplex with one three‑bedroom residence and two one‑bedroom units
- Direct waterfront setting with two boat slips, a boat lift, and pontoon
- Upper residence includes 3 bedrooms, 2.5 baths, and a three‑quarter wraparound balcony
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
$32,903
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
2.99%
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%
$658,060
$658.1K
Cap Rate 7%
$470,043
$470.0K
Cap Rate 9%
$365,589
$365.6K
Market Conditions
NOI Build-Up for 2,720 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
$55.5K $20.40/SF
− Vacancy
−$8.5K −$3.12/SF
EGI
$47.0K $17.28/SF
− OpEx
−$14.1K −$5.18/SF
NOI
$32.9K $12.10/SF
Area
Walton County, FL
Vacancy
15.29%
Lease Rate
$20.40 /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%
$658,060
Cap Rate 7%
$470,043
Cap Rate 9%
$365,589
Alternative Uses
Best Use
Multifamily LT 5
$470.0K
$411.3K – $548.4K
NOI $32,903 @ 7.0% cap · market cap 2.99%
Second Best
Apartment 5plus
$430.3K
$376.5K – $502.1K
NOI $30,123 @ 7.0% cap · market cap 2.74%
Theoretical Best
Office A
$684.0K
$598.5K – $798.1K
NOI $47,883 @ 7.0% cap · market cap 4.35%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
3
Residential units
Location Intelligence
Trade Area within ½ mile
413
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 - Three-unit waterfront property with two boat slips and a boat lift.
Where is this triplex located?
The property is located at 6722 S Lagoon Dr Panama City, FL.
What is the asking price?
The asking price for this property is $1,100,000.
What are key features of this property?
This property features: 2720‑square‑foot triplex with one three‑bedroom residence and two one‑bedroom units; Direct waterfront setting with two boat slips, a boat lift, and pontoon; Upper residence includes 3 bedrooms, 2.5 baths, and a three‑quarter wraparound balcony
