Triplex with Boat Slips and
For Sale
$1,100,000
6722 S Lagoon Drive, Panama City, FL 32408
Residential, Panama City, FL
Property Size2,720 SF
Lot Size0.25 Acres
Price / SF$404.41
Days on Market98
Property Features for 6722 S Lagoon Drive
General Information
Property type
Residential Multi Family
Property subtype
Other
Bedrooms
5
Bathrooms
5
Full bathrooms
4
Half bathrooms
1
Rooms
Bedroom 5, Bedroom 1, Bathroom 1, Bathroom 2, Bathroom 5, Bathroom 3, Bedroom 3, Bedroom 4, Bathroom 4, Bedroom 2
Patio and Porch features
Deck, Patio
Interior features
ShowerOnly, UpperLevelPrimary, WalkInClosets
Exterior features
BoatLift, BoatSlip, BoatRamp, CoveredPatio, Dock
Accessibility
Accessible Approach with Ramp
Appliances
ElectricRange
Subdivision
Holiday Beach Unit 1
Elementary school
Patronis
Middle school
Surfside
High school
Arnold
Directions
Thomas Drive turn North on Sabine St. Turn left on S Lagoon. West side of boat launch.
Standard status
Active
APN
30619-000-000
Size
2,720 SF
Lot size
0.25 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
HOLIDAY BEACH UNIT #1 LOT 44 BLK A ORB 4329 P 892
Tax Annual Amount
7993
Legal Description
HOLIDAY BEACH UNIT #1 LOT 44 BLK A ORB 4329 P 892
Utilities
Sewer type
Public Sewer
Heating system
Central, Ductless (Heating)
Cooling system
Central Air, Ductless
Water front features
Seawall, Lagoon
Water front
1
Building Details
Year built
1981
Building materials
HardiplankType
Roof type
Metal
Listing Agency:
Beachy Beach Real Estate
(850) 532-6262
Listed By:
Heather Fox · License #SL3392228
(850) 541-5774
Added: May 18
Changed: Aug 19
Last Checked: Aug 23 at 2:06PM
MLS# 790039
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.
Updated three-unit waterfront triplex offering flexible living and rental income. The main upstairs furnished dwelling features three bedrooms and two and a half baths with an open concept layout and a spacious three-quarter wraparound balcony designed for water views. Two separate one-bedroom units provide additional options: one furnished waterfront unit on the lagoon with a covered deck, and a second one-bedroom unit street-side for extended family, tenants, or owner-occupant use.
Outdoor amenities are built around boating access, with two boat slips and a boat lift directly on the lagoon. The property also includes a dock area and a seawall, along with covered outdoor space including decks and patios. An accessible approach with ramp is noted, and sewer service is provided by public sewer.
Renovations and exterior updates include interior updates and modern redesign in 2020, Hardie board exterior completed in 2022, and roof, windows, and doors updated in 2019. The home was built in 1981 and features central HVAC along with ductless heating, plus a metal roof and Hardiplank type construction.
Outdoor amenities are built around boating access, with two boat slips and a boat lift directly on the lagoon. The property also includes a dock area and a seawall, along with covered outdoor space including decks and patios. An accessible approach with ramp is noted, and sewer service is provided by public sewer.
Renovations and exterior updates include interior updates and modern redesign in 2020, Hardie board exterior completed in 2022, and roof, windows, and doors updated in 2019. The home was built in 1981 and features central HVAC along with ductless heating, plus a metal roof and Hardiplank type construction.
Key Highlights
- 0.25‑acre triplex with 2,720 SF total under roof
- Built in 1981 with metal roof and Hardiplank type construction
- Main furnished home: 3 bedrooms, 2.5 baths, and 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
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 - Updated three-unit waterfront triplex on the lagoon with two boat slips, a boat lift, and furnished rental-ready decks.
Where is this triplex located?
The property is located at 6722 S Lagoon Drive 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: 0.25‑acre triplex with 2,720 SF total under roof; Built in 1981 with metal roof and Hardiplank type construction; Main furnished home: 3 bedrooms, 2.5 baths, and three‑quarter wraparound balcony
