Triplex with Private
For Sale
$599,000
726 Detroit Avenue, Panama City, FL 32401
All three residences are occupied and include private outdoor space.
Property Size3,891 SF
Price / SF$153.95
Days on Market154
Property Features for 726 Detroit Avenue
General Information
Standard status
Active
Size
3,891 SF
Property subtype
Triplex
Occupancy
100%
Units
Unit Mix
3 x 3BR/2BA
Multifamily Units
3
Additional Details
Tenant in Place
Yes
Taxes and HOA fees
Annual Taxes
$2,653
Amenities
private driveways
individual backyard spaces
galley-style kitchens
open living areas
Building Details
Building Size
3,891 SF
Year Built
2023
Listing Agency:
Realty One Group Emerald Coast
Listed By:
Shaunnah Whitely · License #3308847
(850) 381-1663
Source:
Coastalheritagerealty
Added: May 27
Changed: Oct 26
Last Checked: Oct 26 at 12:16PM
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 Realty One Group Emerald Coast
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Investment Insights
Based on property information with market context.
Built in 2023, this triplex contains 3,891 square feet across three residences. Each unit is approximately 1,300 square feet, with three bedrooms, two full bathrooms, a galley kitchen, and an open living area. Private driveways and individual backyard areas serve the units.
The property is in Panama City, Florida. All three units are occupied and produce rental income.
The property is in Panama City, Florida. All three units are occupied and produce rental income.
Key Highlights
- Three‑unit property with all residences occupied
- 3,891 square feet; built in 2023
- Each unit is approximately 1,300 square feet with 3 bedrooms and 2 full bathrooms
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$41,401
Cap Rate
6.91%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$828,020
$828.0K
Cap Rate 7%
$591,443
$591.4K
Cap Rate 9%
$460,011
$460.0K
Market Conditions
NOI Build-Up for 3,891 SF
Gross rent
$63.0K $16.20/SF
− Vacancy
−$3.9K −$1.00/SF
EGI
$59.1K $15.20/SF
− OpEx
−$17.7K −$4.56/SF
NOI
$41.4K $10.64/SF
Area
Bay County, FL
Vacancy
6.17%
Lease Rate
$16.20 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$828,020
Cap Rate 7%
$591,443
Cap Rate 9%
$460,011
Alternative Uses
Best Use
Multifamily LT 5
$591.4K
$517.5K – $690.0K
NOI $41,401 @ 7.0% cap · market cap 6.91%
Second Best
Apartment 5plus
$542.0K
$474.2K – $632.3K
NOI $37,938 @ 7.0% cap · market cap 6.33%
Theoretical Best
Office A
$1.13M
$992.0K – $1.32M
NOI $79,359 @ 7.0% cap · market cap 13.25%
Zoning and permitted uses should be independently verified with authorities.
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Open Analytics
Lease Details
3
Residential units
100%
Occupancy
Location Intelligence
Trade Area within ½ mile
172
Businesses Nearby
Explore this area
Business Placement
Demographics for 32401, FL
20,487
Population
10,239
Households
2
Avg Household Size
42
Median Age
20%
College-Educated
86%
High-School Grad
12.5 sq mi
ZIP Area
1,639
Density / Sq Mi
$49,901
Median Household Income
$35,885
Median Earnings
$1,194
Median Rent
$207,000
Median Home Value
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Market
Vacancy Rate% for Multifamily in South region
Frequently Asked Questions
What type of property is this?
Triplex - All three residences are occupied and include private outdoor space.
Where is this triplex located?
The property is located at 726 Detroit Avenue Panama City, FL.
What is the asking price?
The asking price for this property is $599,000.
What are key features of this property?
This property features: Three‑unit property with all residences occupied; 3,891 square feet; built in 2023; Each unit is approximately 1,300 square feet with 3 bedrooms and 2 full bathrooms
