Three-Unit
For Sale
$599,000
726 Detroit Avenue, Panama City, FL 32401
MULTI_FAMILY - Panama City, FL
Property Size3,891 SF
Price / SF$153.95
Days on Market140
Property Features for 726 Detroit Avenue
General Information
Property type
Residential Multi Family
Property subtype
Triplex
Bedrooms
9
Bathrooms
6
Full bathrooms
6
Rooms
Bedroom 7, Bathroom 5, Bedroom 1, Bedroom 2, Bathroom 6, Bedroom 3, Bathroom 4, Bathroom 3, Bathroom 2, Bedroom 6, Bedroom 5, Bedroom 8, Bedroom 9, Bathroom 1, Bedroom 4
Interior features
MainLevelPrimary
Subdivision
No Named Subdivision
Elementary school
Parker
Middle school
Rutherford Middle
High school
Rutherford
Directions
On Detroit Avenue
Standard status
Active
APN
15384-030-001
Size
3,891 SF
Taxes and HOA fees
Tax Year
2025
Tax Description
2 4S 14W -186.3- 118B4 COM AT NW COR OF NE1/4 OF SE1/4 OF SE1/4 TH S 528.24' E 25' TO E R/W OF DETROIT AV TH N 39.13' TO EXT OF COMMON WALL FOR POB TH CONT N 21.42' TO EXT OF COMMON WALL TH E 100' S 21.42' TO EXT OF COMMON WALL TH W 100' TO POB ORB 4 447 P 644
Tax Annual Amount
2653
Legal Description
2 4S 14W -186.3- 118B4 COM AT NW COR OF NE1/4 OF SE1/4 OF SE1/4 TH S 528.24' E 25' TO E R/W OF DETROIT AV TH N 39.13' TO EXT OF COMMON WALL FOR POB TH CONT N 21.42' TO EXT OF COMMON WALL TH E 100' S 21.42' TO EXT OF COMMON WALL TH W 100' TO POB ORB 4 447 P 644
Utilities
Sewer type
Public Sewer
Amenities
private driveways
individual backyard spaces
galley-style kitchens
open living areas
Building Details
Year built
2023
Listing Agency:
Realty One Group Emerald Coast
(850) 238-8338
Listed By:
Shaunnah Whitely · License #3308847
(850) 381-1663
Added: Apr 10
Changed: Aug 4
Last Checked: Aug 27 at 3:06PM
MLS# 790460
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.
This three-unit triplex was built in 2023 and is fully occupied. Each unit is approximately 1,300 square feet and includes three bedrooms and two full bathrooms, with functional floor plans designed for comfortable long-term living. Interior highlights include an open living area and galley-style kitchen in each unit.
A practical layout supports tenant privacy, with private driveways and individual backyard spaces for each unit. Public sewer service is available to the property.
Located at 726 Detroit Avenue in Panama City, Florida, the property’s configuration and unit-by-unit outdoor space make it well suited for renters seeking more independence within a shared building.
A practical layout supports tenant privacy, with private driveways and individual backyard spaces for each unit. Public sewer service is available to the property.
Located at 726 Detroit Avenue in Panama City, Florida, the property’s configuration and unit-by-unit outdoor space make it well suited for renters seeking more independence within a shared building.
Key Highlights
- Built in 2023 three‑unit triplex with full occupancy
- Approximately 1,300 SF per unit
- Each unit offers 3 bedrooms and 2 full 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
$47,068
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
7.86%
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%
$941,360
$941.4K
Cap Rate 7%
$672,400
$672.4K
Cap Rate 9%
$522,978
$523.0K
Market Conditions
NOI Build-Up for 3,891 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
$79.4K $20.40/SF
− Vacancy
−$12.1K −$3.12/SF
EGI
$67.2K $17.28/SF
− OpEx
−$20.2K −$5.18/SF
NOI
$47.1K $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%
$941,360
Cap Rate 7%
$672,400
Cap Rate 9%
$522,978
Alternative Uses
Best Use
Multifamily LT 5
$672.4K
$588.4K – $784.5K
NOI $47,068 @ 7.0% cap · market cap 7.86%
Second Best
Apartment 5plus
$615.6K
$538.7K – $718.2K
NOI $43,092 @ 7.0% cap · market cap 7.19%
Theoretical Best
Office A
$978.5K
$856.2K – $1.14M
NOI $68,497 @ 7.0% cap · market cap 11.44%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
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
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 fully occupied units built in 2023, each with private driveway access and backyard 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: Built in 2023 three‑unit triplex with full occupancy; Approximately 1,300 SF per unit; Each unit offers 3 bedrooms and 2 full bathrooms
