Turnkey Duplex
For Sale
$179,900
803 10TH Court, Panama City, FL 32401
Turnkey duplex configured as Units A and B with annual gross income of $19,725.
Property Size1,448 SF
Price / SF$124.24
Days on Market357
Property Features for 803 10TH Court
General Information
Standard status
Active
Size
1,448 SF
Property subtype
Duplex
Taxes and HOA fees
Annual Taxes
$1,405
Amenities
Central Air, Electric
3
Electric Oven
Composition, Shingle
Paved Driveway.
40 x 125
City Road, Community Maintenance.
Building Details
Year Built
1940
Listing Agency:
CENTURY 21 Commander Realty
(850) 769-8326
Listed By:
Jacob Hutchins · License #3630214
(850) 319-5388
Source:
Xome
Added: Aug 27, 2025
Changed: Aug 12
Last Checked: Aug 18 at 4:36AM
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 CENTURY 21 Commander Realty
Investment Insights
Based on property information with market context.
This turnkey duplex rental includes two residential units, identified as Unit A and Unit B. It’s presented for sale as an income-producing property and is being marketed as ready to operate.
The property address is 803 E 10TH Court Unit A & B, Panama City, FL 32401.
The listing provides an annual gross income figure of $19,725, with a total property size of 1,448.
The property address is 803 E 10TH Court Unit A & B, Panama City, FL 32401.
The listing provides an annual gross income figure of $19,725, with a total property size of 1,448.
Key Highlights
- Duplex configured as Units A and B with annual gross income of $19,725
- Year built 1940
- Central air (electric) and electric oven
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
$16,036
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
8.91%
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%
$320,720
$320.7K
Cap Rate 7%
$229,086
$229.1K
Cap Rate 9%
$178,178
$178.2K
Market Conditions
NOI Build-Up for 1,448 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
$34.8K $24.00/SF
− Vacancy
−$5.6K −$3.86/SF
EGI
$29.2K $20.14/SF
− OpEx
−$13.1K −$9.06/SF
NOI
$16.0K $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%
$320,720
Cap Rate 7%
$229,086
Cap Rate 9%
$178,178
Alternative Uses
Best Use
Multifamily LT 5
$250.2K
$219.0K – $291.9K
NOI $17,516 @ 7.0% cap · market cap 9.74%
Second Best
Apartment 5plus
$229.1K
$200.5K – $267.3K
NOI $16,036 @ 7.0% cap · market cap 8.91%
Theoretical Best
Office A
$364.2K
$318.6K – $424.9K
NOI $25,491 @ 7.0% cap · market cap 14.17%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
411
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?
Duplex - Turnkey duplex configured as Units A and B with annual gross income of $19,725.
Where is this duplex located?
The property is located at 803 10TH Court Panama City, FL.
What is the asking price?
The asking price for this property is $179,900.
What are key features of this property?
This property features: Duplex configured as Units A and B with annual gross income of $19,725; Year built 1940; Central air (electric) and electric oven
