3-Unit Updated
For Sale
$496,000
803 Oak Avenue, Panama City, FL 32401
Three distinct residences have separate bedroom and bathroom configurations, with major interior and roof work completed in 2022.
Property Size2,914 SF
Lot Size0.37 Acres
Price / SF$170.21
Days on Market208
Property Features for 803 Oak Avenue
General Information
Standard status
Active
Size
2,914 SF
Lot size
0.37 Acres
Property subtype
Triplex
Units
Unit Mix
1 x 2BR/1BA, 1 x 1BR/1BA, 1 x 3BR/2BA
Multifamily Units
3
Additional Details
Gross Income
$42,000
Tenant in Place
Yes
Building Details
Building Size
2,914 SF
Year Built
1964
Year Renovated
2022
Listing Agency:
Local Insight Realty
Listed By:
Beth Christie · License #3065345
(850) 832-9417
Source:
Localinsightrealty
Added: Apr 3
Changed: Oct 26
Last Checked: Oct 26 at 3:16PM
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 Local Insight Realty
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Investment Insights
Based on property information with market context.
This 2,914-square-foot triplex, built in 1964, contains three residences: a two-bedroom, one-bath unit; a one-bedroom, one-bath unit; and a three-bedroom, two-bath unit. Work completed in 2022 included kitchens, bathrooms, flooring, and the roof.
The property occupies a 100-by-160-foot corner lot at 803 Oak Avenue in Panama City, near downtown dining and shopping. Its three-unit configuration and varied bedroom counts provide distinct residential layouts within one property.
The property occupies a 100-by-160-foot corner lot at 803 Oak Avenue in Panama City, near downtown dining and shopping. Its three-unit configuration and varied bedroom counts provide distinct residential layouts within one property.
Key Highlights
- Three units: 2 bedrooms/1 bath, 1 bedroom/1 bath, and 3 bedrooms/2 baths
- 2,914 square feet; built in 1964
- Updates in 2022 included kitchens, bathrooms, flooring, and roof
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$31,006
Cap Rate
6.25%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$620,120
$620.1K
Cap Rate 7%
$442,943
$442.9K
Cap Rate 9%
$344,511
$344.5K
Market Conditions
NOI Build-Up for 2,914 SF
Gross rent
$47.2K $16.20/SF
− Vacancy
−$2.9K −$1.00/SF
EGI
$44.3K $15.20/SF
− OpEx
−$13.3K −$4.56/SF
NOI
$31.0K $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%
$620,120
Cap Rate 7%
$442,943
Cap Rate 9%
$344,511
Alternative Uses
Best Use
Multifamily LT 5
$442.9K
$387.6K – $516.8K
NOI $31,006 @ 7.0% cap · market cap 6.25%
Second Best
Apartment 5plus
$405.9K
$355.2K – $473.5K
NOI $28,412 @ 7.0% cap · market cap 5.73%
Theoretical Best
Office A
$849.0K
$742.9K – $990.6K
NOI $59,433 @ 7.0% cap · market cap 11.98%
Zoning and permitted uses should be independently verified with authorities.
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Lease Details
3
Residential units
Location Intelligence
Trade Area within ½ mile
1,520
Businesses Nearby
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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 - Three distinct residences have separate bedroom and bathroom configurations, with major interior and roof work completed in 2022.
Where is this triplex located?
The property is located at 803 Oak Avenue Panama City, FL.
What is the asking price?
The asking price for this property is $496,000.
What are key features of this property?
This property features: Three units: 2 bedrooms/1 bath, 1 bedroom/1 bath, and 3 bedrooms/2 baths; 2,914 square feet; built in 1964; Updates in 2022 included kitchens, bathrooms, flooring, and roof
