Furnished Two-Unit
For Sale
$529,000
8402 Elizabeth Avenue, Panama City Beach, FL 32408
Updated interiors and outdoor features support flexible owner-use or rental arrangements near public beach access.
Property Size1,788 SF
Price / SF$295.86
Days on Market196
Property Features for 8402 Elizabeth Avenue
General Information
Standard status
Active
Size
1,788 SF
Property subtype
Duplex
Units
Unit Mix
2 x 2BR/2BA
Multifamily Units
2
Additional Details
Furnished
Yes
Taxes and HOA fees
Annual Taxes
$5,053
Amenities
fire pits
outdoor shower
Central Air, Electric
3
Electric Oven
Internet Connection
Privacy Fence
Fenced Yard.
Stucco
50x150
City Road, Community Maintenance.
Building Details
Year Built
1999
Buildings
1
Listing Agency:
Coldwell Banker Realty
(850) 234-6696
Listed By:
Catriese Johnson · License #SL3431258
(850) 687-7487
Source:
Xome
Added: Feb 19
Changed: Sep 2
Last Checked: Sep 2 at 3:28PM
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 Coldwell Banker Realty
Investment Insights
Based on property information with market context.
This furnished duplex contains two separate units, each with two bedrooms and two bathrooms, within 1,788 square feet. Constructed in 1999 and updated in recent years, the property features open interiors, modern kitchens with granite countertops and stainless steel appliances, refreshed bathrooms, and tile flooring throughout. Central air, electric ovens, internet connection, fenced yards, privacy fencing, and an outdoor shower add practical functionality. Each side also includes a backyard with a fire pit.
The property is a 5-minute walk from the beach and is near public beach access, restaurants, shopping, and local attractions. With no HOA, the layout can accommodate short-term rental use in both units or an arrangement combining occupancy in one unit with rental use of the other. The property is offered furnished and includes city road and community maintenance access.
The property is a 5-minute walk from the beach and is near public beach access, restaurants, shopping, and local attractions. With no HOA, the layout can accommodate short-term rental use in both units or an arrangement combining occupancy in one unit with rental use of the other. The property is offered furnished and includes city road and community maintenance access.
Key Highlights
- Two units, each with 2 bedrooms and 2 bathrooms
- 1,788 square feet across the duplex
- 5‑minute walk to the beach and near public beach access
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
$19,025
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
3.60%
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%
$380,500
$380.5K
Cap Rate 7%
$271,786
$271.8K
Cap Rate 9%
$211,389
$211.4K
Market Conditions
NOI Build-Up for 1,788 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
$29.0K $16.20/SF
− Vacancy
−$1.8K −$1.00/SF
EGI
$27.2K $15.20/SF
− OpEx
−$8.2K −$4.56/SF
NOI
$19.0K $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 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%
$380,500
Cap Rate 7%
$271,786
Cap Rate 9%
$211,389
Alternative Uses
Best Use
Multifamily LT 5
$271.8K
$237.8K – $317.1K
NOI $19,025 @ 7.0% cap · market cap 3.60%
Second Best
Apartment 5plus
$249.0K
$217.9K – $290.6K
NOI $17,433 @ 7.0% cap · market cap 3.30%
Theoretical Best
Office A
$521.0K
$455.8K – $607.8K
NOI $36,467 @ 7.0% cap · market cap 6.89%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
434
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?
Duplex - Updated interiors and outdoor features support flexible owner-use or rental arrangements near public beach access.
Where is this duplex located?
The property is located at 8402 Elizabeth Avenue Panama City Beach, FL.
What is the asking price?
The asking price for this property is $529,000.
What are key features of this property?
This property features: Two units, each with 2 bedrooms and 2 bathrooms; 1,788 square feet across the duplex; 5‑minute walk to the beach and near public beach access
