Six-Unit Apartment Building Built
For Sale
Contact for pricing
2602 Willow Oak Ct, Panama City, FL 32408
Six-unit apartment building constructed in 2020 with various layouts.
Property Size3,000 SF
Price / SF$330
Days on Market889
Property Features for 2602 Willow Oak Ct
General Information
Standard status
Active
Size
3,000 SF
Class
B
Property subtype
Multifamily
Net Operating Income
$78,954
Building Details
Units
6
Listing Agency:
Hull Multifamily Advisors
Listed By:
Nick Hull · License #FL: BK3581015
Source:
Crexi
Added: Mar 6, 2024
Changed: Aug 11
Last Checked: Aug 11 at 9:55AM
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 Hull Multifamily Advisors
Investment Insights
Based on property information with market context.
Constructed in 2020, this one-story asset features six apartment units, each with one bedroom and one bathroom, and offers three distinct layouts. Two units are 400 square feet with a kitchenette, two are 500 square feet with a kitchenette and living room, and two are 600 square feet with a full kitchen and living room. The property includes individual entrances, a common area laundry facility, and a central private garden. The total property size is 3000 square feet.
Key Highlights
- Constructed in 2020 (relatively new construction)
- Six 1 bed 1 bath apartment units
- Three different unit layouts: 400 SF, 500 SF, and 600 SF
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
$33,224
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
3.36%
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%
$664,480
$664.5K
Cap Rate 7%
$474,629
$474.6K
Cap Rate 9%
$369,156
$369.2K
Market Conditions
NOI Build-Up for 3,000 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
$72.0K $24.00/SF
− Vacancy
−$11.6K −$3.86/SF
EGI
$60.4K $20.14/SF
− OpEx
−$27.2K −$9.06/SF
NOI
$33.2K $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%
$664,480
Cap Rate 7%
$474,629
Cap Rate 9%
$369,156
Alternative Uses
Best Use
Apartment 5plus
$474.6K
$415.3K – $553.7K
NOI $33,224 @ 7.0% cap · market cap 3.36%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$754.5K
$660.2K – $880.2K
NOI $52,812 @ 7.0% cap · market cap 5.33%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
334
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?
Apartment building - Six-unit apartment building constructed in 2020 with various layouts.
Where is this apartment building located?
The property is located at 2602 Willow Oak Ct Panama City, FL.
What is the asking price?
The asking price for this property is $990,000.
What are key features of this property?
This property features: Constructed in 2020 (relatively new construction); Six 1 bed 1 bath apartment units; Three different unit layouts: 400 SF, 500 SF, and 600 SF
