Updated Condo with Lake
For Sale
$325,000
9860 S Thomas Drive #309 Panama, Panama City, FL 32408
Tastefully decorated, fully furnished condo with lake views and resort amenities.
Property Size1,262 SF
Price / SF$257.53
Days on Market390
Property Features for 9860 S Thomas Drive #309 Panama
General Information
Standard status
Active
Size
1,262 SF
Property subtype
Condominium
Amenities
Security System
Electric
Central
Central Air
Ceiling Fan(s)
Washer/Dryer Stacked
Electric Oven
Electric Range
Electric Water Heater
Deck
Building Details
Building Size
1,262 SF
Year Built
2008
Listing Agency:
KELLER WILLIAMS SUCCESS REALTY
(850) 319-5725
Listed By:
Maxim Sedov · License #SL3270994
(850) 319-5725
Source:
Kw
Added: Aug 1, 2025
Changed: Aug 25
Last Checked: Aug 25 at 4:53PM
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 KELLER WILLIAMS SUCCESS REALTY
Investment Insights
Based on property information with market context.
This updated condo offers 1,262 square feet of living space, featuring two bedrooms, two bathrooms, and an additional bunk room. Situated on the third floor, the condo provides convenient access without the need for elevators. A recent renovation exceeding $100,000 has transformed the interior with an open-concept layout, new flooring, fresh paint, and upgraded lighting. The gourmet kitchen is equipped with stainless steel appliances, quartz countertops, and shaker-style soft-close cabinetry. The living area features brand new furniture and decor. A new 3-ton HVAC system ensures efficient heating and cooling, complemented by a dehumidifier. Liquid and water sensors are located in multiple areas for added protection. The private balcony offers scenic views of the lake and daily fountain shows. The complex has recently added an "810 Billiards and Bowling" venue. Resort amenities include five pools (one heated), two hot tubs, private beach access, on-site dining, a gulf view fitness center, ice cream shop, hair salon, playground, multiple elevators, two covered parking garages, a boardwalk overlooking the lake, and a dog area. This condo is suitable as a primary residence, vacation home, or investment property.
Key Highlights
- Completely renovated with over $100,000 in upgrades, including a GOURMET KITCHEN with stainless steel appliances and quartz countertops.
- Spacious 2‑bedroom, 2‑bath condo with a bunk room, totaling 1,262 SqFt.
- New, custom‑made 3‑ton HVAC system with dehumidifier for efficient and effective climate control.
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
$13,976
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
4.30%
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%
$279,520
$279.5K
Cap Rate 7%
$199,657
$199.7K
Cap Rate 9%
$155,289
$155.3K
Market Conditions
NOI Build-Up for 1,262 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
$30.3K $24.00/SF
− Vacancy
−$4.9K −$3.86/SF
EGI
$25.4K $20.14/SF
− OpEx
−$11.4K −$9.06/SF
NOI
$14.0K $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%
$279,520
Cap Rate 7%
$199,657
Cap Rate 9%
$155,289
Alternative Uses
Best Use
Apartment 5plus
$199.7K
$174.7K – $232.9K
NOI $13,976 @ 7.0% cap · market cap 4.30%
Second Best
Hotel Hospitality
$54.0K
$47.2K – $63.0K
NOI $3,777 @ 7.0% cap · market cap 1.16%
Theoretical Best
Office A
$317.4K
$277.7K – $370.3K
NOI $22,216 @ 7.0% cap · market cap 6.84%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
737
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
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Apartment building - Tastefully decorated, fully furnished condo with lake views and resort amenities.
Where is this apartment building located?
The property is located at 9860 S Thomas Drive #309 Panama Panama City, FL.
What is the asking price?
The asking price for this property is $325,000.
What are key features of this property?
This property features: Completely renovated with over $100,000 in upgrades, including a GOURMET KITCHEN with stainless steel appliances and quartz countertops.; Spacious 2‑bedroom, 2‑bath condo with a bunk room, totaling 1,262 SqFt.; New, custom‑made 3‑ton HVAC system with dehumidifier for efficient and effective climate control.
