6-Unit Multifamily
For Sale
$695,000
Panama City, FL 32401, Panama City, FL 32401
CommercialSale, Panama City, FL
Property Size5,222 SF
Lot Size0.41 Acres
Price / SF$133.09
Days on Market115
Property Features
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning description
Resid Multi-Family
Elementary school
Cherry Street
Middle school
Jinks
High school
Bay
Subdivision
[No Recorded Subdiv]
Standard status
Active
Size
5,222 SF
Lot size
0.41 Acres
Utilities
Sewer type
Public Sewer
Heating system
Electric (Heating), Central
Cooling system
Central Air
Building Details
Year built
1936
Building materials
VinylSiding
Roof type
Shingle
Listing Agency:
ERA Neubauer Real Estate, Inc · ERA Real Estate
(850) 872-3434
Listed By:
Kaci A Hawes · License #SL3441260
(850) 628-4537
Added: Jun 18
Changed: Oct 8
Last Checked: Oct 10 at 3:06AM
MLS# 791536
Copyright © 2026 Central Panhandle Association of REALTORS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
Six rental units are distributed across four buildings on a 0.41-acre corner parcel. The main residence contains three apartments, while three detached single-family homes provide the remaining units. In total, the property includes 15 bedrooms and 9 bathrooms across 5,222 square feet. The primary residence was renovated, and the detached homes include one extensively remodeled unit.
Roofing on all four buildings was replaced in 2019 with 30-year dimensional shingles. The main residence has three HVAC systems, updated kitchens with new appliances, and a front porch. Additional features among its apartments include split floor plans, two living areas in one unit, and an oversized laundry room. The property is in Flood Zone X and has public sewer service. ERA Property Management handles the rentals.
Roofing on all four buildings was replaced in 2019 with 30-year dimensional shingles. The main residence has three HVAC systems, updated kitchens with new appliances, and a front porch. Additional features among its apartments include split floor plans, two living areas in one unit, and an oversized laundry room. The property is in Flood Zone X and has public sewer service. ERA Property Management handles the rentals.
Key Highlights
- Six rental units in four buildings on a 0.41‑acre corner lot
- 15 bedrooms and 9 bathrooms across 5,222 square feet
- Three detached single‑family homes plus a primary residence with three apartments
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$50,915
Cap Rate
7.33%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,018,300
$1.0M
Cap Rate 7%
$727,357
$727.4K
Cap Rate 9%
$565,722
$565.7K
Market Conditions
NOI Build-Up for 5,222 SF
Gross rent
$99.0K $18.96/SF
− Vacancy
−$6.4K −$1.23/SF
EGI
$92.6K $17.73/SF
− OpEx
−$41.7K −$7.98/SF
NOI
$50.9K $9.75/SF
Area
Bay County, FL
Vacancy
6.50%
Lease Rate
$18.96 /SF/Yr
Expense Ratio
45.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,018,300
Cap Rate 7%
$727,357
Cap Rate 9%
$565,722
Alternative Uses
Best Use
Apartment 5plus
$727.4K
$636.4K – $848.6K
NOI $50,915 @ 7.0% cap · market cap 7.33%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.52M
$1.33M – $1.78M
NOI $106,506 @ 7.0% cap · market cap 15.32%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
6
Residential units
Location Intelligence
Trade Area within ½ mile
886
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
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Market
Vacancy Rate% for Multifamily in South region
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Frequently Asked Questions
What type of property is this?
Multifamily property - Four buildings comprise a renovated primary residence and three detached rental homes.
Where is this multifamily property located?
The property is located at Panama City, FL.
What is the asking price?
The asking price for this property is $695,000.
What are key features of this property?
This property features: Six rental units in four buildings on a 0.41‑acre corner lot; 15 bedrooms and 9 bathrooms across 5,222 square feet; Three detached single‑family homes plus a primary residence with three apartments
