| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 66th | Best |
| Demographics | 58th | Good |
| Amenities | 45th | Good |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 204 Potters Bluff Dr, Panama City Beach, FL, 32407, US |
| Region / Metro | Panama City Beach |
| Year of Construction | 2007 |
| Units | 60 |
| Transaction Date | 2021-10-13 |
| Transaction Price | $72,000,000 |
| Buyer | EDGEWATER CROSSINGS APARTMENTS PROPERTY OWNER |
| Seller | GPIF EDGEWATER LLC |
204 Potters Bluff Dr, Panama City Beach Multifamily
An owner-leaning but active renter base and rapid household growth point to resilient demand for stabilized multifamily, according to WDSuite’s CRE market data.
Panama City Beach’s neighborhood ranks 11 out of 54 metro neighborhoods (top quartile among 54), signaling strong overall livability for workforce and lifestyle renters. The property’s 2007 vintage is newer than the neighborhood’s average construction year of 1996, which can enhance competitive positioning versus older stock while still warranting routine system updates over a typical hold period.
Amenities are mixed. Restaurants are competitive among Panama City metro neighborhoods (rank 18 of 54), grocery access tracks near the metro median (rank 23 of 54), and pharmacies are in the top quartile nationally. Cafés and parks are thinner locally, which places more weight on on-site features and unit finishes to support leasing and retention.
Within a 3-mile radius, population increased by 27.8% over five years, households grew 41.8%, and families expanded 47.5%, with forecasts indicating continued population growth (+27.0%) and a 52.2% increase in households by 2028. This points to a larger tenant base and supports occupancy stability even as average household size trends smaller, which can lift demand for multifamily units.
Home values in the neighborhood sit in a high-cost ownership market relative to incomes (value-to-income ratio in a high national percentile), reinforcing renter reliance on multifamily housing and helping sustain pricing power. Median contract rents in the 3-mile area have risen materially over five years, and projections call for further rent growth; paired with a neighborhood rent-to-income ratio around 0.27, investors can underwrite manageable affordability pressure with attention to lease management and renewal strategies.
Tenure patterns indicate a meaningful renter-occupied share at the neighborhood level (above the national median by percentile), supporting depth of demand. However, neighborhood occupancy performance ranks 45 out of 54 in the metro, suggesting potential volatility or seasonal patterns; operators should prioritize leasing cadence and revenue management to mitigate shoulder-period softness.
Safety metrics for the neighborhood are below national averages (national percentile indicates it is less safe than many U.S. neighborhoods) and sit below the metro median among 54 Panama City neighborhoods. Recent year-over-year readings show some volatility in both property and violent offenses, underscoring the value of active security, lighting, and resident engagement practices.
For investors, the key is context: safety tends to vary within coastal/lifestyle submarkets that experience seasonal population swings. Monitoring trend direction and coordinating with local stakeholders can help sustain tenant retention and leasing momentum without overreliance on concessions.
Built in 2007, the asset is relatively newer than the neighborhood average and should compete well against older stock while budgeting for normal-capex modernization over time. Strong 3-mile fundamentals—household growth of 41.8% over five years and continued expansion forecast through 2028—signal a growing renter pool and support for occupancy and rent levels. High-cost ownership dynamics locally bolster the renter base, while a neighborhood rent-to-income ratio around 0.27 points to manageable affordability pressure and potential for steady renewals.
According to CRE market data from WDSuite, neighborhood occupancy ranks below the metro median, so investors should plan for seasonal leasing and focused revenue management. Amenity access is adequate but uneven (strong pharmacies, competitive restaurants, thinner parks/cafés), making on-site experience and unit quality important for retention. Safety scores trail national norms, warranting proactive property operations without overshadowing the area’s growth-driven renter demand.
- 2007 vintage offers competitive positioning versus older neighborhood stock with manageable modernization planning
- Expanding 3-mile renter pool with strong historical and forecast household growth supports occupancy stability
- High-cost ownership market reinforces multifamily demand and can aid pricing power and renewals
- Uneven neighborhood amenities heighten the importance of on-site experience for leasing and retention
- Risks: below-metro occupancy rank, seasonal leasing patterns, and safety metrics below national averages