| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 51st | Good |
| Demographics | 23rd | Poor |
| Amenities | 41st | Good |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 1313 Balboa Ave, Panama City, FL, 32401, US |
| Region / Metro | Panama City |
| Year of Construction | 2010 |
| Units | 75 |
| Transaction Date | 2009-03-05 |
| Transaction Price | $500,000 |
| Buyer | TREEHOUSE APARTMENTS INC |
| Seller | NELSON MARION G |
1313 Balboa Ave, Panama City FL Multifamily Investment
Neighborhood metrics point to stable renter demand with an above-median renter-occupied share and improving occupancy at the neighborhood level, according to WDSuite’s CRE market data. The location’s access to daily needs supports leasing durability relative to other Panama City submarkets.
This Inner Suburb neighborhood rates C+ and sits above the metro median overall (ranked 34 of 54), offering practical access to daily needs that matter for resident retention. Grocery access is a relative strength, ranking 5th out of 54 metro neighborhoods and performing in the 81st percentile nationally, while parks density ranks 4th locally and the 93rd percentile nationally. Restaurant density is also competitive (ranked 16 of 54; 73rd percentile nationally). By contrast, cafés, childcare, and pharmacies are sparse in the immediate area, which may influence lifestyle positioning and service-convenience marketing.
At the neighborhood level, occupancy is 89.7% with gains over the past five years; frame this as neighborhood occupancy rather than property performance. The share of housing units that are renter-occupied is high at 61.3% (ranked 2 of 54; top quartile nationally), indicating a deep tenant base that can support leasing stability for multifamily assets.
Within a 3-mile radius, recent years show population and household contraction, but projections call for an increase in households alongside slightly smaller household sizes. This points to a potential renter pool expansion and supports steady absorption for appropriately positioned product. Median contract rents in the neighborhood are mid-market and, paired with a rent-to-income ratio near 0.25, suggest manageable affordability pressure with routine lease management considerations.
Ownership costs in the neighborhood are moderate in absolute terms but comparatively elevated versus local incomes (value-to-income ratio in the higher national percentiles). In practice, this can sustain reliance on rental housing and help preserve pricing power for well-managed properties, based on CRE market data from WDSuite.
Safety indicators are mixed. Relative to Panama City, this neighborhood sits below the metro average on safety (ranked 9 out of 54), signaling investors should underwrite to prudent security and insurance assumptions. However, compared nationally, reported violent and property offense rates track in stronger percentiles (around the top quartile for safety), indicating comparatively better standing versus many U.S. neighborhoods.
Year-over-year trend signals point to recent upticks in reported offenses, so monitoring trajectory and tailoring on-site measures remains advisable. As always, these figures reflect neighborhood-level patterns rather than property-specific conditions.
The area’s employment base and commute connectivity support workforce housing fundamentals for multifamily. Proximity to diverse services and regional employers can aid leasing and retention across economic cycles.
Built in 2010, the property is newer than much of the surrounding housing stock, which skews 1970s. That positioning typically offers competitive appeal versus older assets while still warranting selective system updates and common-area refreshes for modernization. With 75 units and larger average floor plans (approximately 1,185 sq. ft.), the asset can capture demand from households seeking space while aligning operations to neighborhood renter preferences.
Renter-occupied concentration is high at the neighborhood level, and occupancy has improved, supporting a stable tenant base. Within a 3-mile radius, forward projections indicate more households even with flat population, implying smaller household sizes and a broader renter pool over time. According to CRE market data from WDSuite, access to groceries, parks, and restaurants is a relative strength locally, while ownership costs relative to income help sustain reliance on rental housing.
- 2010 vintage provides competitive positioning versus older neighborhood stock; plan for targeted modernization.
- High neighborhood renter-occupied share supports demand depth and leasing stability.
- Household growth within 3 miles points to a broader renter pool even with stable population counts.
- Strong access to groceries, parks, and dining supports day-to-day livability and retention.
- Risk: Safety ranks below metro average and recent offense trends have ticked up; underwrite to appropriate security/insurance and operational controls.