| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 49th | Fair |
| Demographics | 43rd | Fair |
| Amenities | 59th | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 166 N Fox Ave, Panama City, FL, 32404, US |
| Region / Metro | Panama City |
| Year of Construction | 1982 |
| Units | 72 |
| Transaction Date | 2018-02-23 |
| Transaction Price | $4,900,000 |
| Buyer | FKHJ Two LLC |
| Seller | STSM&C Law 2, LLC and STSM&C, LLC (two |
166 N Fox Ave Panama City Multifamily
Positioned in a suburban pocket of Panama City, this 72‑unit, 1982 vintage asset benefits from a growing household base and generally accessible rents, according to CRE market data from WDSuite. The nearby neighborhood shows steady renter demand with room for value-add to sharpen competitiveness.
The immediate neighborhood is rated B+ and ranks 18 out of 54 within the Panama City metro, indicating it is competitive among Panama City neighborhoods. Amenities are service-oriented rather than lifestyle-driven, with grocery and pharmacy access comparing favorably to national norms, while cafes are limited. For investors, this mix supports daily convenience and broad renter appeal without a premium amenity premium.
Neighborhood occupancy is measured at the neighborhood level, not the property, and sits in the mid‑80% range with a modest five‑year softening. The share of housing units that are renter‑occupied is around three in ten, signaling a predominantly owner‑occupied area and a renter base that values practicality and commute access over nightlife. That tenure mix can translate into stable demand for well‑managed workforce housing, though leasing may rely on competitive finishes and responsive management.
Within a 3‑mile radius, the total population has inched higher, while households increased more notably over the past five years and are projected to expand further by 2028. This pattern—more households and smaller average household sizes—typically supports a larger tenant base and steadier lease-up for appropriately sized units. Median contract rents in the neighborhood track in a moderate band, and the rent‑to‑income ratio near the area level suggests manageable affordability, which can aid retention and reduce turnover volatility.
Home values in the neighborhood are lower than many coastal Florida submarkets, which can create some competition from entry‑level ownership. However, the value‑to‑income profile is near national medians, and day‑to‑day amenity access (notably groceries and pharmacies) is above average nationally—factors that can sustain renter demand where multifamily provides convenience, predictable housing costs, and professional maintenance.
Safety indicators for the neighborhood should be viewed comparatively. The area ranks 50 out of 54 within the metro on crime, indicating higher crime levels than many Panama City neighborhoods. Nationally, the neighborhood sits in lower percentiles for safety (violent and property categories), which means it is below national averages on these measures.
Investors typically respond with standard risk management: strong access control, lighting, resident screening, and coordination with local law enforcement. Monitoring trend direction and submarket comparables can help align operating practices and insurance assumptions with observed conditions.
This 72‑unit property, built in 1982, is slightly older than the neighborhood average stock (mid‑to‑late 1980s). That vintage supports a clear value‑add path through targeted interior upgrades and systems modernization, with the potential to improve relative positioning against newer rentals. Household growth within a 3‑mile radius and a moderate rent‑to‑income backdrop point to a tenant base that can support occupancy stability when paired with disciplined leasing and renewal management, based on CRE market data from WDSuite.
At the neighborhood level, occupancy has eased from prior highs and the renter‑occupied share is lower than in more urban districts, suggesting the need for competitive pricing, finishes, and service to capture demand. Above‑average access to daily‑needs amenities (groceries, pharmacies) enhances livability, while ownership costs that are closer to national norms imply some competition from for‑sale housing—reinforcing the importance of operational execution and value‑forward unit presentations.
- 1982 vintage enables value‑add via interior refresh and systems updates
- Household growth within 3 miles expands the renter pool and supports leasing
- Moderate rent‑to‑income context favors retention and manageable turnover
- Daily‑needs amenities (grocery, pharmacy) support livability and renewal rates
- Risk: neighborhood safety ranks lower in the metro; plan for security and insurance