| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 47th | Fair |
| Demographics | 47th | Fair |
| Amenities | 10th | Poor |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 1697 S Gay Ave, Panama City, FL, 32404, US |
| Region / Metro | Panama City |
| Year of Construction | 1984 |
| Units | 24 |
| Transaction Date | --- |
| Transaction Price | --- |
| Buyer | --- |
| Seller | --- |
1697 S Gay Ave Panama City Multifamily Value-Add
Steady renter demand and improving household incomes in the surrounding area point to durable leasing potential, according to WDSuite s CRE market data. Neighborhood occupancy has trailed stronger metro pockets, suggesting room for hands-on operations to drive performance.
This suburban location in Panama City balances everyday convenience with a quieter setting. Neighborhood amenities are limited overall, with few parks, cafes, or restaurants nearby, though grocery access is relatively serviceable compared with other parts of the metro. For investors, the lighter amenity density argues for a property strategy that emphasizes on-site offerings and resident services to support retention.
Rents in the neighborhood sit modestly above national midpoints, while the neighborhood s occupancy level ranks below the metro median among 54 Panama City neighborhoods. That combination points to pricing that remains broadly attainable for local renters and operational upside for owners who can improve leasing execution and unit quality.
Within a 3-mile radius, the share of housing units that are renter-occupied is a meaningful portion of the housing stock today and is projected to expand further over the next five years. Population and household composition indicate smaller household sizes ahead, which typically widens the renter pool and supports occupancy stability for well-managed assets.
Ownership costs in the neighborhood are neither low nor at the high end locally, which tends to sustain steady interest in multifamily options rather than pushing residents quickly into ownership. For investors, that translates to a deeper tenant base and potential for consistent lease renewals when paired with competitive finishes and responsive management.
Compared with the broader Panama City metro, this neighborhood s safety profile sits below average, ranking in the lower half among 54 metro neighborhoods and below national midpoints. Recent year-over-year data also show volatility in reported offense rates. For underwriting, prudent measures include conservative loss assumptions, emphasis on lighting and access controls, and coordination with local safety initiatives, based on CRE market data from WDSuite.
Built in 1984, the 24-unit property offers classic vintage positioning with value-add potential. Modernizing interiors and common areas can improve competitiveness versus newer stock in the metro while keeping relative affordability that supports retention. According to CRE market data from WDSuite, neighborhood rents remain broadly attainable, and the surrounding area shows a renter pool that is expected to expand as household sizes trend smaller, which can support occupancy stability.
Amenities are limited in the immediate neighborhood, so execution will hinge on strengthening on-site appeal and service levels. Safety metrics sit below metro averages and have shown variability, warranting security-focused capital planning and measured underwriting. For investors comfortable with an operational story, the thesis centers on pragmatic renovations, disciplined leasing, and maintaining an attainable rent position to capture steady demand.
- 1984 vintage supports targeted renovations to drive rent and retention without overpricing the asset
- Renter pool within 3 miles is meaningful and projected to expand with smaller household sizes
- Attainable rent positioning can underpin stable leasing and renewals relative to higher-cost submarkets
- Operational upside: below-metro occupancy signals room for improvement through upgrades and management
- Risks: limited neighborhood amenities and below-average safety metrics call for on-site enhancements and conservative underwriting