| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 51st | Good |
| Demographics | 23rd | Poor |
| Amenities | 41st | Good |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 1914 Frankford Ave, Panama City, FL, 32405, US |
| Region / Metro | Panama City |
| Year of Construction | 2003 |
| Units | 20 |
| Transaction Date | 2022-08-24 |
| Transaction Price | $42,000,000 |
| Buyer | RFM-ESG ANDREWS PLACE LLC |
| Seller | HALLMARK ANDREWS PLACE I LLC |
1914 Frankford Ave Panama City Multifamily Investment
Renter concentration in the surrounding neighborhood is high and occupancy has been competitive among Panama City submarkets, supporting tenant demand and lease-up durability, according to WDSuite’s CRE market data. Newer vintage relative to nearby stock adds operational competitiveness for a small-format asset.
This Inner Suburb location offers daily-life convenience with strong grocery and park access compared with most local neighborhoods. Restaurants are reasonably available, though cafes, childcare, and pharmacies are limited in the immediate area — an operational consideration for residents. Neighborhood measures are for the area, not this specific property.
Neighborhood occupancy stands in a competitive range within the metro (ranked 18 of 54 neighborhoods), suggesting steadier leasing conditions than many peers. The share of housing units that are renter-occupied is elevated (ranked 2 of 54; top quartile nationally), indicating a deep tenant base that can help support multifamily demand and reduce downtime between turns.
The average neighborhood construction year skews older (1973), while this property was built in 2003. The newer vintage can provide a competitive edge versus older local stock, though two-decade-old systems may still warrant targeted capital planning to maintain positioning.
Within a 3-mile radius, recent years show modest softness in population and household counts, but projections point to population growth and a notable increase in households by the forecast period, with a slightly smaller average household size. That mix typically expands the renter pool and supports occupancy stability for smaller-unit assets. Median home values in the neighborhood sit in a high-cost ownership context relative to local incomes (above the metro median by rank and in the upper national percentiles for value-to-income), which can reinforce reliance on rental housing and support pricing power where rent-to-income remains manageable.
Safety indicators present a mixed picture. Compared with neighborhoods nationwide, the area rates in the stronger half for both property and violent offense metrics (top quartile nationally for property offense and solidly above average for violent offense). However, within the Panama City metro, current ranks are toward the higher-crime side (e.g., property and violent offense ranks near the lower end among 54 neighborhoods), and the latest year shows an uptick in estimated property offenses. Investors should underwrite with recent-trend awareness and consider standard security best practices.
This 20-unit asset built in 2003 benefits from a high renter concentration in the surrounding neighborhood and occupancy that has been competitive among Panama City neighborhoods. The property’s newer vintage relative to nearby 1970s-era stock supports leasing appeal, while small-format units can capture demand from an expanding renter pool as household sizes trend slightly lower within a 3-mile radius. Based on commercial real estate analysis from WDSuite, local ownership costs remain elevated relative to incomes, supporting renter reliance on multifamily housing where rent-to-income remains in a manageable range.
Forward-looking neighborhood and 3-mile projections indicate population growth and a notable increase in households, which typically strengthens tenant depth and lease retention. Near-term planning should account for the recent rise in property offenses at the neighborhood level and a services mix that is light on certain amenities (e.g., pharmacies and cafes), even as groceries and parks are comparatively accessible.
- Competitive neighborhood occupancy and deep renter-occupied housing base support demand stability
- 2003 vintage offers relative competitiveness versus older local stock with targeted capex planning
- 3-mile outlook calls for population growth and more households, expanding the tenant base
- Elevated ownership costs versus incomes reinforce reliance on rental housing and pricing power
- Risks: recent uptick in neighborhood property offenses and limited nearby pharmacy/cafe options