| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 58th | Best |
| Demographics | 24th | Poor |
| Amenities | 34th | Good |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 2437 E 11th St, Panama City, FL, 32401, US |
| Region / Metro | Panama City |
| Year of Construction | 1998 |
| Units | 24 |
| Transaction Date | 2015-10-06 |
| Transaction Price | $3,260,100 |
| Buyer | WNY MAGNOLIA POINT APTS LLC |
| Seller | MAGNOLIA POINTE OF BAY LTD |
2437 E 11th St, Panama City FL Multifamily Investment
Neighborhood occupancy is holding in the low 90s with steady five‑year improvement, suggesting resilient renter demand according to WDSuite’s CRE market data. Newer-than-area vintage supports competitive positioning versus older stock while pricing should account for renter affordability pressure.
Located in a suburban pocket of Panama City, the neighborhood shows stable fundamentals for workforce housing. Neighborhood occupancy is 91.5% and ranks 11 out of 54 metro neighborhoods, placing it in the top quartile among Panama City submarkets and supporting lease stability. Median contract rents here trail national levels, which can aid leasing, but a rent-to-income ratio near 35% signals affordability pressure that owners should manage through renewal strategy and unit mix.
The property’s 1998 construction is newer than the neighborhood’s average 1982 vintage, offering relative competitiveness versus older assets while still warranting targeted system upgrades or light repositioning to sustain NOI. Renter concentration in the neighborhood sits around one-third of housing units being renter-occupied, indicating a moderate tenant base; within a 3‑mile radius, renters account for roughly four in ten units, providing additional depth to demand.
Amenities are mixed: grocery access is moderate while restaurants are present but not dense compared with stronger in-metro locations. Cafés, parks, and pharmacies are limited within the immediate neighborhood, so properties that deliver on-site conveniences and functional finishes can differentiate. School ratings track below national averages; investors typically offset this with value, parking, and commute convenience in similar suburban Gulf Coast locations.
Within a 3‑mile radius, demographics indicate population contraction over the past five years alongside a smaller average household size. Projections show an increase in total households despite fewer residents, implying more, smaller households and a broader renter pool entering the market—conditions that can support occupancy stability if rents are positioned thoughtfully. Home values are lower than many coastal metros but ownership costs relative to incomes are elevated locally, which tends to sustain reliance on rental housing and supports lease retention in well-managed assets, based on CRE market data from WDSuite.
Safety metrics for the neighborhood are weaker than many parts of the metro, with a crime rank of 47 out of 54 Panama City neighborhoods. Nationally, the area sits in lower percentiles for safety, indicating conditions that warrant standard operational considerations such as lighting, access control, and resident engagement.
Recent data also shows volatility in reported property and violent offense measures year over year. Investors typically address this through proactive security planning and coordination with local resources while positioning rents and amenities to reflect comparative location dynamics rather than block-level assumptions.
This 1998-vintage, 24‑unit asset benefits from a neighborhood occupancy rate in the top quartile among 54 Panama City neighborhoods, providing a base for cash flow stability. The property is newer than the area’s average vintage, supporting competitive positioning against older stock while allowing targeted value‑add through modernization and energy‑efficiency upgrades. According to CRE market data from WDSuite, ownership costs in the area remain elevated relative to incomes, which reinforces renter reliance on multifamily housing and supports demand depth.
Near-term focus should balance leasing velocity with resident retention given rent-to-income pressure and limited nearby amenities. Over the medium term, projections within a 3‑mile radius point to more, smaller households, which can expand the renter pool if unit mixes and finishes align with functional, attainable product.
- Neighborhood occupancy ranks top quartile in the metro, supporting leasing stability
- 1998 vintage offers competitive edge versus older area stock with targeted value‑add potential
- Elevated ownership costs bolster renter demand and lease retention prospects
- 3‑mile outlook shows more, smaller households—expanding the tenant base for functional units
- Risks: renter affordability pressure, limited immediate amenities, and safety metrics below metro averages