| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 61st | Best |
| Demographics | 35th | Fair |
| Amenities | 12th | Poor |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 4141 E 15th St, Panama City, FL, 32404, US |
| Region / Metro | Panama City |
| Year of Construction | 2008 |
| Units | 24 |
| Transaction Date | 2008-02-05 |
| Transaction Price | $2,950,000 |
| Buyer | LURIN REAL ESTATE HOLDINGS LII LLC |
| Seller | TYNDALL PARKWAY APARTMENTS LLC |
4141 E 15th St Panama City 2008 Multifamily Investment
Built in 2008, this 24‑unit asset offers relatively newer stock for the submarket and a pragmatic value-add path focused on modernization and lease management, according to WDSuite’s CRE market data.
Location fundamentals are mixed but investable for workforce housing. Neighborhood rents trend above the metro median while occupancy sits around the metro midpoint among 54 Panama City neighborhoods, suggesting steady but competitive leasing conditions. Within a 3‑mile radius, households have grown even as population edged down, pointing to smaller household sizes and a broader tenant base that supports multifamily demand.
Livability skews suburban with limited retail, parks, and cafes in the immediate area, which may place a premium on on‑site amenities and parking. Average school ratings in the neighborhood are lower than much of the metro; investors may emphasize unit quality, security, and convenience to offset softer school appeal for family renters.
Tenure patterns within a 3‑mile radius show a renter‑occupied share of roughly one‑third of housing units, indicating a meaningful base of prospective tenants without over‑saturation. Rent‑to‑income metrics in the neighborhood read as manageable, which can aid lease retention and reduce turnover risk.
The property’s 2008 vintage is newer than the neighborhood’s typical 1990s stock, offering competitive positioning versus older assets while leaving room for targeted upgrades to kitchens, baths, and building systems. Home values in the neighborhood are elevated for the region, which can sustain reliance on rentals and support occupancy stability, based on commercial real estate analysis from WDSuite.
Safety indicators are below the national median and below the metro average, placing the neighborhood in a weaker tier among 54 Panama City neighborhoods. National percentiles also signal comparatively higher crime than many U.S. neighborhoods. Investors should underwrite with prudent assumptions for security features and operational oversight.
Recent year estimates indicate volatility in both property and violent offense rates. Rather than relying on a single period, investors typically focus on multi‑year trends, site‑level lighting and access control, and partnership with professional management to support resident comfort and retention.
This 24‑unit, 2008‑built asset benefits from newer construction relative to nearby housing stock, an expanding household base within 3 miles, and rent‑to‑income levels that support retention. According to CRE market data from WDSuite, neighborhood rents track above metro medians while occupancy is roughly mid‑pack, indicating balanced pricing power with attention to competitive positioning.
Livability is car‑oriented with lean amenity density and lower school ratings, so on‑site improvements and professional management can differentiate. Elevated ownership costs in the neighborhood reinforce renter reliance on multifamily housing, while targeted renovations can capture value‑add upside versus older comparables.
- 2008 vintage outcompetes older local stock; selective upgrades can drive rent and retention
- Household growth within 3 miles expands the tenant base despite modest population drift
- Neighborhood rents above metro median with mid‑pack occupancy support steady cash flow potential
- Elevated ownership costs sustain rental demand and can support leasing stability
- Risks: lower school ratings, below‑median safety, and sparse nearby amenities require strong on‑site experience and security