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Lower Grand Lagoon 32408 Gulf Lagoon Beach
5501 GULF Drive
Photo of 5501 GULF Drive
Sold on Jun 15, 2018

14

Map

Photo of 5501 GULF Drive
Photo of 5501 GULF Drive
$2,450,000
● Land - Off Market

5501 GULF Drive

Panama City Beach, FL 32408
bedrooms
Studio
bathrooms
0 Bath
$3,941,166
RealtyHop Estimate
51.58%
Since Jul 1, 2018
National-US
Primary Model

About This Property

One of the last large Gulf-front lots available. The property includes 133 feet of Gulf-front land by 250 feet deep. The sellers will consider subdividing the property into two 66.7' wide lots or even three 44.4' wide lots (#3 lots would require a property owner's association). Zoned SR-2, Seasonal Resort-2 in unincorporated Bay County. Maximum density is #11 units. Gulf Drive is a quiet Gulf-front street on the east-end of Panama City Beach. The property is down the street from Schooner's-the last local beach club, and it is within walking distance to St. Andrew's State Park.  The marinas are within 1-mile along with other popular restaurants-Captain Anderson's, The Grand Marlin, Sister's of the Sea, etc.  Additional pictures and the survey are attached. Call for additional information.
Unit Size
-
Days on Market
142 days
Land Size
0.77 acres
Price per sqft
-
Property Type
Land
Property Taxes
$765
HOA Dues
-
Year Built
-

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Cap Rate Calculator

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Cap Rate 100% Occupancy
N/A (extreme outlier)

What does this mean?

Based on our analysis, the cap rate of this property is 1.25%. A negative cap rate indicates that the property might not be feasible as an income-producing asset. The median cap rate for a near zip code 11238 is 4.23%.

How much can I actually make?

Actual monthly rental income may vary between $4,760 and $7,140 depending on unit-specific characteristics. You can change the amount using the slider to further explore.

How is cap rate calculated?

Cap Rate = Net Operating Income (NOI) / Property Asset Value.

When calculating the cap rate, we assume 100% occupancy. Leverage (mortgage) is not considered.

Cap Rate provided by RealtyHop and RentHop, learn more about cap rate here.

Last updated: 29 days ago ( #667207)

Price History

Date / Event Date Event Price
Jun 6, 2022 Sold
Premium
Sold
Jun 18, 2018 Sold
Premium
Sold
Jan 22, 2018 Listed by Counts Real Estate Group Inc $2,600,000
Listed by Counts Real Estate Group Inc

Property Highlights

Building Info

Overview

    General

  • Building Count: 1
  • Bedroom Count: 3
  • Bathroom Count: 4
  • Full Bathrooms: 3
  • Partial Bathrooms: 4
  • Building Condition: 0
  • Building Quality: 0
  • Construction Type: 0
  • Building Style: 0
  • Exterior Walls Type: 0
  • Interior Walls Type: 0
  • Roof Shape Type: 0
  • Roof Cover Type: 0
  • Floor Cover: 0
  • Basement Type: 0
  • Basement Area: 0
  • Garage Type: 0
  • Parking Space Count: 0
  • Patio Type: 0
  • Porch Type: 0
  • Pool Type: 0

    Dimensions

  • Lot Size Square Feet: 17,467
  • Lot Size Depth Feet: 2,500
  • Lot Size Frontage Feet: 700
  • Total Building Area: 0
  • Building Area: 0

    Heating and Cooling

  • Air Conditioning: 0
  • Heating: 0
  • Heating Fuel Type: 0

    Utilities

  • Sewer System: 0
  • Water Service: 0

Building

  • Building Type: 0
  • Property Class: V
  • Subdivision: GULF LAGOON BEACH
  • Land Acres: 0000000401
  • Standard Land Use Code: 8001
  • County Land Use Code: 000070
  • State Land Use Code: 70
  • Legal Description 1: GULF LAGOON BEACH W 33.3 OF LOT 3 & E 36.67 OF LOT 4 BLK 8 (5.01) ORB 4572 P 2068

Neighborhood

  • School District Name: Bay County School District
  • Census Tract: 002607

Zoning

  • Zoning: BC23

Geography

  • Parcel: 32308-000-000
  • Block: 8
  • Lot: 3,4
  • Meridian: SEC 16 TWN 04S RNG 15W
  • Municipality: FIRE BEACH MOSQUITO
  • Latitude: 30.1436
  • Longitude: -85.7578

    Address

  • Full Address: 5501 Gulf Dr
  • Address - House Number: 5501
  • Address - Street Name: Gulf
  • Address - Suffix Type: Dr
  • State: FL
  • City Name: Panama City
  • Carrier Code: C009
  • 4-Digit Zip Code: 6704
  • Zip Code: 32408

Valuation

    Tax

  • Tax Year: 2023
  • Tax Amount: $1,870,046
  • Tax Rate Code Area: 056

    Market Valuation

  • Market Total Value: $1,495,726
  • Market Land Value: $1,495,725
  • Market Improvement Value: $1

    Assessments Valuation

  • Assessed Year: 2023
  • Assessed Total Value: $1,495,726
  • Assessed Land Value: $1,495,725
  • Assessed Improvements Value: $1

    Sales

  • Current Sale Contract Date: Jun 02, 2022
  • Current Sale Recording Date: Jun 06, 2022
  • Current Sale Price:
    Premium
  • Current Sale Document Type: 71
  • Current Sale Input Document Number: 42537
  • Previous Sale Recording Date: Jun 18, 2018
  • Previous Sale Contract Date: Jun 15, 2018
  • Previous Sale Amount: $1,288,000
  • Previous Sale Document Type: 71
Data used for valuation calculations is provided by RealtyHop, and other third party sources
Request mortgage information redaction

Comparables

Unit
Status
Type
Beds
Baths
ft²
Price/ft²
Asking Price
Listed On
Closing Price
Sold On
HOA + Taxes

About Gulf Lagoon Beach

Stats & Trends

Median Asking:

$1,040,200

Sale Price/ft²

$389

Below Asking

0.05%

Average Days on Market

84

Average Home Size

2526 ft²

Average Home Age

14.6 years

Currently For Sale

10 Listings
Based on RH Advisors, Inc. calculations of home data from MLS and/or public records.

Similar Homes for Sale

Currently no similar homes around

Nearby Rentals

Rentals Near You

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Frequently Asked Questions

When was property at 5501 Gulf Drive built and last sold?
The property at 5501 Gulf Drive was built in and last sold on Jun 2, 2022 for $1,800,000.
How much is this home worth?
The estimated value of the home located at 5501 Gulf Drive is $2,626,000.
What are some comparable homes to 5501 Gulf Drive?
There are currently no comparable homes to 5501 Gulf Drive.
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