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$ 6,243,750
Est. payment | /mo
33,060 SqFt
$ 6,243,750
Est. payment | /mo
33,060 SqFt
Key Details
Property Type Multi-Family
Sub Type Multi Family
Listing Status Active
Purchase Type For Sale
Square Footage 33,060 sqft
Price per Sqft $188
Subdivision [No Recorded Subdiv]
MLS Listing ID 782381
HOA Y/N No
Year Built 1970
Lot Size 2.800 Acres
Acres 2.8
Property Sub-Type Multi Family
Property Description
This 50-unit garden-style community delivers strong fundamentals and consistent performance, supported by a diverse unit mix of 8 one-bed, 20 two-bed, 12 three-bed, and 10 four-bed units. With 42 units renovated since 2020—featuring updated flooring, fresh paint, windows, and fixtures—the property offers modern appeal and reduced turnover risk. Additional income is generated through an on-site laundry facility, and a separate office building with storage provides valuable operational flexibility. Major capital improvements include new metal roofs, upgraded electrical panels, and multiple HVAC and water-heater replacements, minimizing near-term CapEx exposure. Steady occupancy and an assumable $4.57M, 3.75% fixed-rate non-recourse loan enhance the investment's strength in today's lending environment. Positioned near major retailers, schools, employment centers, and within minutes of Panama City Beach, the property sits in a high-demand rental corridor with long-term growth potential. A recent price adjustment further improves the opportunity for investors seeking stability and upside.
Location
State FL
County Bay
Area 02 - Bay County - Central
Interior
Fireplace No
Exterior
Private Pool No
Building
Additional Building Outbuilding, Storage
Schools
Elementary Schools Cherry Street
Middle Schools Everitt
High Schools Rutherford
Others
Tax ID 23388-000-000 & 23389-000-000
Financing Other
Special Listing Condition Listed As-Is
Listed by Luxe Coastal Realty Group LLC
Nearby Locations
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