$1,880,000
Panama City, FL 32405
MLS# 769522
Status: Sold
23129 sqft
1 / 6
Property Description
Presenting a freshly renovated 223± unit self-storage complex, enhanced with 50 new units. Boasting an on-site office, digital signage, and electric access control gates with SiteLink synchronization available, this investment appeals to both corporate investors and owner-operators. While occupancy is currently north of 72% and trending upwards post-expansion it has yet to stabilize, providing potential for cap rates north of 10.0% once reaching market vacancies. Ideally situated between the area's major east/west commercial arteries, 15th Street and 23rd Street, this facility is nestled in the heart of Panama City's housing landscape. Reach out today for additional information.
Details
Maps
Contract Info
List Date: 2024-06-03
List Price: $1,950,000
List Price/SqFt: 84.31
Current Price: $1,880,000
Sub-Type: Income Producing
Location
Area: 02 - Bay County - Central
Street #: 1717
Street Name: Frankford
Street Suffix: Avenue
State: FL
Zip Code: 32405
County: Bay
Sub Area: 0203 - Bay - Central SW
Business Name: Frankford Storage
Subdivision: [No Recorded Subdiv]
Community/Resort: None
Waterfront: No
Parcel ID: 29385-000-000
Elementary School: Lucille Moore
Middle School: Jinks
High School: Bay
Directions: Comp purposes only.
Legal Description: Comp purposes only.
General Property Info
List Class: Other
Construction Status: Construction Complete
# of Units: 223
Acreage: 1.91
Frontage Ft: 594
SqFt Tot Bldg: 23129
Year Built: 1978
Status Change Info
Status: Sold
Under Contract Date: 2024-10-01
Sold Date: 2024-11-01
Sold Price: $1,880,000
Sold Price/SqFt: 81.28
Sold Price/Acre: 984293.19
Business Only
Year Built: 1978
Cap Rate: 6.7
Net Operating Income: 135120
Income Producing
Year Built: 1978
Net Operating Income: 135120
Cap Rate: 6.7
Property Type: Other (See Remarks)
Property Features
Financing: Cash; Seller Financing
Other Structures: Storage
Pricing Type: Sale Price
Present Zoning: Commercial
Utilities: All Maintenance
Listing Office: Clubbs Real Estate Group LLC
Last Updated: February - 28 - 2025
Information deemed reliable but not guaranteed.