$1,050,000
Panama City, FL 32404
MLS# 740921
Status: Sold
10973 sqft
1 / 35
Property Description
Here is your opportunity to purchase a 15 unit multifamily apartment complex with commercial road frontage property. This listing consists of two parcels of property. The Hwy 22 road frontage parcel is Parcel ID # 06086-010-000 which consists of .46 acre of vacant road frontage land. The second parcel is Parcel ID # 06086-000-000 which consists of 1.58 acres of land and holds 15 two bedroom one bath residential apartment units. There are currently 3 duplexes and 3 triplexes on this parcel. There are currently 7 occupied units at $1,100 per unit per month. There are several units that are in need of remodel (see photos.) At full occupancy, gross income would be $16,500 per month or higher with potential to rebuild several more units. Prior to Hurricane Michael, there were several more units on road frontage parcel. Slabs are still in place which would give potential Buyer more space for more units to be built. This property is just around the corner from Super Walmart, Starbucks, restaurants, shopping and a very short drive to Tyndall Air Force Base.
Details
Maps
Contract Info
List Date: 2023-05-03
List Price: $1,800,000
List Price/SqFt: 164.04
Current Price: $1,050,000
Sub-Type: Multi-Family
Location
Area: 02 - Bay County - Central
Street #: 5802
Street Direction: E
Street Name: Highway 22
State: FL
Zip Code: 32404
County: Bay
Sub Area: 0202 - Bay - Central SE
Subdivision: [No Recorded Subdiv]
Community/Resort: None
Waterfront: No
Parcel ID: 06086-000-000
Elementary School: Parker
Middle School: Everitt
High School: Rutherford
Directions: From Tyndall Parkway and Hwy 22, head east on 22, property on right
Legal Description: 7 4S 13W -59-131C3 ORB 591 P 382 BEG 825' E & 170' S OF W LINE OF SEC & S LI OF SR # 22 TH S 460' E 165' N 390' W 45' N 70' W 120' TO POB ORB 289 P 673, 675 LESS 15' ESMT ON W SID & LESS PCL 25' X 25' ORB 1302 P 461 ORB 2169 P 2379
General Property Info
List Class: Residential Income
Immediate Occupancy: Yes
Construction Status: Construction Complete
# of Units: 15
# of Stories in Building: 1
Site Dimensions: 120x640
Acreage: 2.05
Frontage Ft: 120
Lot Depth: 640
SqFt Tot Bldg: 10973
Year Built: 1971
Ceiling Height: 8
Status Change Info
Status: Sold
Under Contract Date: 2024-11-13
Sold Date: 2024-11-22
Sold Price: $1,050,000
Sold Price/SqFt: 95.69
Sold Price/Acre: 512195.12
Income Producing
Year Built: 1981
Property Type: Multi-Family
Multi-Family
Year Built: 1971
# of Units: 15
Property Features
Energy: AC - Central Elect; Ceiling Fans; Heat - Central Electric; Water Heater - Electric
Financing: Cash; Conventional
Offering Type: Real Estate; Sale Only
Present Zoning: Resid Multi-Family
Sale Type: As Is
Site Description: Interior Location
Utilities: Electricity - Connected; Phone - Connected; Public Sewer - Connected; Water Connected; TV Cable
Listing Office: Coldwell Banker Realty
Last Updated: November - 25 - 2024
Information deemed reliable but not guaranteed.