$2,650,000
Panama City, FL 32405
MLS# 690188
Status: Sold
22000 sqft
1 / 26
Property Description
***INCOME PRODUCING INVESTMENT OPPORTUNITY!!! 6 BUILDINGS, 9 TENANTS, 100% OCCUPIED COMMERCIAL OFFICE PARK*** Approximately 22,000 square feet of combined rental space on 3 acres. $332,000 in annual rental income. Landlord pays $50,000 annually in taxes, lighting and maintenance expenses...tenants pay their own insurance. Most have 3 to 5 year leases that can be provided for review. Tenants not to be disturbed and include ESPN Sports Radio, FOX TV, AMI Store management, Pancare of FL, and many more. ***SELLER WILL CARRY A NOTE WITH 25% DOWN, 6% INTEREST RATE, ON A 25 YEAR AMORTIZATION WITH A 3-5 YEAR BALLOON. Contact listing agent for details
Details
Maps
Contract Info
List Date: 2019-10-28
List Price: $3,999,000
List Price/SqFt: 181.77
Current Price: $2,650,000
Sub-Type: Income Producing
Location
Area: 02 - Bay County - Central
Street #: 704
Street Direction: W
Street Name: 23rd
Street Suffix: Street
State: FL
Zip Code: 32405
County: Bay
Sub Area: 0204 - Bay - Central NW
Subdivision: No Named Subdivision
Community/Resort: None
Waterfront: No
Parcel ID: 13008-000-000
Elementary School: Northside
Middle School: Jinks
High School: Bay
Directions: Take 23rd St to the 23rd St Plaza sign. Turn towards Newk's restaurant and pass Innovations Bank on the left and it is directly behind it
Legal Description: 29 3S 14W -20- 91A ST AND BAY DEV CO PLAT THAT PART OF LOT 105, 106, 119 & 122 LYING N OF CENTER LINE OF 60' DRAIN DITCH LESS -20.1- ORB 3232 P 1650
General Property Info
List Class: Commercial
Construction Status: Construction Complete
Acreage: 3
SqFt HVAC: 22000
SqFt - Workarea: 22000
SqFt - Office: 22000
SqFt Tot Bldg: 22000
Year Built: 1987
Status Change Info
Status: Sold
Under Contract Date: 2021-07-01
Sold Date: 2021-07-07
Sold Price: $2,650,000
Sold Price/SqFt: 120.45
Sold Price/Acre: 883333.33
Business Only
Year Built: 1988
Building SqFt: 32000
Actual Gross Income: 334000
Expenses: 50000
Cap Rate: 7
Net Operating Income: 284000
Income Producing
Building SqFt: 32000
Annual Gross Income: 512000
Property Type: Office
Land
Property Type: Office
Property Features
Energy: AC - 2 or More; AC - Central Elect; Heat - Central Electric; Water Heater - Electric
Financing: Cash; Conventional
Offering Type: Real Estate; Sale Only; Sale with Lease
Present Zoning: Commercial
Sale Type: As Is
Site Description: Aerials Available; Site - Strip Mall
Utilities: All Maintenance; All Utilities; Public Sewer - Connected; Water Connected; Yard Maintenance
Listing Office: Berkshire Hathaway HomeServices Beach Properties of Florida
Last Updated: October - 04 - 2024
Information deemed reliable but not guaranteed.