Panama City, FL 32401
Property Inquiry
Contact Marcy O'Donnell about this property!
Property Details
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.
| COUNTY | Bay |
| SUBDIVISION | N/A |
| PARCEL ID | 23388-000-000 & 23389-000-000 |
| TYPE | Commercial Sales |
| STYLE | N/A |
| ACREAGE | 2 |
| LOT ACCESS | N/A |
| LOT SIZE | N/A |
| HOA INCLUDE | N/A |
| HOA FEE | N/A |
| UTILITIES | N/A |
| PROJECT FACILITIES | N/A |
| ZONING | N/A |
| PARKING FEATURES | N/A |
| APPLIANCES | N/A |
| ENERGY | N/A |
| INTERIOR | N/A |
| EXTERIOR | N/A |
| ROOM DIMENSIONS | N/A |
Schools
Location & Map
Follow US-98 E and US-98 BUS E to E 2nd St in Springfield. Take Kilbourn Ave to St John St. Both parcels sit on the same side of the street separated by a small SFH parcel so please see both 3510 and 3536 St John