2505 W 15TH Street, Panama City, FL 32401
$4,250,000
Property Type:
Commercial for Sale
Square Footage:
27,313
Status:
Sold
Current Price:
$4,250,000
List Date:
1/23/2019
Last Modified:
12/03/2019
Description
Investment Opportunity! 100% occupied office building for sale. The credit tenants include two state agencies; The Department of Education, The Department of Children & Families and another national credit tenant ''National Coating Systems, Inc.'' Approximately 27,313 square feet on +/-2.92 acres. Centrally located in Panama City on West 15th Street (a/k/a ''U.S. Highway 98'') with frontage from the corner of Hickory Avenue to Foster Avenue. The net operating income is $360,809, which equates to an 8.5% cap rate at the list price and current income. Call for details.
More Information MLS# 674270
Contract Info
List Date: 2018-07-10
List Price: $4,250,000
List Price/SqFt: 155.6
Current Price: $3,650,000
Sub-Type: Income Producing
Location
Area: 02 - Bay County - Central
Street #: 2505
Street Direction: W
Street Name: 15TH
Street Suffix: Street
State: FL
Zip Code: 32401
County: Bay
Sub Area: 0203 - Bay - Central SW
Subdivision: No Named Subdivision
Community/Resort: None
Waterfront: No
Parcel ID: 29647-000-000
Section: 1
Township: 4S
Range: 15W
Elementary School: Oakland Terrace
Middle School: Jinks
High School: Bay
Directions: Located on the south side of W. 15th Street at the corners of Foster Avenue and Hickory Avenues (a/k/a U.S. Highway 98) in the former Curry Printing Building, which is now occupied by Department of Children & Families and Department of Education.
Legal Description: 1 4S 15W NE1/4 LOTS 1 TO 7 INC & 12 TO 18 INC ORB 1561 P 529 BLK 5
General Property Info
List Class: Commercial
Immediate Occupancy: No
Possession Date: 2/1/18
Construction Status: Construction Complete
# of Units: 1
SqFt HVAC: 27313
SqFt - Workarea: 27313
SqFt - Office: 27313
SqFt Tot Bldg: 27313
Year Built: 1941
Listing Info, Tax and Legal
HOA Fee: No
Status Change Info
Status: Sold
Under Contract Date: 2019-03-16
Sold Date: 2019-05-29
Sold Price: $3,650,000
Sold Price/SqFt: 133.64
Business Only
Year Built: 1941
Building SqFt: 27313
Cap Rate: 8.5
Net Operating Income: 360809
Income Producing
Year Built: 1941
Building SqFt: 27313
Net Operating Income: 360809
Cap Rate: 8.5
Property Type: Office
Industrial
# Dock High Doors: 3
Sprinklers?: Yes
Property Features
Business/Property: AAA Tenant; Anchor Tenant; Furnished - None; Handicapped Access; Handicapped Facilities; Kitchen Area; Sign
Construction/Siding: Block; Floor - Concrete
Energy: AC - 2 or More; AC - Central Elect
Floors in Unit/Home: One
Financing: Cash; Conventional
Heating/Cooling: AC - Entire; AC - HVAC; Heat - HVAC
Offering Type: Real Estate; Sale Only; Sale with Lease
Pricing Type: Sale Price
Present Zoning: Commercial
Sale Type: As Is; Other - See Remarks
Site Description: Aerials Available; Corner Location; Landscaped
Transport. Access: 2-Lane; 5 or More Lanes; Center Turn Lane; Paved
Utilities: All Utilities; Electric 220/240; Electricity Availabile; Electric-3 Phase; Fuel - Electric; Natural Gas Available; Sewer Connected; Water Connected; TV Cable; Yard Maintenance
Listing Office: Counts Real Estate Group Inc
Last Updated: December - 03 - 2019
The listing broker's offer of compensation is made only to participants of the MLS where the listing is filed.
Information deemed reliable but not guaranteed.