718 S Gay Avenue, Panama City, FL 32404
$2,600,000
Property Type:
Commercial for Sale
Square Footage:
15,000
Lot Size (sq. ft.):
29,621
Status:
Active
Current Price:
$2,600,000
List Date:
3/25/2024
Last Modified:
4/26/2024
Description
Welcome to an unparalleled investment opportunity in Panama City, Florida! Presenting a meticulously maintained apartment complex comprising 20 units, each boasting two bedrooms, one bath, and a generous 750 square feet of living space. Nestled conveniently in five two-story buildings, this property offers efficiency and quality in its design and layout.
🌟 Prime Location: Situated just one block away from South Tyndall Parkway, this apartment complex provides tenants easy access to essential amenities, transportation routes, and thriving restaurants, grocery and retail centers. The community of Callaway, Florida, is strategically positioned amidst a landscape of burgeoning growth and development, making it an ideal locale for savvy investors seeking promising returns.
🔨 Exceptional Resilience: In the wake of Hurricane Michael's impact in 2018, the region embarked on a remarkable journey of reconstruction and revitalization. Callaway stands as a testament to resilience, with communities and industries rallying together to rebuild stronger than ever before. The commitment of the Department of Defense to invest $5.9 Billion in the rebuild of Tyndall Air Force Base has catalyzed unprecedented economic growth, driving demand for housing and infrastructure in the area.
📈 Unprecedented Growth: The influx of defense-related projects and economic development initiatives has propelled Callaway and its surrounding areas into a period of unparalleled growth. With one-third of the region's economy anchored in the defense industry, the demand for housing has surged, presenting investors with a solid opportunity for return on investment.
🛩️ Base of the Future: Tyndall Air Force Base's transformation into the 'Base of the Future' signifies a monumental leap forward in defense infrastructure. With the Air Force's commitment to deploying three fighter squadrons and the addition of over 600 military jobs per squadron, the demand for housing in Callaway is poised to skyrocket. Moreover, the surge in construction activity, employing up to 4,000 workers, underscores the sustained economic vitality of the region.
⚓ Thriving Naval Presence: Naval Support Activity Panama City further enhances the area's economic vibrancy, with major tenant commands driving innovation and growth. From the Naval Surface Warfare Center, Navy Dive and Salvage Training Center to the Naval Experimental Dive Unit, both the US Coast Guard and naval presence in Panama City contributes significantly to the region's stability and prosperity.
Don't miss out on this exceptional opportunity to invest in the future of the communities surrounding Tyndall, including Callaway, Florida. With its strategic location, resilient community, and unprecedented growth prospects, this apartment complex promises enduring value and substantial returns for discerning investors. Seize the moment and make your mark in one of Florida's most dynamic and promising investment destinations! Detailed financial data is available with signed NDA.
More Information MLS# 754742
Contract Info
List Date: 2024-03-19
List Price: $2,600,000
List Price/SqFt: 173.33
Current Price: $2,600,000
Sub-Type: Multi-Family
Location
Area: 02 - Bay County - Central
Street #: 718
Street Direction: S
Street Name: Gay
Street Suffix: Avenue
State: FL
Zip Code: 32404
County: Bay
Sub Area: 0202 - Bay - Central SE
Lot: 3
Block: 6
Business Name: Freedom Court
Subdivision: Mashburns 1 Add To Parker
Community/Resort: None
Waterfront: No
Parcel ID: 07186-000-000
Section: 18
Township: 4S
Range: 13W
Elementary School: Parker
Middle School: Everitt
High School: Rutherford
Directions: From Tyndall Parkway and Lake Drive, turn east on Lake then seconf right on South Gay Ave, property is on your right, West side of S Gay Ave
Legal Description: MASHBURNS 1ST ADD TO PARKER LOT 3 BLK 6 ORB 4108 P 72 (132B3)
General Property Info
List Class: Commercial
Immediate Occupancy: Yes
Construction Status: Construction Complete
# of Units: 20
SqFt Unit: 750
Site Dimensions: 100 x 300
Acreage: 0.68
Frontage Ft: 100
Lot Depth: 300
Lot SqFt: 30000
SqFt HVAC: 15000
SqFt Tot Bldg: 15000
Year Built: 1984
Listing Info, Tax and Legal
HOA Fee: No
Remarks & Misc
Remarks: Welcome to an unparalleled investment opportunity in Panama City, Florida! Presenting a meticulously maintained apartment complex comprising 20 units, each boasting two bedrooms, one bath, and a generous 750 square feet of living space. Nestled conveniently in five two-story buildings, this property offers efficiency and quality in its design and layout.
🌟 Prime Location: Situated just one block away from South Tyndall Parkway, this apartment complex provides tenants easy access to essential amenities, transportation routes, and thriving restaurants, grocery and retail centers. The community of Callaway, Florida, is strategically positioned amidst a landscape of burgeoning growth and development, making it an ideal locale for savvy investors seeking promising returns.
🔨 Exceptional Resilience: In the wake of Hurricane Michael's impact in 2018, the region embarked on a remarkable journey of reconstruction and revitalization. Callaway stands as a testament to resilience, with communities and industries rallying together to rebuild stronger than ever before. The commitment of the Department of Defense to invest $5.9 Billion in the rebuild of Tyndall Air Force Base has catalyzed unprecedented economic growth, driving demand for housing and infrastructure in the area.
📈 Unprecedented Growth: The influx of defense-related projects and economic development initiatives has propelled Callaway and its surrounding areas into a period of unparalleled growth. With one-third of the region's economy anchored in the defense industry, the demand for housing has surged, presenting investors with a solid opportunity for return on investment.
🛩️ Base of the Future: Tyndall Air Force Base's transformation into the 'Base of the Future' signifies a monumental leap forward in defense infrastructure. With the Air Force's commitment to deploying three fighter squadrons and the addition of over 600 military jobs per squadron, the demand for housing in Callaway is poised to skyrocket. Moreover, the surge in construction activity, employing up to 4,000 workers, underscores the sustained economic vitality of the region.
⚓ Thriving Naval Presence: Naval Support Activity Panama City further enhances the area's economic vibrancy, with major tenant commands driving innovation and growth. From the Naval Surface Warfare Center, Navy Dive and Salvage Training Center to the Naval Experimental Dive Unit, both the US Coast Guard and naval presence in Panama City contributes significantly to the region's stability and prosperity.
Don't miss out on this exceptional opportunity to invest in the future of the communities surrounding Tyndall, including Callaway, Florida. With its strategic location, resilient community, and unprecedented growth prospects, this apartment complex promises enduring value and substantial returns for discerning investors. Seize the moment and make your mark in one of Florida's most dynamic and promising investment destinations! Detailed financial data is available with signed NDA.
Status Change Info
Status: Active
Multi-Family
Year Built: 1984
Building SqFt: 15000
# of Units: 20
Price P/SqFt: 17333
Vacancy Rate: 5
Expenses/Unit: 4774.8
Expenses/SqFt: 6.37
Price P/Unit: 130000
Gross Rent Multplr: 157764
Scheduled Income: 264400
Actual Gross Income: 259629
Expenses: 91903
Net Operating Income: 167726
Cash Flow: 167726
Cap Rate: 6.45
Property Features
Business/Property: Bus Est Five or More Yrs
Construction/Siding: Foundation - Slab on Grade; Frame; Roof - Composite Shngl; Roof - Metal; Roof - Pitched; Siding - Stucco
Energy: AC - Central Elect; AC - High Efficiency; Heat - Central Electric; Water Heater - Electric
Floors in Unit/Home: Two
Financing: Cash; Conventional
Heating/Cooling: AC - HVAC
Offering Type: Business Name; Good Will; Real Estate; Sale Only
Pricing Type: Sale Price
Present Zoning: Resid Multi-Family
Site Description: Aerials Available; Landscaped
Utilities: All Utilities; Electric; Fuel - Electric; Pest Control; Public Sewer; Public Water; TV Cable
Listing Office: ERA Neubauer Real Estate Inc
Last Updated: April - 26 - 2024
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.