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$ 6,200,000
Est. payment | /mo
33,060 SqFt
$ 6,200,000
Est. payment | /mo
33,060 SqFt
Key Details
Property Type Multi-Family
Sub Type Multi Family
Listing Status Active
Purchase Type For Sale
Square Footage 33,060 sqft
Price per Sqft $187
Subdivision [No Recorded Subdiv]
MLS Listing ID 782381
HOA Y/N No
Year Built 1970
Lot Size 2.800 Acres
Acres 2.8
Property Sub-Type Multi Family
Property Description
PRICE IMPROVEMENT - NOW OFFERED AT $6.2 MILLION. This stabilized 50-unit garden-style apartment community presents an exceptional opportunity to acquire a well-maintained, income-producing asset with significant recent capital improvements and long-term upside. The property features a highly desirable unit mix of 8 one-bedroom, 20 two-bedroom, 12 three-bedroom, and 10 four-bedroom apartments, with 42 units renovated since 2020, showcasing updated flooring, fresh paint, windows, and modern fixtures.
Ownership has invested heavily in the property's infrastructure, including new metal roofs, upgraded electrical panels, and numerous HVAC and water heater replacements, minimizing near-term capital expenditures. Additional revenue is generated through an on-site laundry facility, while a separate office building with storage provides efficient on-site management and operational support.
The community maintains consistently strong occupancy and is further enhanced by an assumable $4.57 million fixed-rate, 3.75% non-recourse loan (subject to lender approval), providing a significant financing advantage in today's interest rate environment.
Ideally located near major employers, schools, shopping, dining, and just minutes from Panama City Beach, the property benefits from strong rental demand in one of Northwest Florida's fastest-growing markets.
Now priced at $6.2 million, this is a compelling opportunity for investors seeking immediate cash flow, operational stability, favorable financing, and future growth potential.
Ownership has invested heavily in the property's infrastructure, including new metal roofs, upgraded electrical panels, and numerous HVAC and water heater replacements, minimizing near-term capital expenditures. Additional revenue is generated through an on-site laundry facility, while a separate office building with storage provides efficient on-site management and operational support.
The community maintains consistently strong occupancy and is further enhanced by an assumable $4.57 million fixed-rate, 3.75% non-recourse loan (subject to lender approval), providing a significant financing advantage in today's interest rate environment.
Ideally located near major employers, schools, shopping, dining, and just minutes from Panama City Beach, the property benefits from strong rental demand in one of Northwest Florida's fastest-growing markets.
Now priced at $6.2 million, this is a compelling opportunity for investors seeking immediate cash flow, operational stability, favorable financing, and future growth potential.
Location
State FL
County Bay
Area 02 - Bay County - Central
Interior
Fireplace No
Exterior
Private Pool No
Building
Additional Building Outbuilding, Storage
Schools
Elementary Schools Cherry Street
Middle Schools Everitt
High Schools Rutherford
Others
Tax ID 23388-000-000 & 23389-000-000
Financing Other
Special Listing Condition Listed As-Is
Listed by Luxe Coastal Realty Group LLC
Nearby Locations
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