$1,357,867
Panama City, FL 32405
MLS# 733668
Status: Sold
7072 sqft
1 / 35
Property Description
INCOME PRODUCING COMMERCIAL REAL ESTATE ! This property is perfect for a 1031 exchange buyer! This property is Centrally located in the heart of Panama City on Frankford ave. The building sits on 1.25 acres and has of plenty of parking. The building has 2 long term credit tenants Sea School & Fla Agency for persons with disabilities. APD occupies units A & C and their space is 3315 sq ft. APD is in year two of a 7 year lease with options to renew for an additional 7 years with built-in rent increases. Sea School occupies units B & D and their space is 3052 Sq ft. They are on the first of their 5 year lease with an additional 5 years with built in rent increases. All of the roofing, electrical , HVAC, plumbing, irrigation pump are all brand new.
Details
Maps
Contract Info
List Price/SqFt: 192.01
List Date: 2022-10-19
List Price: $1,357,867
Current Price: $1,357,867
Sub-Type: Income Producing
Location
Unit #: A-D
Sub Area: 0204 - Bay - Central NW
Community/Resort: None
Waterfront: No
Elementary School: Northside
Middle School: Jinks
High School: Bay
Directions: From the intersection of Highway 390 (St. Andrews Blvd.) and Frankford Avenue, travel North 3/4 miles. The Bayou Commons office building is located on the west side before Pacifica Avenue
Area: 02 - Bay County - Central
Street #: 3309
Street Name: Frankford
Street Suffix: Avenue
State: FL
Zip Code: 32405
County: Bay
Subdivision: No Named Subdivision
Parcel ID: 26675-100-002
Legal Description: 4 3S 15W -1.20- 78D BEG 1716.31' N OF SE COR TH W 200.29' S 275' M/L TO EDGE OF ROBINSON BAYOU TH RUN SELY ALONG SAID WATERS EDGE TO THE WEST R/W LINE OF FRANKFORD AVE TH RUN N ALONG SAID R/W 542 MORE OR LESS TO POB ORB 3165 P 2108
General Property Info
List Class: Commercial
Site Dimensions: 200'x 272'
Floor Number: 1
Acreage: 1.25
Immediate Occupancy: No
Construction Status: Construction Complete
# of Units: 4
SqFt Unit: 7072
SqFt HVAC: 7072
# of Stories in Building: 1
Frontage Ft: 200
SqFt Tot Bldg: 7072
Lot SqFt: 54400
Year Built: 1982
Listing Info, Tax and Legal
HOA Fee: No
Remarks & Misc
Remarks: INCOME PRODUCING COMMERCIAL REAL ESTATE ! This property is perfect for a 1031 exchange buyer! This property is Centrally located in the heart of Panama City on Frankford ave. The building sits on 1.25 acres and has of plenty of parking. The building has 2 long term credit tenants Sea School & Fla Agency for persons with disabilities.
APD occupies units A & C and their space is 3315 sq ft. APD is in year two of a 7 year lease with options to renew for an additional 7 years with built-in rent increases. Sea School occupies units B & D and their space is 3052 Sq ft. They are on the first of their 5 year lease with an additional 5 years with built in rent increases. All of the roofing, electrical , HVAC, plumbing, irrigation pump are all brand new.
Status Change Info
Sold Price/SqFt: 192.01
Sold Price/Acre: 1086293.6
Status: Sold
Under Contract Date: 2022-10-25
Sold Date: 2022-11-30
Sold Price: $1,357,867
Other
Year Built: 1982
Construction/Siding
Block: 1
Brick: 1
Concrete: 1
Floor - Concrete: 1
Floor - Vinyl: 1
Floor - W/W Carpet: 1
Frame: 1
Roof - Flat: 1
Siding - Hardie Board: 1
Siding - Stone: 1
Siding - Stucco: 1
Energy
AC - 2 or More: 1
AC - Central Elect: 1
AC - High Efficiency: 1
Heat - Central Electric: 1
Heat - High Efficiency: 1
Water Heater - Electric: 1
Financing
Cash: 1
Conventional: 1
Utilities
Fuel - Natural Gas: 1
Public Sewer - Connected: 1
Water Connected: 1
Accessibility Features
Accessible Approach with Ramp: 1
Accessible Common Area: 1
Accessible Hallway(s): 1
Sale Type
As Is: 1
Business/Property
Freestanding Building: 1
Furnished - None: 1
Handicapped Access: 1
Floors in Unit/Home
One: 1
Heating/Cooling
AC - Central: 1
AC - HVAC: 1
Heat - Central Electric: 1
Heat - Office: 1
Income Producing
Year Built: 1982
Building SqFt: 7072
Property Type: Office
Land
Property Type: Office
Offering Type
Real Estate: 1
Pricing Type
Other - See Remarks: 1
Site Description
Interior Location: 1
Landscaped: 1
Level: 1
Survey: 1
Transport. Access
4-Lane: 1
Paved: 1
Property Features
Accessibility Features: Accessible Approach with Ramp; Accessible Common Area; Accessible Hallway(s)
Energy: AC - 2 or More; AC - Central Elect; AC - High Efficiency; Heat - Central Electric; Heat - High Efficiency; Water Heater - Electric
Financing: Cash; Conventional
Offering Type: Real Estate
Pricing Type: Other - See Remarks
Sale Type: As Is
Site Description: Interior Location; Landscaped; Level; Survey
Utilities: Fuel - Natural Gas; Public Sewer - Connected; Water Connected
Supplements
The buildings current zoning and brand new parking capacity would allow for an additional 3,300 sq ft building to be built on the south east of the existing building with a simple submittal of architectural documents and would not require any exceptions or conditions other than meeting Panama City Standard building codes. This property is offered at a 6.75 CAP rate. Your only limitation is your imagination.
Listing Office: Eagle American Realty Group LLC
Last Updated: October - 04 - 2024
Information deemed reliable but not guaranteed.