$6,243,750
Panama City, FL 32401
MLS# 782381
33060 sqft
1 / 38
Property Description
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.
Details
Maps
Contract Info
List Price/SqFt: 188.86
List Date: 2025-12-05
List Price: $6,243,750
Current Price: $6,243,750
Sub-Type: Multi-Family
Location
Sub Area: 0202 - Bay - Central SE
Community/Resort: None
Waterfront: No
Elementary School: Cherry Street
Middle School: Everitt
High School: Rutherford
Directions: Follow US-98 E and US-98 BUS E to E 2nd St in Springfield. Take Kilbourn Ave to St John St. This property sits on 2 separate parcels separated by a small SFH.
Area: 02 - Bay County - Central
Street #: 3510/ 3536
Street Name: Saint John
Street Suffix: Street
State: FL
Zip Code: 32401
County: Bay
Subdivision: [No Recorded Subdiv]
Parcel ID: 23388-000-000 & 23389-000-000
Legal Description: 11 4S 14W -366.4- 118C4 BEG 787' N & 500' W OF SE COR OF SW1/4 OF SE1/4 TH W 285' S 256' E 285' N 256' TO POB ORB 4161 P 1823
General Property Info
List Class: Apartment
Acreage: 2.8
Construction Status: Construction Complete
SqFt Tot Bldg: 33060
Year Built: 1970
Listing Info, Tax and Legal
HOA Fee: No
Remarks & Misc
Remarks: 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.
Other Structures
Outbuilding: 1
Storage: 1
Financing
Other - See Remarks: 1
Association Amenities
Laundry: 1
Sale Type
As Is: 1
Floors in Unit/Home
Two: 1
Multi-Family
# of Units: 50
Status Change Info
Status: Active
Property Features
Financing: Other - See Remarks
Other Structures: Outbuilding; Storage
Sale Type: As Is
Listing Office: Luxe Coastal Realty Group LLC
Last Updated: January - 15 - 2026
Information deemed reliable but not guaranteed.