$6,200,000
Panama City, FL 32401
MLS# 782381
33060 sqft
1 / 38
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.
Details
Maps
Contract Info
List Price/SqFt: 187.54
List Date: 2025-12-05
List Price: $6,200,000
Current Price: $6,200,000
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: 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.
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: August - 05 - 2026
Information deemed reliable but not guaranteed.