$1,050,000
Panama City Beach, FL 32408
MLS# 684900
Status: Sold
13984 sqft
1 / 15
Property Description
This five building complex includes #20 total units; #10-2 bedroom / 1.5 baths and #10-1 bedroom / 1 bath units. The apartments area located on the Gulf-side of Thomas Drive and is a fantastic value-add investment opportunity in Panama City Beach, Florida. Crystal Beach Apartments stays 100% occupied with its short walk to the Beach via Snapper Street and Surf Drive. The buildings did receive damage from Hurricane Michael and the seller did not have insurance. The buildings NEED WORK, but stays 100% occupied with market rental rates are increasing rapidly. The seller will install new roofs prior to closing. Otherwise, to be sold ''as-is''. The highest-and-best use could be to completely renovate and convert the units to vacation rentals as the property is less than 100 yards to the Be
Details
Maps
Contract Info
List Price/SqFt: 85.81
List Date: 2019-06-06
List Price: $1,200,000
Current Price: $1,050,000
Sub-Type: Multi-Family
Location
Sub Area: 0323 - Beach - South of Grand Lagoon
Community/Resort: None
Waterfront: No
Elementary School: Patronis
Middle School: Surfside
High School: Arnold
Directions: From US Hwy. 98 Head West on Front Beach Road 2.3 miles to Joan Avenue. Go South on Joan Avenue 0.9 miles to Thomas Drive . Head East on Thomas Drive 0.57 miles property will be on South side of Thomas Drive.
Area: 03 - Bay County - Beach
Street #: 8115
Street Name: Thomas
Street Suffix: Drive
State: FL
Zip Code: 32408
County: Bay
Subdivision: [No Recorded Subdiv]
Parcel ID: 30409-000-000
Legal Description: BEL AIR LOT 1 & NELY 20.1' OF LOT 2 & BEG 220' NWLY OF INTER S LINE GOVT LOT 10 & SLY R/W THOMAS DR TH NWLY 114.26' S 202.30' NELY 150' TO POB BLK 17 ORB 1298 P 249 (1.01) ORB 1950 P 1940 ORB 2539 P 528 ORB 2567 P 1978
General Property Info
List Class: Apartment
Acreage: 0.65
Immediate Occupancy: No
Construction Status: Construction Complete
# of Units: 20
Frontage Ft: 180
SqFt Tot Bldg: 13984
Lot Depth: 150
Year Built: 1983
Listing Info, Tax and Legal
HOA Fee: No
Remarks & Misc
Remarks: This five building complex includes #20 total units; #10-2 bedroom / 1.5 baths and #10-1 bedroom / 1 bath units. The apartments area located on the Gulf-side of Thomas Drive and is a fantastic value-add investment opportunity in Panama City Beach, Florida.
Crystal Beach Apartments stays 100% occupied with its short walk to the Beach via Snapper Street and Surf Drive. The buildings did receive damage from Hurricane Michael and the seller did not have insurance. The buildings NEED WORK, but stays 100% occupied with market rental rates are increasing rapidly. The seller will install new roofs prior to closing. Otherwise, to be sold ''as-is''. The highest-and-best use could be to completely renovate and convert the units to vacation rentals as the property is less than 100 yards to the Be
Status Change Info
Sold Price/SqFt: 75.09
Sold Price/Acre: 1615384.62
Status: Sold
Under Contract Date: 2019-06-17
Sold Date: 2019-07-15
Sold Price: $1,050,000
Financing
Cash: 1
Utilities
All Utilities: 1
Business Only
Year Built: 1983
Building SqFt: 13984
Floors in Unit/Home
Two: 1
Transport. Access
4-Lane: 1
Property Features
Financing: Cash
Utilities: All Utilities
Listing Office: Counts Real Estate Group Inc
Last Updated: October - 04 - 2024
Information deemed reliable but not guaranteed.