For Sale
$1,450,000

1000 Transmitter RdPanama City, FL 32404

Ten-unit renovated apartment building

Overview

Added:
Dec 11, 2024
Days on market:
115
This exceptional investment opportunity presents a ten-unit apartment building located at 1000 Transmitter Road, Panama City, Florida, 32404. The property, built in 1987, is a two-story structure situated on a spacious 15,681.6 square foot lot. Each of the ten units boasts 830 square feet, featuring two bedrooms and one bathroom. All units have undergone extensive renovations, including full-sized kitchens, washer and dryer hookups, and separate metering for utilities. Significant upgrades include a new roof (2019), updated water heaters (2020), and HVAC systems (2020, excluding condensers). Further improvements encompass a new deck, updated sewer lines, and rewiring. The property also features a recently refurbished parking lot providing ample tenant parking. All units are approved for Section 8 rentals at a rate of $1300 per unit. Panama City's robust economic growth, fueled by a 12.27% population increase since 2020 and a 3.93% annual growth rate, coupled with a $3.4 billion investment in Tyndall Air Force Base, creates a strong demand for rental housing. The city's average household income of $70,585 further supports the property's investment potential. This property offers a compelling combination of renovated units, strong rental income, and a location within a rapidly growing and economically resilient community. The asking price is $1,450,000.

Highlights

  • Ten-unit apartment building at 1000 Transmitter Road, Panama City, FL 32404.
  • Two-story building on a 15,681.6 sq ft lot, built in 1987.
  • Each unit is 830 sq ft with two bedrooms and one bathroom, fully renovated with new kitchens, washer/dryer hookups, and separate utility meters.
  • Significant recent upgrades include a new roof (2019), updated water heaters (2020), HVAC systems (2020), a new deck, updated sewer lines, and rewiring.
  • Recently refurbished parking lot; all units Section 8 approved at $1300/month.
  • Asking price: $1,450,000.

Property Details for 1000 Transmitter Rd

Property type
Apartment buildings, Small apartment buildings
Year Built
1987
Stories
2

Location Insight

City
Panama City
County
Bay
State
Florida
Latitude
30.1973686
Longitude
-85.4994192
1000 Transmitter Rd, Panama City, Florida

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1000 Transmitter Rd
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