1000 Transmitter RdPanama City, FL 32404

Property Details for 1000 Transmitter Rd

Year built

1987

Property type

Residential income properties

Property subtype

Multifamily properties

Description

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.

Location Insight

City

Panama City

County

Bay

State

Florida

Latitude

30.1974

Longitude

-85.4994

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