2602 Willow Oak CtPanama City, FL 32408

Property Details for 2602 Willow Oak Ct

Property size (Sq ft)

3,000 SF

Property type

Residential income properties

Property subtype

Multifamily properties

Description

This exceptional six-unit apartment building in Panama City, Florida, presents a compelling investment opportunity. Constructed in 2020, the property boasts a total of 3,000 square feet and features three distinct one-bedroom, one-bathroom unit layouts. Two units offer 400 square feet with kitchenettes, two provide 500 square feet with kitchenettes and living rooms, and the remaining two units encompass 600 square feet, each including a full kitchen and living room. Currently 100% occupied, the property generates a substantial net operating income (NOI) of $78,954, resulting in an attractive 7.98% capitalization rate. The asking price is $990,000, translating to $165,000 per unit and $330 per square foot. Convenient amenities include individual unit entrances, a shared laundry facility, and a private central garden. The property's location offers proximity to award-winning beaches. Attractive seller financing is available, featuring an 85% loan-to-value ratio, 7% interest, 35-year amortization, and a 5-year balloon payment. The average rent per unit is $1,567, significantly below market rates, suggesting strong potential for future rental income growth. This property is available for sale individually or as part of a larger portfolio. The address is 2602 Willow Oak Ct, Panama City, FL 32408.

Location Insight

City

Panama City

County

Bay

State

Florida

Latitude

30.1678

Longitude

-85.7666

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