11921 Caruso DrPanama City, FL 32404

Property Details for 11921 Caruso Dr

Year built

1981

Construction

WOOD

Lot size

0.98 AC

Property size (Sq ft)

6,788 SF

Zone code

BC15

Property type

Healthcare properties

Property subtype

Assisted living facilities

APN

07399-446-000

APU

7399446000

Description

This 6,800 square foot former 34-bed assisted living facility, situated on a 0.96-acre lot in Panama City, Florida, presents a compelling value-add investment opportunity. Currently vacant, this Class C property, built in 1981, offers significant potential for redevelopment. The property features 20 parking spaces and is zoned for residential use. A pro-forma NOI of $300,000 is projected based on a full rehabilitation, re-licensing, and operation as an assisted living facility at full occupancy, with a $3,000 per month per resident rate and a 70% expense ratio. Note that this projection does not include rehabilitation costs, which will vary and impact the actual NOI. The property boasts a low cost per square foot, and its location offers convenient access to shopping (15 minutes away) and beaches (30 minutes away), with a nearby golf course development adding to its appeal. The roof is approximately 3 years old, and water is connected to the property. While requiring a full rehabilitation, this property presents multiple potential uses, including a single-family home, group home, nursing home, or assisted living facility. The asking price is $325,000. The property is offered for sale by owner.

• CAP approach

  CAP return

  Valuation

  6%

  $1,214,317

  6.5%

  $1,120,908

  7%

  $1,040,843

• Comparable approach

  Method

  Valuation

  Relative Method

  $554,943

  Geo Method

  $554,943

• Alternative Use

  Use

  Valuation

  Residential

  $1,421,919

  Hospitality

  $1,302,470

  Educational

  $1,083,640

  Medical

  $1,120,908

  Retail

  $1,685,662

Location Insight

City

Panama City

County

Bay

State

Florida

Latitude

30.1159

Longitude

-85.5043

CBSA code

37460

CBSA name

PANAMA CITY-LYNN HAVEN, FL METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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