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1920 Sherman Ave - Auction - Gulf Coast Self Storage | 63 Units 9,600 SF Specialty Building Offered at $75,000 in Panama City, FL 32405
Investment Highlights
- STARTING BID $75,000 | Gulf Coast Self Storage | Florida Panhandle Value-Add | 63 Drive-Up Units | AUCTION AUGUST 3-5
- 66.67% physical occupancy with value-add occupancy upside | In-place cash flow with demonstrated lease-up runway and traction
- 5,293 VPD Traffic Count visibility and easy drive-up unit access.
- 8,750 NRSF self-storage facility with 63 non-climate-controlled drive-up units in Panama City, Florida.
- Convenient in-town location approximately 2.5 miles northeast of Downtown Panama City and minutes from Tyndall Air Force Base.
- Secure storage infrastructure including gated/keypad entry, chain-link fencing with barbed wire, surveillance cameras, and metal-roof storage building
Executive Summary
Marcus & Millichap is pleased to offer the fee simple interest in Gulf Coast Self Storage located at 1920 Sherman Avenue in Panama City, Florida (the “Property”). The Property consists of 8,750 net rentable square feet across 63 non-climate-controlled drive-up units on a 0.71-acre site, with gated access, surveillance cameras, and strong visibility along Sherman Avenue. Current occupancy is below stabilized levels, creating a clear value-add opportunity through lease-up, revenue management, and operational improvement. The property is currently operating at ±66.67% physical occupancy and generates in-place cash flow, offering a clear lease-up and revenue growth story for an operator focused on driving occupancy and optimizing rents. With below-market rate positioning relative to competitors and modern security features, the asset is positioned for continued stabilization in a growing Panama City market.
Panama City, Florida is a growing Gulf Coast submarket in Bay County that offers self-storage investors exposure to multiple demand drivers, including population growth, tourism, military employment, and ongoing economic expansion. The Panama City–Panama City Beach metro was reported as one of the nation’s fastest-growing metros in 2024, while the Tyndall Air Force Base rebuild and broader Bay County business growth continue to add long-term momentum to the market. The Property benefits from strong frontage exposure and ±5,293 VPD. For self-storage investors, that combination of permanent population growth, seasonal visitation, and business activity supports the appeal of Panama City as a coastal Florida market with expanding storage demand and continued commercial investment. The Property benefits from dense and compelling demographics with a population draw of ±38,996 residents within a 3-mile radius and an average household income of ±$77,103. The population has experienced 2.39% growth from 2020-205 with 10.98% growth expected to continue through 2030.
Panama City, Florida is a growing Gulf Coast submarket in Bay County that offers self-storage investors exposure to multiple demand drivers, including population growth, tourism, military employment, and ongoing economic expansion. The Panama City–Panama City Beach metro was reported as one of the nation’s fastest-growing metros in 2024, while the Tyndall Air Force Base rebuild and broader Bay County business growth continue to add long-term momentum to the market. The Property benefits from strong frontage exposure and ±5,293 VPD. For self-storage investors, that combination of permanent population growth, seasonal visitation, and business activity supports the appeal of Panama City as a coastal Florida market with expanding storage demand and continued commercial investment. The Property benefits from dense and compelling demographics with a population draw of ±38,996 residents within a 3-mile radius and an average household income of ±$77,103. The population has experienced 2.39% growth from 2020-205 with 10.98% growth expected to continue through 2030.
Property Facts
| Price | $75,000 | Lot Size | 0.71 AC |
| Price Per SF | $8.57 | Building Size | 8,750 SF |
| Sale Type | Investment | No. Stories | 1 |
| Property Type | Specialty | Year Built | 1987 |
| Property Subtype | Self-Storage | Parking Ratio | 0.34/1,000 SF |
| Building Class | C | ||
| Zoning | C-3A | ||
| Price | $75,000 |
| Price Per SF | $8.57 |
| Sale Type | Investment |
| Property Type | Specialty |
| Property Subtype | Self-Storage |
| Building Class | C |
| Lot Size | 0.71 AC |
| Building Size | 8,750 SF |
| No. Stories | 1 |
| Year Built | 1987 |
| Parking Ratio | 0.34/1,000 SF |
| Zoning | C-3A |
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Somewhat walkable
30/100
Exceptionally drivable
100/100
Minimal public transit
10/100
Somewhat bikeable
30/100
Property Taxes
| Parcel Number | 14627-040-000 | Improvements Assessment | $126,558 |
| Land Assessment | $67,270 | Total Assessment | $193,828 |
Property Taxes
Parcel Number
14627-040-000
Land Assessment
$67,270
Improvements Assessment
$126,558
Total Assessment
$193,828
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1920 Sherman Ave - Auction - Gulf Coast Self Storage | 63 Units
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