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3510 and 3536 St John St - Palm Court Apartments 50 Unit Apartment Building Offered at $6,243,750 at a 5.25% Cap Rate Panama City, FL 32401
Investment Highlights
- 50-Unit Stabilized Asset | 42 Renovated Units Diverse unit mix with significant interior upgrades completed since 2020, supporting strong occupancy an
- 3.75% Assumable Financing + Additional Income Streams Attractive in-place debt paired with on-site laundry income and separate office/storage building
- Major Capital Improvements Completed New metal roofs, updated electrical, and multiple HVAC/water heater replacements minimize near-term CapEx.
Executive Summary
Stabilized 50-unit garden-style apartment community offering strong in-place performance with significant recent capital improvements. The property features a diverse unit mix of 1, 2, 3, and 4-bedroom units, with 42 units renovated since 2020, providing modern interiors and reduced turnover risk.
Recent upgrades include new metal roofs, updated electrical panels, and multiple HVAC and water heater replacements, minimizing near-term capital expenditure. The asset maintains consistently high occupancy and generates additional income through an on-site laundry facility. A separate office building with storage supports efficient on-site management and operations.
The property is supported by an attractive $4.4M assumable loan at a 3.75% fixed rate, offering a significant advantage in today’s lending environment. The loan must be assumed or defeased.
Located in a central Panama City corridor near major retailers, schools, employment hubs, and just minutes to Panama City Beach, the asset benefits from strong and consistent rental demand.
This offering represents an opportunity to acquire a stabilized, income-producing multifamily asset with operational upside and favorable financing in a growing Florida market.
Recent upgrades include new metal roofs, updated electrical panels, and multiple HVAC and water heater replacements, minimizing near-term capital expenditure. The asset maintains consistently high occupancy and generates additional income through an on-site laundry facility. A separate office building with storage supports efficient on-site management and operations.
The property is supported by an attractive $4.4M assumable loan at a 3.75% fixed rate, offering a significant advantage in today’s lending environment. The loan must be assumed or defeased.
Located in a central Panama City corridor near major retailers, schools, employment hubs, and just minutes to Panama City Beach, the asset benefits from strong and consistent rental demand.
This offering represents an opportunity to acquire a stabilized, income-producing multifamily asset with operational upside and favorable financing in a growing Florida market.
Financial Summary (Actual - 2025) Click Here to Access |
Annual | Annual Per SF |
|---|---|---|
| Gross Rental Income |
$99,999
|
$9.99
|
| Other Income |
$99,999
|
$9.99
|
| Vacancy Loss |
$99,999
|
$9.99
|
| Effective Gross Income |
$99,999
|
$9.99
|
| Taxes |
$99,999
|
$9.99
|
| Operating Expenses |
$99,999
|
$9.99
|
| Total Expenses |
$99,999
|
$9.99
|
| Net Operating Income |
$99,999
|
$9.99
|
Financial Summary (Actual - 2025) Click Here to Access
| Gross Rental Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Other Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Vacancy Loss | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Effective Gross Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Taxes | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Operating Expenses | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Total Expenses | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Net Operating Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
Property Facts
| Price | $6,243,750 | Lot Size | 2.80 AC |
| Price Per Unit | $124,875 | Building Size | 33,060 SF |
| Sale Type | Investment | Average Occupancy | 100% |
| Cap Rate | 5.25% | No. Stories | 2 |
| No. Units | 50 | Year Built/Renovated | 1970/2020 |
| Property Type | Multifamily |
| Price | $6,243,750 |
| Price Per Unit | $124,875 |
| Sale Type | Investment |
| Cap Rate | 5.25% |
| No. Units | 50 |
| Property Type | Multifamily |
| Lot Size | 2.80 AC |
| Building Size | 33,060 SF |
| Average Occupancy | 100% |
| No. Stories | 2 |
| Year Built/Renovated | 1970/2020 |
Amenities
Unit Amenities
- Air Conditioning
- Microwave
- Heating
- Kitchen
- Oven
- Range
- Vinyl Flooring
- Wheelchair Accessible (Rooms)
Site Amenities
- Courtyard
- Laundry Facilities
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 1+1 | 12 | - | - |
| 2+1 | 22 | - | - |
| 3+2 | 18 | - | - |
| 4+2.5 | 8 | - | - |
1 1
Somewhat walkable
30/100
Very drivable
80/100
Minimal public transit
10/100
Somewhat bikeable
30/100
Property Taxes
| Parcel Numbers | Total Assessment | $761,594 | |
| Land Assessment | $60,606 | Annual Taxes | ($1) ($0.00/SF) |
| Improvements Assessment | $514,111 | Tax Year | 2025 |
Property Taxes
Parcel Numbers
Land Assessment
$60,606
Improvements Assessment
$514,111
Total Assessment
$761,594
Annual Taxes
($1) ($0.00/SF)
Tax Year
2025
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3510 and 3536 St John St - Palm Court Apartments
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