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Bay Breeze Apartments 3 Properties Offered at $5,950,000 in Panama City, FL
INVESTMENT HIGHLIGHTS
- Opportunity to further expand the community by building additional units.
- Favorable unit mix consisting of all 2 bedroom/1 bathroom units with in-unit washer-dryer hookups.
- Approximately 15 minutes away from downtown Panama City which boasts multiple trendy restaurants, boutique shopping, and entertainment.
- Average in-place rents are approximately 14% under market value.
- Well maintained community in a growing submarket of Panama City.
EXECUTIVE SUMMARY
Bay Breeze is a 44-unit garden style apartment community located in Panama city, Florida. The assets consist of two phases which were built in 1985 and are adjoined by an improved 0.86-acre parcel where a new owner could build approximately seven additional units. The community has a very favorable unit mix comprised of all two-bedroom and one-bedroom units that average 910 square feet each. Bay Breeze's average in-place rent is 14% under the market values with the opportunity to further elevate organically and through light interior unit upgrades. Bay Breeze offers a unique opportunity to acquire a well maintained asset with multiple avenues to further enhance the value in a growing submarket of Panama City.
For more information, please sign and the below confidentiality agreements and email to Andrew Green (andrew.green@seacrestadvisors.com)
For more information, please sign and the below confidentiality agreements and email to Andrew Green (andrew.green@seacrestadvisors.com)
PROPERTY FACTS
| Price | $5,950,000 | Number of Properties | 3 |
| Price / SF | $162.53 / SF | Individually For Sale | 0 |
| Cap Rate | 6.62% | Total Building Size | 36,608 SF |
| Sale Type | Investment | Total Land Area | 2.89 AC |
| Status | Active |
| Price | $5,950,000 |
| Price / SF | $162.53 / SF |
| Cap Rate | 6.62% |
| Sale Type | Investment |
| Status | Active |
| Number of Properties | 3 |
| Individually For Sale | 0 |
| Total Building Size | 36,608 SF |
| Total Land Area | 2.89 AC |
PROPERTIES
| PROPERTY NAME / ADDRESS | PROPERTY TYPE | SIZE | YEAR BUILT | INDIVIDUAL PRICE |
|---|---|---|---|---|
| 721 S Berthe Ave, Panama City, FL 32404 | Land | 0.86 AC | - | - |
| 723 S Berthe Ave, Panama City, FL 32404 | Multifamily | 19,968 SF | 1985 | - |
| 719 S Berthe Ave, Panama City, FL 32404 | Multifamily | 16,640 SF | 1985 | - |
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Bay Breeze Apartments
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