Active

5802 E Highway 22

Panama City FL, 32404

$1,800,000


$164.04 per sqft

Active

10,973 sqft

Commercial

Built in 1971

Here is your opportunity to purchase a 15 unit multifamily apartment complex with commercial road frontage property. This listing consists of two parcels of property. The Hwy 22 road frontage parcel is Parcel ID # 06086-010-000 which consists of .46 acre of vacant road frontage land. The second parcel is Parcel ID # 06086-000-000 which consists of 1.58 acres of land and holds 15 two bedroom one bath residential apartment units. There are currently 3 duplexes and 3 triplexes on this parcel. There are currently 7 occupied units at $1,100 per unit per month. There are several units that are in need of remodel (see photos.) At full occupancy, gross income would be $16,500 per month or higher with potential to rebuild several more units. Prior to Hurricane Michael, there were several more units on road frontage parcel. Slabs are still in place which would give potential Buyer more space for more units to be built. This property is just around the corner from Super Walmart, Starbucks, restaurants, shopping and a very short drive to Tyndall Air Force Base.

740921

MLS ID

May 3, 2023

Listed

April 22, 2024

Updated

Map

5802 E Highway 22
Panama City FL, 32404

Interior Features

Total Stories

1


Appliances

Electric Water Heater


Floor Description

Tile


Fireplace

No


Cooling

Yes


Cooling Description

Central Air, Ceiling Fan(s), Electric


Heating

Yes


Heating Description

Central, Electric

Exterior/Building Features

Lot Size

2.05 Acres


Lot Features

Interior Lot


Roof

Composition, Shingle


Sewer

Public Sewer

School Information

High School

Rutherford


Elementary School

Parker

Other Property Details

Area Name

02 - Bay County - Central


Days on Market

355


Garage

No


View

No


County

Bay


Water Source

Public


Pool

No

 

Courtesy of Coldwell Banker Realty, Daryle Burkey,
Listing Contact: (850) 896-7755 

All information deemed reliable but not guaranteed and should be independently verified. All properties are subject to prior sale, change or withdrawal. Neither listing broker(s) nor Bay Real Experts shall be responsible for any typographical errors, misinformation, misprints and shall be held totally harmless.

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