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.
© 2024 Central Panhandle Association of REALTORS. All rights reserved.