155-179 Reagan Rd, Panama City, FL 32404
24 Unit Apartment Building | $2,750,000 ($114,583/Unit) | 6.55% Cap Rate | Panama City, FL 32404
Asking Price $2,750,000
- Property Type
-
Multifamily
- Square Feet
- 30,458 SF
Listing Contacts
- Property Info
Property Overview
The Hull Multifamily Advisors (HMA) are pleased to present the exclusive offering of the Reagan Road Townhomes in Panama City, FL. Built in 1984, this 24-unit, six-building, two story asset consists of all 1,100 SF 2 Bed 1.5 Bath Two Story Townhouse style units, with approximately 12 of the 24 units being fully upgraded with updated countertops and kitchen cabinets. The Reagan Road Townhomes boasts several amenities such as individual front and rear entrances, covered patios, and washer/dryer hookups just to name a few. Additionally, current ownership is paying for water, sewer, and trash, while tenants are responsible for paying the individually metered electric AC.
The Reagan Road Townhomes are being offered to the market as a stabilized cash flowing asset, however, several value-add opportunities present themselves. Most notable, this asset has significantly below market rents with occupancy levels historically averaging near 100%. After doing an in-depth rent comparable study (located on page 16 in the OM), it has been determined that current average rent is $225-$300 below similar competing properties. This leaves investors with an opportunity to increase rents to market and further increase not only cashflow, but also significantly increase value. Please contact HMA for more information before this significant value-add opportunity is gone.
The Reagan Road Townhomes are being offered to the market as a stabilized cash flowing asset, however, several value-add opportunities present themselves. Most notable, this asset has significantly below market rents with occupancy levels historically averaging near 100%. After doing an in-depth rent comparable study (located on page 16 in the OM), it has been determined that current average rent is $225-$300 below similar competing properties. This leaves investors with an opportunity to increase rents to market and further increase not only cashflow, but also significantly increase value. Please contact HMA for more information before this significant value-add opportunity is gone.
Property Details
- Class
- C
- Year Built
- 1984
- Stories
- 2
- Units
- 24
Highlights
- (24) 1100 SF 2 Bed 1.5 Bath 2 Story Townhouse Style Units
- Historically Near 100% Occupancy with $1,039.55 Average Rent
- $225-$300 Below Market Rent; Current Average rent is $1,039 while immediate competitors are achieving $1,300-$1,350
- Significant Recent Capital Improvements; All six roofs replaced (2019), 12 out of 24 units fully renovated
Nearby Properties
Similar Properties
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