1623 James Ave, Panama City, FL 32405
12 Unit Apartment Building | $2,050,000 ($170,833/Unit) | 6.60% Cap Rate | Panama City, FL 32405
For Sale
Active
6 pictures
Asking Price $2,050,000
- Property Type
-
Multifamily
- Square Feet
- 12,000 SF
Listing Contacts
Nick Hull
Austin Hull
- Property Info
Property Overview
The Hull Multifamily Advisors (HMA) are pleased to present the exclusive offering of James Avenue Townhomes in Panama City, FL. Built in 1983, this 12-unit, three-building, asset consists of all 972 SF Two Bed One and a Half Bath Units. James Avenue Townhomes have seen a significant amount of recent capital improvements with New Windows, Doors, Appliances, Flooring, Bathroom Fixtures, Water Heaters, and Driveways. James Avenue Townhomes boasts several amenities such as individual front and rear entrances, sliding glass doors, and washer/dryer hookups just to name a few. Additionally, tenants are responsible for paying all utilities including trash, electricity, water/sewer, and individually metered electric A/C.
The James Avenue 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 of the OM), it has been determined that current average rent is $50-$150 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 James Avenue 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 of the OM), it has been determined that current average rent is $50-$150 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
- B
- Year Built/Renovated
- 1983/2017
- Stories
- 2
- Lot Size (sq. ft)
- 6,534 SF
- Units
- 12
Highlights
- All 972 SF Two Bed, One and a Half Bath Townhouse Style Units
- Historically Near 100% Occupancy with $1274.17 Average Rent
- All Tenant Paid Utilities
- $50-$150 Below Market Rent; Current Average rent is $1274.17 while immediate competitors are achieving $1350-$1400
- Significant Recent Capital Improvements; New Windows, Doors, Appliances, Flooring, Bathroom Fixtures, Water Heaters, and Driveway (2019-2023)
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