2505 15Th Street, Panama City, FL 32401 (MLS# 900765)

2505 15Th Street, Panama City, FL 32401

$4,850,000

View from (hard corner) Forest Ave. and Hwy 98

View from customer parking lot and Hwy 98

NSC's customer entrance from Forest Avenue parking lot

Property Type: Commercial for Sale Lot Size (sq. ft.): 127,195 Status: Sold

Current Price: $4,950,000 List Date: 6/09/2022 Last Modified: 10/13/2024

Description

Institutional Investment Property 100% Occupied with long tenant history. The subject property has been occupied by the State of Florida's Department of Children and Families and Department of Education since 2011 and 2014 respectively, along with ''National Coating Systems, Inc, who's lease began in 2018 and has a 5 Year Renewal beginning July 1, 2023 through June 2028.The net operating income for (YTD) 2021 was $345,000, and projected NOI for 2022 /23 is projected will reach $354,483.00.

More Information MLS# 900765

Contract Info

GCCMLS Number: 30803880 Listing Board: Emerald Coast List Date: 2022-06-09 List Price: $4,950,000

Location, Tax and Legal

Sub Area: 2703 - Bay - Central SW Property Name: Government Leased Building Legal Description: 1 4S 15W NE1/4 LOTS 1 TO 7 INC & 12 TO 18 INC ORB 4130 P 213 BLK 5

General Property Info

Listed on GCCMLS: Yes Vacant: No Lot SqFt: 121137 Immediate Occupancy: No Lot Depth: 447 Zoning: Commercial Lot Frontage: 271 Future Land Use: Commercial Acreage: 2.92

Listing Info, Tax & Legal

As Is: Yes

Remarks & Misc

Remarks: Institutional Investment Property 100% Occupied with long tenant history. The subject property has been occupied by the State of Florida's Department of Children and Families and Department of Education since 2011 and 2014 respectively, along with ''National Coating Systems, Inc, who's lease began in 2018 and has a 5 Year Renewal beginning July 1, 2023 through June 2028.The net operating income for (YTD) 2021 was $345,000, and projected NOI for 2022 /23 is projected will reach $354,483.00.

Class

Income Producing: 1 Office: 1

Construction Status

Existing: 1

Office

Year Built: 1996 Building SqFt: 27313 Property Type: Low Rise Unit SqFt: 22758 Price P/SqFt: 181.23 Vacancy Rate: 0 Scheduled Income: 480246 Actual Gross Income: 480246 Expenses: 125604 Net Operating Income: 354893 Cap Rate: 7.2 # of Units: 3

Income Producing

Year Built: 1996 Building SqFt: 27313 Price P/SqFt: 181.23 Annual Gross Income: 480246 Expenses: 125604 Net Operating Income: 354483 Cap Rate: 7.2 Property Type: Office

None

Current Price: $4,850,000

Status Change Info

Status: Sold Under Contract Date: 2023-04-21 Sold Date: 2023-06-09 Sold Price: $4,850,000

Location Tax and Legal

Area: 27 - Bay County Street #: 2505 Street Name: 15Th Street Suffix: Street State: FL Zip Code: 32401 County: Bay Parcel ID: 29647-000-000

Property Features

Class: Income Producing; Office Construction Status: Existing

Documents

Offering Memorandum ›

Listing Office: NBI Properties Inc

Last Updated: October - 13 - 2024

All information is believed to be accurate but is not guaranteed. Protected by Copyright© 2026 and is owned either by the Emerald Coast Association of REALTORS®, Inc or by the developers of the software, FBS, Inc. All rights reserved.