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

2505 15Th Street, Panama City, FL 32401

$4,850,000

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

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

Contract Info

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

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

General Property Info

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

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

Office

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

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© 2020 and is owned either by the Emerald Coast Association of REALTORS®, Inc or by the developers of the software, FBS, Inc. All rights reserved.