5802 E Highway 22, Panama City, FL 32404

Property Description

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.