$4,850,000
Panama City, FL 32401
MLS# 900765
Status: Sold
1 / 48
Property 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.
Details
Documents
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
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.
