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:
$4,850,000
List Date:
6/09/2022
Last Modified:
10/13/2024
Overview
Description
Listing Details MLS# 900765
Status Change Info
- Under Contract Date
- 2023-04-21
- Sold Date
- 2023-06-09
Contract Info
- GCCMLS Number
- 30803880
- 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
More Information
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
- # of Units
- 3
- Vacancy Rate
- 0
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
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
- Yes
- Office
- Yes
Construction Status
- Existing
- Yes
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.