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: $4,850,000 List Date: 6/09/2022 Last Modified: 10/13/2024

Overview

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.

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

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.