Turn-Key Panama City Investment
1300 Grace Avenue Panama City, FL 32401
For Sale
$1,150,000
Fully renovated 10-unit apartment building in growing Panama City.
Property Size8,652 SF
Price / SF$132.92
Days on Market415
Property Features for 1300 Grace Avenue
General Information
Standard status
Active
Size
8,652 SF
Building Details
Year Built
1986
Listing Agency:
CENTURY 21 COMMANDER REALTY
(850) 814-0530
Listed By:
CAIN MCNEIL · License #SL3358940
Source:
Corcoran
Added: Jun 9, 2025
Changed: Mar 16
Last Checked: Mar 16 at 9:09AM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of CENTURY 21 COMMANDER REALTY
Investment Insights
Based on property information with market context.
This is a turn-key investment property located in Panama City, near the downtown area. The property features 10 units, including eight 2-bedroom, 1-bathroom units and two 1-bedroom, 1-bathroom units. The units are fully occupied, with an average rental rate of $1,195 per month. Each unit has separate electric and water meters. Landlord responsibilities include grass, trash, and maintenance. The units were completely renovated in 2019 after Hurricane Michael and are meticulously maintained. The property is professionally managed. The Panama City/Bay County MSA ranks 2nd nationally for percentage population growth per US Census Bureau. The property size is 8,652 square feet.
Key Highlights
- Turn‑key investment property featuring 10 units.
- Units renovated in 2019 and meticulously maintained.
- High occupancy with an average rental rate of $1,195/month per unit.
Financial Insights For Apartment 5plus
Simulate Cap Rate and NOI
NOI Build-Up
- Vacancy
- income lost from leasable area expected to sit empty during the year — subtracted from gross rent.
- EGI (Effective Gross Income)
- gross rent minus vacancy losses — the realistic income before paying operating costs.
- OpEx (Operating Expenses)
- recurring costs to operate the property (property tax, insurance, utilities, maintenance, management) — excludes financing and capital improvements.
- NOI (Net Operating Income)
- income a property generates after operating costs but before financing and taxes.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $207.6k | $24.00 |
| − Vacancy | −$33.4k | −$3.86 |
| EGI | $174.2k | $20.14 |
| − OpEx | −$78.4k | −$9.06 |
| NOI | $95.8k | $11.07 |
8,652 SF · lease $24.00/SF/yr · vacancy 16.10% · expense 45.00%
Alternative Uses
Best Use
Apartment 5plus
$1.37M
$1.20M – $1.60M
NOI $95,819 @ 7.0% cap · market cap 8.33%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$2.18M
$1.90M – $2.54M
NOI $152,310 @ 7.0% cap · market cap 13.24%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Location Intelligence
Current Use
Frequently Asked Questions
What type of property is this?
Apartment building - Fully renovated 10-unit apartment building in growing Panama City.
Where is this apartment building located?
The property is located at 1300 Grace Avenue Panama City, FL.
What is the asking price?
The asking price for this property is $1,150,000.
What are key features of this property?
This property features: Turn‑key investment property featuring 10 units.; Units renovated in 2019 and meticulously maintained.; High occupancy with an average rental rate of $1,195/month per unit.
