Back to Search

Turn-Key Panama City Investment Property

1300 Grace Avenue, Panama City, FL 32401

View on Map

For Sale

$1,150,000

Fully renovated 10-unit apartment building in growing Panama City.

Property size:

8,652 SF

Price / SF:

$132/SF

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.
Low landlord responsibilities (grass, trash, and maintenance).
Separately metered for electric and water.
Located in Panama City near the growing downtown area, with high population growth.

We can help!

Listing Contact

CAIN MCNEIL

For Sale

$1,150,000

Fully renovated 10-unit apartment building in growing Panama City.

Property size:

8,652 SF

Price / SF:

$132/SF

Added:: Jun 9, 2025
Days on Market:: 369
Last Refresh:: Mar 16 at 9:09 am

Property Features for 1300 Grace Avenue

General Information

Standard status: Active
Size: 8,652 SF

Building Details

Year Built: 1986

We can help!

Listing Contact

CAIN MCNEIL

Listing agent CAIN MCNEIL License #SL3358940

Listing office CENTURY 21 COMMANDER REALTY

Listing date Jun 9, 2025

Source Corcoran

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

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.
Low landlord responsibilities (grass, trash, and maintenance).
Separately metered for electric and water.
Located in Panama City near the growing downtown area, with high population growth.

Overview

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.

Local Financial Insights For Apartment 5plus

Simulate Cap Rate and NOI

NOI Build-Up

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 (±1% cap)

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 (±1% cap)

NOI $152,310 @ 7.0% cap · market cap 13.24%

Zoning and permitted uses should be independently verified with local authorities.

Property Profile Location Intelligence

Current Use by Public Records

Apartment buildings

Suggested Use

Location Insight

Map
Local Demand

City: Panama City
County: Walton
State: Florida
Longitude: -85.6612
Latitude: 30.1719

Nearby Similar for Sale

$2,500,000

11,171 SF

Versatile Commercial Property in Panama City

Showroom, warehouse, and office space in a strategic location.

1331 Harrison Avenue, Panama City, FL 32401

View Details
$1,500,000

9,050 SF

Three-Building Flex and Industrial Campus

A 9,000+ SF heated, multi-office flex campus with gated storage, abundant parking, and room to scale for growing operations.

2901 W 17th Street, Panama City, FL 32405

View Details
$775,000

1,708 SF

Historic Panama City Mixed-Use Property

Custom property on a large lot, suitable for multiple commercial uses.

854 Magnolia Avenue, Panama City, FL 32401

View Details
$959,900

5,026 SF

Panama City Commercial Corner Parcel

Large commercial parcel on a main corridor to the beaches.

1040 W 15th Street, Panama City, FL 32401

View Details
$724,000

5,222 SF

Income-Producing Multi-Family Panama City

Six rental units generating over $82,000 in gross annual income.

119 College Avenue, Panama City, FL 32401

View Details
$615,000

3,375 SF

Automotive Service Shop with Bays

Move-in ready shop with service bays, office space, and substantial frontage on a sizeable commercial lot.

1900 N East Avenue, Panama City, FL 32405

View Details
$1,175,000

7,574 SF

Remodeled Office Space with Land

Centrally located office space with remodeled interiors and vacant land.

1108 School Avenue, Panama City, FL 32401

View Details
$395,000

1,674 SF

Turnkey Commercial Space, High-Visibility Location

Move-in-ready commercial space in a high-traffic area near downtown.

316 W 11th Street, Panama City, FL 32401

View Details
$1,185,000

2,720 SF

Waterfront Multifamily Property with Boat Slips

Updated waterfront multifamily property in Panama City with income potential.

6722 S Lagoon Drive, Panama City, FL 32408

View Details
$650,000

3,100 SF

Versatile Commercial Building Near Downtown

Spacious commercial building near downtown with 10 bedrooms and 8 baths.

722 N Martin Luther King Junior Boulevard, Panama City, FL 32401

View Details
$1,490,000

Prime Commercial Panama City Location

Office, retail, or restaurant opportunity in Panama City Beach.

2209 Thomas Dr, Panama City, FL 32408

View Details
$608,000

2,907 SF

Turnkey Income-Producing Investment Opportunity

Six detached single-family units, remodeled in 2021, generating $63,900 annually.

116 Springfield Avenue, Panama City, FL 32401

View Details

For sale
Apartment buildings
FL
Panama City
32401
1300 Grace Avenue

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.