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Turn-Key Panama City Investment Property

1300 Grace Avenue Panama City, FL 32401

1300 Grace Avenue, Panama City, FL, 32401

$1,150,000

For Sale

$1,150,000

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

Property Size8,652 SF

Price / SF$132.92

AddedJun 9, 2025

Days on Market402

Last RefreshMar 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

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

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.

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 Analytics

Property Profile Location Intelligence

Current Use by Public Records

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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.