50-Unit Multifamily Investment
3510/ 3536 Saint John Street Panama City, FL 32401
3510/ 3536 Saint John Street, Panama City, FL, 32401
$6,243,750
For Sale
$6,243,750
Renovated apartment community near Panama City Beach with assumable financing.
Property Size33,060 SF
Lot Size2.80 Acres
Price / SF$188.86
Days on Market227
Property Features for 3510/ 3536 Saint John Street
General Information
- Standard status
- Active
- Size
- 33,060 SF
- Lot size
- 2.80 Acres
- Property subtype
- Commercial
Building Details
- Year Built
- 1970
Listing Agency
LUXE COASTAL REALTY GROUP LLC
(848) 220-5555
Listed by
MARCY L O'DONNELL · License #BK3417794
Source
Corcoran
Added: Dec 5, 2025 Checked: Jul 19 at 4:15 am
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 LUXE COASTAL REALTY GROUP LLC
Investment Insights
Based on property information with market context.
This 50-unit garden-style apartment community features a diverse unit mix consisting of 8 one-bedroom, 20 two-bedroom, 12 three-bedroom, and 10 four-bedroom units. The property has strong fundamentals and consistent performance. Since 2020, 42 units have been renovated with updated flooring, fresh paint, windows, and fixtures. An on-site laundry facility provides additional income. A separate office building with storage offers operational flexibility. Capital improvements include new metal roofs, upgraded electrical panels, and multiple HVAC and water-heater replacements. The property has steady occupancy and an assumable $4.57M, 3.75% fixed-rate non-recourse loan. The property is positioned near major retailers, schools, and employment centers, and is located within minutes of Panama City Beach. The property is situated in a high-demand rental corridor with long-term growth potential. The property size is 33060 square feet.
Key Highlights
- Assumable $4.57M, 3.75% fixed‑rate non‑recourse loan
- 42 units renovated since 2020 with updated flooring, paint, windows, and fixtures
- Diverse unit mix (1‑4 bedroom units)
Local 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 | $793.4k | $24.00 |
| − Vacancy | −$127.7k | −$3.86 |
| EGI | $665.7k | $20.14 |
| − OpEx | −$299.6k | −$9.06 |
| NOI | $366.1k | $11.07 |
33,060 SF · lease $24.00/SF/yr · vacancy 16.10% · expense 45.00%
Alternative Uses
Best Use
Apartment 5plus
$5.23M
$4.58M – $6.10M
NOI $366,133 @ 7.0% cap · market cap 5.86%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$8.31M
$7.27M – $9.70M
NOI $581,988 @ 7.0% cap · market cap 9.32%
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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FAQs
What type of property is this?
Apartment building - Renovated apartment community near Panama City Beach with assumable financing.
Where is this apartment building located?
The property is located at 3510/ 3536 Saint John Street Panama City, FL.
What is the asking price?
The asking price for this property is $6,243,750.
What are key features of this property?
This property features: Assumable $4.57M, 3.75% fixed‑rate non‑recourse loan; **42 units renovated since 2020 with updated flooring, paint, windows, and fixtures**; Diverse unit mix (1‑4 bedroom units)
