50-Unit Multifamily Investment
For Sale
$6,243,750
3510/ 3536 Saint John Street, Panama City, FL 32401
Renovated apartment community near Panama City Beach with assumable financing.
Property Size33,060 SF
Price / SF$188.86
Days on Market236
Property Features for 3510/ 3536 Saint John Street
General Information
Standard status
Active
Size
33,060 SF
Zoning
Multi Family
Taxes and HOA fees
Annual Taxes
$18,237
Building Details
Building Size
33,060 SF
Year Built
1970
Stories
2
Listing Agency:
Luxe Coastal Realty Group LLC
Listed By:
Marcy L O'Donnell · License #3417794
(848) 220-5555
Source:
Laerrealty
Added: Mar 5
Changed: Oct 26
Last Checked: Oct 26 at 12:37PM
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
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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)
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$322,341
Cap Rate
5.16%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$6,446,820
$6.4M
Cap Rate 7%
$4,604,871
$4.6M
Cap Rate 9%
$3,581,567
$3.6M
Market Conditions
NOI Build-Up for 33,060 SF
Gross rent
$626.8K $18.96/SF
− Vacancy
−$40.7K −$1.23/SF
EGI
$586.1K $17.73/SF
− OpEx
−$263.7K −$7.98/SF
NOI
$322.3K $9.75/SF
Area
Bay County, FL
Vacancy
6.50%
Lease Rate
$18.96 /SF/Yr
Expense Ratio
45.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$6,446,820
Cap Rate 7%
$4,604,871
Cap Rate 9%
$3,581,567
Alternative Uses
Best Use
Apartment 5plus
$4.60M
$4.03M – $5.37M
NOI $322,341 @ 7.0% cap · market cap 5.16%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$9.63M
$8.43M – $11.24M
NOI $674,278 @ 7.0% cap · market cap 10.80%
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
Property Analytics
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Location Intelligence
Trade Area within ½ mile
168
Businesses Nearby
Explore this area
Business Placement
Demographics for 32401, FL
20,487
Population
10,239
Households
2
Avg Household Size
42
Median Age
20%
College-Educated
86%
High-School Grad
12.5 sq mi
ZIP Area
1,639
Density / Sq Mi
$49,901
Median Household Income
$35,885
Median Earnings
$1,194
Median Rent
$207,000
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in South region
Frequently Asked Questions
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)
