1000 Transmitter Rd Panama City, FL 32404

Property Details for 1000 Transmitter Rd

Year built

1987

Property type

Apartment buildings

Property subtype

Small apartment buildings

Description

This exceptional investment opportunity presents a ten-unit apartment building located at 1000 Transmitter Road, Panama City, Florida, 32404. The property, built in 1987, is a two-story structure situated on a spacious 15,681.6 square foot lot. Each of the ten units boasts 830 square feet, featuring two bedrooms and one bathroom. All units have undergone extensive renovations, including full-sized kitchens, washer and dryer hookups, and separate metering for utilities. Significant upgrades include a new roof (2019), updated water heaters (2020), and HVAC systems (2020, excluding condensers). Further improvements encompass a new deck, updated sewer lines, and rewiring. The property also features a recently refurbished parking lot providing ample tenant parking. All units are approved for Section 8 rentals at a rate of $1300 per unit. Panama City's robust economic growth, fueled by a 12.27% population increase since 2020 and a 3.93% annual growth rate, coupled with a $3.4 billion investment in Tyndall Air Force Base, creates a strong demand for rental housing. The city's average household income of $70,585 further supports the property's investment potential. This property offers a compelling combination of renovated units, strong rental income, and a location within a rapidly growing and economically resilient community. The asking price is $1,450,000.