11921 Caruso Dr, Panama City, FL 32404-2927

This 6,800 square foot former 34-bed assisted living facility, situated on a 0.96-acre lot in Panama City, Florida, presents a compelling value-add investment opportunity. Currently vacant, this Class C property, built in 1981, offers significant potential for redevelopment. The property features 20 parking spaces and is zoned for residential use. A pro-forma NOI of $300,000 is projected based on a full rehabilitation, re-licensing, and operation as an assisted living facility at full occupancy, with a $3,000 per month per resident rate and a 70% expense ratio. Note that this projection does not include rehabilitation costs, which will vary and impact the actual NOI. The property boasts a low cost per square foot, and its location offers convenient access to shopping (15 minutes away) and beaches (30 minutes away), with a nearby golf course development adding to its appeal. The roof is approximately 3 years old, and water is connected to the property. While requiring a full rehabilitation, this property presents multiple potential uses, including a single-family home, group home, nursing home, or assisted living facility. The asking price is $325,000. The property is offered for sale by owner.