1631 James Ave Panama City, FL 32405

This exceptional investment opportunity presents a 12-unit apartment building located at 1631 N James Ave, Panama City, FL 32405. The property, built in 1983, comprises three two-story buildings totaling 11,664 net rentable square feet. Each unit offers 972 square feet of living space, featuring two bedrooms and one and a half bathrooms. Recent capital improvements (2019-2023) include new windows, doors, appliances, flooring, bathroom fixtures, water heaters, and driveways, enhancing both the aesthetic appeal and functionality of the property. The units boast desirable amenities such as individual front and rear entrances, sliding glass doors, and washer/dryer hookups. Tenants are responsible for all utilities, including trash, electricity, water/sewer (individually metered electric A/C). Currently boasting near 100% occupancy, the property offers a significant value-add opportunity due to below-market rents. A comparable market study indicates that rents are $50-$150 below similar properties, presenting a clear path to increase cash flow and property value. The asking price is $1,850,000, representing a price per unit of $154,166.67 and a 7.31% cap rate with a current NOI of $135,283. This stabilized, cash-flowing asset is poised for substantial growth and presents a compelling investment opportunity for discerning buyers.