Bay Breeze Apartments
- 719 S Berthe Ave, Panama City, FL 32404
Price : $6,150,000
Property Details
- Property Type: Multifamily
- Investment Type : Value Add
- Cap Rate : 6.40%
- NOI : $386,337
- Lot Size (acres) : 2.79 acres
- 44 units
- Buildings : 13
- Sale Price: 7,150,000
- Sub type : Apartment Building
- Class : A
- Net Rentable (sq ft) : 40,040
- Pro-Forma Cap Rate : 7.50%
- Pro-Forma NOI : $450,969
- Year Built : 1985
- Stories : 2
- Broker Co-Op :Yes
Please contact Andrew Green (Andrew.Green
@seacrestadvisors.com) to discuss the offering.
Seacrest Advisors is pleased to announce the exclusive offering of Bay Breeze Apartments. Bay Breeze is a 44-unit garden style apartment community located in Panama City, Florida. Bay Breeze consists of two phases which were built in 1985 and features an additional 0.86 acre parcel, providing potential expansion with to build additional units or amenities.
The community offers an attractive unit mix consisting of all two-bedroom & one bathroom units averaging 910 square feet each. With an average in-place rent currently 14% below market rates, there is significant upside potential to elevate rents organically or through light interior upgrades.
Bay Breeze presents a unique opportunity to acquire a well-positioned, low-maintenance asset with substantial value-add potential in a rapidly growing submarket of Panama City.
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