3510/ 3536 Saint John Street
Panama City, FL 32401
$6,225,000
Active
Description
MAJOR PRICE IMPROVEMENT - This stabilized 50-unit garden-style apartment community presents an exceptional opportunity to acquire a well-maintained, income-producing asset with significant recent capital improvements and long-term upside. The property features a highly desirable unit mix of 8 one-bedroom, 20 two-bedroom, 12 three-bedroom, and 10 four-bedroom apartments, with 42 units renovated since 2020, showcasing updated flooring, fresh paint, windows, and modern fixtures.
Ownership has invested heavily in the property's infrastructure, including new metal roofs, upgraded electrical panels, and numerous HVAC and water heater replacements, minimizing near-term capital expenditures. Additional revenue is generated through an on-site laundry facility, while a separate office building with storage provides efficient on-site management and operational support.
The community maintains consistently strong occupancy and is further enhanced by an assumable $4.57 million fixed-rate, 3.75% non-recourse loan (subject to lender approval), providing a significant financing advantage in today's interest rate environment.
Ideally located near major employers, schools, shopping, dining, and just minutes from Panama City Beach, the property benefits from strong rental demand in one of Northwest Florida's fastest-growing markets.
Listing details MLS# 990826
Location, Tax and Legal
- Area
- 27 - Bay County
- Sub area
- 2715 - Bay East - Bayou George
- County
- Bay
- Parcel ID
- 23388-000-000 & 23389-000-000
- Legal description
- 11 4S 14W -366.4- 118C4 BEG 787' N & 500' W OF SE COR OF SW1/4 OF SE1/4 TH W 285' S 256' E 285' N 256' TO POB ORB 4161 P 1823 & 11 4S 14W -366.5- 118C4 BEG 600' N OF SE COR OF SW1/4 OF SE1/4 W 300' N 187' E 300' S 187' TO POB TOGETHER WITH ESMT ORB 4161 P 1823
General Property Info
- Property type
- Commercial for Sale
- Acreage
- 1.51
- Lot size (sq ft)
- 65775.6
Remarks and Misc
- Directions
- Follow US-98 E and US-98 BUS E to E 2nd St in Springfield. Take Kilbourn Ave to St John St. Both parcels sit on the same side of the street separated by a small SFH parcel so please see both 3510 and 3536 St John
