2505 W 15TH Street, Panama City, FL 32401 (MLS# 674270)

2505 W 15TH Street, Panama City, FL 32401

$3,650,000

Property Type: Commercial for Sale Square Footage: 27,313 Status: Sold

Current Price: $3,650,000 List Date: 1/23/2019 Last Modified: 10/04/2024

Overview

Description

Investment Opportunity! 100% occupied office building for sale. The credit tenants include two state agencies; The Department of Education, The Department of Children & Families and another national credit tenant ”National Coating Systems, Inc.” Approximately 27,313 square feet on +/-2.92 acres. Centrally located in Panama City on West 15th Street (a/k/a ”U.S. Highway 98”) with frontage from the corner of Hickory Avenue to Foster Avenue. The net operating income is $360,809, which equates to an 8.5% cap rate at the list price and current income. Call for details.

Listing Details MLS# 674270

Contract Info

List Price/SqFt: 155.6
Sub-Type: Income Producing

Location

Area: 02 – Bay County – Central
Street #: 2505
Street Direction: W
Street Name: 15TH
Street Suffix: Street
State: FL
Zip Code: 32401
County: Bay
Sub Area: 0203 – Bay – Central SW
Subdivision: No Named Subdivision
Community/Resort: None
Waterfront: No
Parcel ID: 29647-000-000
Section: Yes
Township: 4S
Range: 15W
Elementary School: Oakland Terrace
Middle School: Jinks
High School: Bay
Directions: Located on the south side of W. 15th Street at the corners of Foster Avenue and Hickory Avenues (a/k/a U.S. Highway 98) in the former Curry Printing Building, which is now occupied by Department of Children & Families and Department of Education.
Legal Description: 1 4S 15W NE1/4 LOTS 1 TO 7 INC & 12 TO 18 INC ORB 1561 P 529 BLK 5

General Property Info

List Class: Commercial
Immediate Occupancy: No
Possession Date: 2/1/18
Construction Status: Construction Complete
# of Units: Yes
SqFt HVAC: 27313
SqFt – Workarea: 27313
SqFt – Office: 27313
SqFt Tot Bldg: 27313
Year Built: 1941
CAM Area Fee: 0

Status Change Info

Under Contract Date: 2019-03-16
Sold Date: 2019-05-29
Sold Price/SqFt: 133.64

Business Only

Year Built: 1941
Building SqFt: 27313
Cap Rate: 8.5
Net Operating Income: 360809

Income Producing

Year Built: 1941
Building SqFt: 27313
Net Operating Income: 360809
Cap Rate: 8.5

More Information

Industrial

# Dock High Doors: 3
Sprinklers?: Yes

Listing Info, Tax and Legal

HOA Fee: No

Remarks & Misc

Remarks: Investment Opportunity! 100% occupied office building for sale. The credit tenants include two state agencies; The Department of Education, The Department of Children & Families and another national credit tenant ''National Coating Systems, Inc.'' Approximately 27,313 square feet on +/-2.92 acres. Centrally located in Panama City on West 15th Street (a/k/a ''U.S. Highway 98'') with frontage from the corner of Hickory Avenue to Foster Avenue. The net operating income is $360,809, which equates to an 8.5% cap rate at the list price and current income. Call for details.

Construction/Siding

Block: Yes
Floor – Concrete: Yes

Energy

AC – 2 or More: Yes
AC – Central Elect: Yes

Financing

Cash: Yes
Conventional: Yes

Present Zoning

City: Yes
Commercial: Yes

Utilities

All Utilities: Yes
TV Cable: Yes
Electric 220/240: Yes
Electricity – Availabile: Yes
Electric-3 Phase: Yes
Fuel – Electric: Yes
Natural Gas – Available: Yes
Public Sewer – Connected: Yes
Water Connected: Yes
Yard Maintenance: Yes

Sale Type

As Is: Yes
Other – See Remarks: Yes

Business/Property

AAA Tenant: Yes
Anchor Tenant: Yes
Furnished – None: Yes
Handicapped Access: Yes
Handicapped Facilities: Yes
Kitchen Area: Yes
Sign: Yes

Floors in Unit/Home

One: Yes

Heating/Cooling

AC – Entire: Yes
AC – HVAC: Yes
Heat – HVAC: Yes

Offering Type

Real Estate: Yes
Sale Only: Yes
Sale with Lease: Yes

Pricing Type

Sale Price: Yes

Site Description

Aerials Available: Yes
Corner Location: Yes
Landscaped: Yes

Transport. Access

2-Lane: Yes
5 or More Lanes: Yes
Center Turn Lane: Yes
Paved: Yes

Property Features

Energy: AC – 2 or More; AC – Central Elect Financing: Cash; Conventional Offering Type: Real Estate; Sale Only; Sale with Lease Pricing Type: Sale Price Present Zoning: Commercial Sale Type: As Is; Other – See Remarks Site Description: Aerials Available; Corner Location; Landscaped Utilities: All Utilities; Electric 220/240; Electricity – Availabile; Electric-3 Phase; Fuel – Electric; Natural Gas – Available; Public Sewer – Connected; Water Connected; TV Cable; Yard Maintenance

Listing Office: Counts Real Estate Group Inc

Last Updated: October – 04 – 2024

Information deemed reliable but not guaranteed.