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4900 11th Street
PANAMA CITY,
FL
32401 (BAY county)
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Price: $945,000
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| Area |
.83 acres |
| Type |
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| Possible Uses |
14 townhomes, great location for rental. |
| Lot Size |
240 x 151 |
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| Year Built |
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MLS # 393782 Posted 8/13/2009
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Realize excellent investment return and positive cash flow with this well maintained townhouse complex, in quiet neighborhood. Convenient to Tyndall Air Force Base, shopping and restaurants. Complex consist of 4 buildings with a total of 14 two bedroom 1.5 bath townhouses. 10 of the townhouses are approximately 973 sf and 4 are approximately 1,273 sf. Current rents vary. Rents are being increased with new leases. Affordable insurance since wind and flood coverage are not required. NEW OWNER WILL REALIZE IMMEDIATE POSITIVE CASH FLOW. STRONG NOI and a CAP RATE OF 8.4%. Some financial help Possible.
These town homes are well suited for a condo conversion especially since they are individually metered including water. At the price of $945,000, each townhouse is priced at average cost of $67,500 each. At this sale price, there is plenty of equity based on comparable market value. Creative financing will be considered. Located within 20 miles of the new international Airport scheduled to open May 2010. Along with plane loads of tourists expect plane loads of INVESTORS, so hop on board with this investment before prices soar. Scheduled Gross Income : $108,204, Effective Income: $102,623, Net Operating Income: $83,443. 10 units average rent: $625, 4 units average rent: $700.
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