This Property is no longer advertised on Showcase.com.
Off Market
1/19

4001 W 23rd St
Panama City, FL 32405


HIGHLIGHTS

  • Tremendous upside and value add opportunity. Potential for over 11% Cap Rate
  • Comcast Leases 21,400 Square Feet **Essential Business**
  • 3900 SF of beautifully finished office space available.

OVERVIEW

Reduced over $700,000 in July 2020. Seller is motivated. Prime income producing property offering tremendous value and upside potential. Priced below replacement cost. This 27,300 sq ft. center offers frontage on 23rd St, ample parking, and additional storage in the rear. Leases are NNN. Comcast has occupied 21,400 sq ft. for over 10 years and renewed for an additional 5 years in 2019. Upside includes 3900 sq ft of finished office space that just came available and being offered at $15/ft. Plus an additional 2000 sq ft of raw space adjoining. With vacancies, the 2020 NOI is projected to be approx. $345,000. Simply filling the vacant office space pushes NOI to over $400,000/yr. Seller is motivated. Needs to close in 2020. Ideal location near the new flyover providing easy access to both the Panama City Beach, Panama City, and Lynn Haven markets. One mile from FSU Panama City campus as well as Gulf State Community College. *Listing agent has ownership interest in the property* The tenants require 24 hour notice to tour the building and the listing agent must accompany. Do not contact the tenants.

FOR SALE DETAILS

PRICE

-

CAP RATE

-

% LEASED

-

TENANCY

-

BUILDING DETAILS

PROPERTY NAME

The Comcast Building

PROPERTY TYPE

Office

PROPERTY SUBTYPE

Medical

ADD'L SUBTYPES

Storefront Retail/Office, Service, Light Distribution

TOTAL BUILDING SIZE

27462

STORIES

1

BUILDING CLASS

B

YEAR BUILT

2009

SPRINKLERS

-

PARKING SPACES

-

LAND DETAILS

LAND ACRES

2.78 AC AC

LAND SF

121,097 SF

ZONING

-

APN/PARCEL ID

27999-040-000