Cottages by the Bay  |  Panama City, FL

70 UNITS · 1 COMMUNITY

 A 70 unit Cardinal style community located in the county seat of Bay County, on the  Panhandle of Florida. While tourism is a key economic driver, creating $1.5 billion impact on the local economy, there is little to no new construction planned for the permanent residents. This was an opportunity to purchase a C+ property in a Class B location, ideal for any value-add investor.   Purchased  March 2015   Price  $2,380,000   Profile  70 cardinal style units, C+ property, B location   Equity Raise  $1,010,000   Capital Improvements  $202,000   Business Plan  Manage well, raise rents, possible sale   Result  Sold: July 2017 | Price: $3,415,000

A 70 unit Cardinal style community located in the county seat of Bay County, on the  Panhandle of Florida. While tourism is a key economic driver, creating $1.5 billion impact on the local economy, there is little to no new construction planned for the permanent residents. This was an opportunity to purchase a C+ property in a Class B location, ideal for any value-add investor.

Purchased
March 2015

Price
$2,380,000

Profile
70 cardinal style units, C+ property, B location

Equity Raise
$1,010,000

Capital Improvements
$202,000

Business Plan
Manage well, raise rents, possible sale

Result
Sold: July 2017 | Price: $3,415,000

 

panama city.jpg

Why Panama City, Florida?

The Panama City real estate market has been on our radar. The current landscape demonstrates that institutional investors have developed the commercial area thus driving the economy.