1623 N James Ave
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1623 N James Ave
12 Unit Apartment Building $1,850,000 ($154,167/Unit) 7.31% Cap Rate Panama City, FL 32405
Investment Highlights
- All 972 SF Two Bed, One and a Half Bath Townhouse Style Units
- All Tenant Paid Utilities
- Significant Recent Capital Improvements; New Windows, Doors, Appliances, Flooring, Bathroom Fixtures, Water Heaters, and Driveway (2019-2023)
- Historically Near 100% Occupancy with $1274.17 Average Rent
- $50-$150 Below Market Rent; Current Average rent is $1274.17 while immediate competitors are achieving $1350-$1400
Executive Summary
The Hull Multifamily Advisors (HMA) are pleased to present the exclusive offering of James Avenue Townhomes in Panama City, FL. Built in 1983, this 12-unit, three-building, asset consists of all 972 SF Two Bed One and a Half Bath Units. James Avenue Townhomes have seen a significant amount of recent capital improvements with New Windows, Doors, Appliances, Flooring, Bathroom Fixtures, Water Heaters, and Driveways. James Avenue Townhomes boasts several amenities such as individual front and rear entrances, sliding glass doors, and washer/dryer hookups just to name a few. Additionally, tenants are responsible for paying all utilities including trash, electricity, water/sewer, and individually metered electric A/C.
The James Avenue Townhomes are being offered to the market as a stabilized cash flowing asset, however, several value-add opportunities present themselves. Most notable, this asset has significantly below market rents with occupancy levels historically averaging near 100%. After doing an in-depth rent comparable study (located on page 16 of the OM), it has been determined that current average rent is $50-$150 below similar competing properties. This leaves investors with an opportunity to increase rents to market and further increase not only cashflow, but also significantly increase value. Please contact HMA for more information before this significant value-add opportunity is gone.
The James Avenue Townhomes are being offered to the market as a stabilized cash flowing asset, however, several value-add opportunities present themselves. Most notable, this asset has significantly below market rents with occupancy levels historically averaging near 100%. After doing an in-depth rent comparable study (located on page 16 of the OM), it has been determined that current average rent is $50-$150 below similar competing properties. This leaves investors with an opportunity to increase rents to market and further increase not only cashflow, but also significantly increase value. Please contact HMA for more information before this significant value-add opportunity is gone.
Property Facts
| Price | $1,850,000 | Apartment Style | Garden |
| Price Per Unit | $154,167 | Building Class | B |
| Sale Type | Investment | Lot Size | 0.15 AC |
| Cap Rate | 7.31% | Building Size | 12,000 SF |
| No. Units | 12 | No. Stories | 2 |
| Property Type | Multifamily | Year Built/Renovated | 1983/2017 |
| Property Subtype | Apartment | Parking Ratio | 1.08/1,000 SF |
| Price | $1,850,000 |
| Price Per Unit | $154,167 |
| Sale Type | Investment |
| Cap Rate | 7.31% |
| No. Units | 12 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Garden |
| Building Class | B |
| Lot Size | 0.15 AC |
| Building Size | 12,000 SF |
| No. Stories | 2 |
| Year Built/Renovated | 1983/2017 |
| Parking Ratio | 1.08/1,000 SF |
Unit Amenities
- Refrigerator
- Stainless Steel Appliances
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PROPERTY TAXES
| Parcel Numbers | Improvements Assessment | $830,423 | |
| Land Assessment | $62,448 | Total Assessment | $856,381 |
PROPERTY TAXES
Parcel Numbers
Land Assessment
$62,448
Improvements Assessment
$830,423
Total Assessment
$856,381
zoning
| Zoning Code | R3 (provides a medium high density residential environment for condominiums and apartments) |
| R3 (provides a medium high density residential environment for condominiums and apartments) |
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Nick Hull -
Austin Hull -
Hull Multifamily Advisors
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1623 N James Ave
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