Emerald Bay Apartments | 644 W Caladium Cir
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Emerald Bay Apartments 644 W Caladium Cir
26 Unit Apartment Building $3,700,000 ($142,308/Unit) 6.10% Cap Rate Panama City Beach, FL 32413
Investment Highlights
- Right across the street from the beach!
- Ability to short term rent units
- Close Pier Park, restaurants, grocery and everything Panama City Beach has to offer!
Executive Summary
Welcome to 644 W Caladium! Whether you're a seasoned investor or a newby, you will not want to let this one pass you by! This unique opportunity has 22 studios, 2 One Bedroom/1 Bath and 2 Two Bedroom/1 Bath units that have been completely refreshed with new paint, composite flooring throughout, new fixtures, bathrooms and appliances. All 26 units are currently fully rented which will be cash flowing DAY ONE with an average rent of $1,000/month and they also have a great potential upside with increasing area rents, very high rental demands and a highly sought after location. Situated perfectly across from the beach, the complex boasts Gulf Views and is strategically located near restaurants, shopping and everything that Panama City Beach has to offer! Even though it's currently being managed as an apartment complex, it could be converted to a hotel-style short term rental machine or potentially parceled into condos and sold off separately making the possibilities endless.
Financial Summary (Actual - 2023) |
Annual | Annual Per SF |
|---|---|---|
| Gross Rental Income |
$325,235
|
$17.55
|
| Other Income |
$7,495
|
$0.40
|
| Vacancy Loss |
-
|
-
|
| Effective Gross Income |
$332,730
|
$17.95
|
| Taxes |
$10,981
|
$0.59
|
| Operating Expenses |
$96,887
|
$5.23
|
| Total Expenses |
$107,868
|
$5.82
|
| Net Operating Income |
$224,862
|
$12.13
|
Financial Summary (Actual - 2023)
| Gross Rental Income | |
|---|---|
| Annual | $325,235 |
| Annual Per SF | $17.55 |
| Other Income | |
|---|---|
| Annual | $7,495 |
| Annual Per SF | $0.40 |
| Vacancy Loss | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Effective Gross Income | |
|---|---|
| Annual | $332,730 |
| Annual Per SF | $17.95 |
| Taxes | |
|---|---|
| Annual | $10,981 |
| Annual Per SF | $0.59 |
| Operating Expenses | |
|---|---|
| Annual | $96,887 |
| Annual Per SF | $5.23 |
| Total Expenses | |
|---|---|
| Annual | $107,868 |
| Annual Per SF | $5.82 |
| Net Operating Income | |
|---|---|
| Annual | $224,862 |
| Annual Per SF | $12.13 |
Property Facts
| Price | $3,700,000 | Building Class | C |
| Price Per Unit | $142,308 | Lot Size | 0.26 AC |
| Sale Type | Investment | Building Size | 18,536 SF |
| Cap Rate | 6.10% | Average Occupancy | 100% |
| No. Units | 26 | No. Stories | 2 |
| Property Type | Multifamily | Year Built | 1982 |
| Property Subtype | Apartment | Parking Ratio | 1.44/1,000 SF |
| Apartment Style | Low Rise |
| Price | $3,700,000 |
| Price Per Unit | $142,308 |
| Sale Type | Investment |
| Cap Rate | 6.10% |
| No. Units | 26 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low Rise |
| Building Class | C |
| Lot Size | 0.26 AC |
| Building Size | 18,536 SF |
| Average Occupancy | 100% |
| No. Stories | 2 |
| Year Built | 1982 |
| Parking Ratio | 1.44/1,000 SF |
Unit Amenities
- Cable Ready
- Microwave
- Refrigerator
- Oven
- Range
Site Amenities
- Laundry Facilities
- Furnished Units Available
- Wi-Fi
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| Studios | 22 | $1,070 | 500 |
| 1+1 | 2 | $1,399 | 500 |
| 2+1 | 2 | $1,245 | 500 |
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PROPERTY TAXES
| Parcel Number | 33832-001-000 | Total Assessment | $965,032 |
| Land Assessment | $140,256 | Annual Taxes | $10,981 ($0.59/SF) |
| Improvements Assessment | $1,232,281 | Tax Year | 2023 Payable 2024 |
PROPERTY TAXES
Parcel Number
33832-001-000
Land Assessment
$140,256
Improvements Assessment
$1,232,281
Total Assessment
$965,032
Annual Taxes
$10,981 ($0.59/SF)
Tax Year
2023 Payable 2024
zoning
| Zoning Code | R-3 (Residential) |
| R-3 (Residential) |
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Luxe Coastal Realty
Emerald Bay Apartments | 644 W Caladium Cir
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