Bay Breeze Apartments
Light Value-Add Opportunity | 44 Units with Excess Buildable Land | Panama City, FL.
Marketing description
Offering Memorandum and Financials available via the ‘See Due Diligence’ button.
Please contact Andrew Green ([email protected]) to discuss the offering.
Seacrest Advisors is pleased to announce the exclusive offering of Bay Breeze Apartments. Bay Breeze is a 44-unit garden style apartment community located in Panama City, Florida. Bay Breeze consists of two phases which were built in 1985 and features an additional 0.86 acre parcel, providing potential expansion with to build additional units or amenities.
The community offers an attractive unit mix consisting of all two-bedroom & one bathroom units averaging 910 square feet each. With an average in-place rent currently 14% below market rates, there is significant upside potential to elevate rents organically or through light interior upgrades.
Bay Breeze presents a unique opportunity to acquire a well-positioned, low-maintenance asset with substantial value-add potential in a rapidly growing submarket of Panama City.
Investment highlights
Value-Add opportunity, located in rapidly growing submarket of Panama City, Florida
Opportunity to enhance value through interior renovations, build out on-site amenities, or build additional units
In Place CAP Rate: 7.0%
Pro-Forma CAP Rate: 8.0%
Ideal Unit Mix: All 2 bedroom & 1 bathroom units are 910 SF each
Located 15 minutes away from Downtown Panama City which boasts multiple trendy restaurants, boutique shopping and entertainment
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