Auction - Gulf Coast Self Storage | 63 Drive-Up Units
STARTING BID $75,000 | Gulf Coast Self Storage | Florida Panhandle Value-Add | 63 Drive-Up Units
Marketing description
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Marcus & Millichap is pleased to offer the fee simple interest in Gulf Coast Self Storage located at 1920 Sherman Avenue in Panama City, Florida (the “Property”). The Property consists of 8,750 net rentable square feet across 63 non-climate-controlled drive-up units on a 0.71-acre site, with gated access, surveillance cameras, and strong visibility along Sherman Avenue. Current occupancy is below stabilized levels, creating a clear value-add opportunity through lease-up, revenue management, and operational improvement. The property is currently operating at ±66.67% physical occupancy and generates in-place cash flow, offering a clear lease-up and revenue growth story for an operator focused on driving occupancy and optimizing rents. With below-market rate positioning relative to competitors and modern security features, the asset is positioned for continued stabilization in a growing Panama City market.
Panama City, Florida is a growing Gulf Coast submarket in Bay County that offers self-storage investors exposure to multiple demand drivers, including population growth, tourism, military employment, and ongoing economic expansion. The Panama City–Panama City Beach metro was reported as one of the nation’s fastest-growing metros in 2024, while the Tyndall Air Force Base rebuild and broader Bay County business growth continue to add long-term momentum to the market. The Property benefits from strong frontage exposure and ±5,293 VPD. For self-storage investors, that combination of permanent population growth, seasonal visitation, and business activity supports the appeal of Panama City as a coastal Florida market with expanding storage demand and continued commercial investment. The Property benefits from dense and compelling demographics with a population draw of ±38,996 residents within a 3-mile radius and an average household income of ±$77,103. The population has experienced 2.39% growth from 2020-205 with 10.98% growth expected to continue through 2030.
Investment highlights
- STARTING BID $75,000 | Gulf Coast Self Storage | Florida Panhandle Value-Add | 63 Drive-Up Units | 10% Population Growth | AUCTION AUGUST 3-5
- 8,750 NRSF self-storage facility with 63 non-climate-controlled drive-up units in Panama City, Florida.
- 66.67% physical occupancy with value-add occupancy upside | In-place cash flow with demonstrated lease-up runway and traction
- Convenient in-town location approximately 2.5 miles northeast of Downtown Panama City and minutes from Tyndall Air Force Base.
- 5,293 VPD Traffic Count visibility and easy drive-up unit access.
- Secure storage infrastructure including gated/keypad entry, chain-link fencing with barbed wire, surveillance cameras, and metal-roof storage buildings.
- Dense local demand base with approximately 38,996 residents within 3 miles and 87,257 residents within 5 miles.
- Panama City growth drivers include military, tourism, healthcare, education, and continued Gulf Coast population growth. 10.98% Expected 5-Year Population Growth
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