We are selling the assignable purchase contract on the property below.
Buy It Now Price: $360,000
6145 and 6147 E Hwy 98
Panama City, FL 32404
Talk about a value-add opportunity! This is currently an 8-unit waterfront MHP less than 5 minutes from Tyndall Air Force Base in Panama City.
The unit breakdown is as follows:
1 x Block home – Tenant occupied at $850/mo (market rent is $1,200/mo)
2 x Single-wide park owned mobile homes – Tenant occupied at $700/mo (market rent is $1,000/mo)
1 x Double-wide park owned mobile home – Tenant occupied at $1,000/mo (market rent is $1,300-$1,500/mo)
1 x Single-wide park owned mobile home – Vacant & needs repairs (market rent is $1,000/mo)
3 x Vacant pads (market rent is $1,000/mo each)
Park is on city sewer and city water & has never flooded, due to the elevated positioning of the park (there is a nice hill that drops down to the beachline). Tenants are individually metered for electric, water, and sewer. The owner currently pays trash but could be billed back by the new owner.
Current gross rents are $3,250 with a gross potential income of $8,700/mo and $104,400/yr after a nice rehab on the park owned homes.
The property is zoned Mixed Use 2 (MU2). This allows for an RV development with up to 25 RVs per acre. While this would be a bigger project, but it would be the higher and better use for this land. Another option would be to build 20-25 townhomes like the complexes to the North and South of the subject property.
There are not enough places to live in Panama City, and there won’t be for the foreseeable future. Come build out this land and you will have a waiting list a mile long to live at your park!
Property Appraiser
Click For More Photos
Property is occupied so please do not disturb.
Buy Now Price: $360,000
Cash or Hard Money Only
Agents Add Your Fee on Top
All Reasonable Offers will be considered
CONTACT JAKE AT 850-797-6137 TO SET UP A SHOWING or EMAIL jake@floridacashrealestate.com