Comcast Building #699406

Office for Sale
Catylist Listing ID: 30715926
Property Subtypes: High-Tech, Medical, Flex Space, Net Leased, Office Building, Research & Development
Building Size (RSF): 27,300 SF
Gross Land Area: 2.78 SF
Sale Price: $4,295,000
Unit Price: $157.33 PSF
Property Use Type: Net Leased Investment (NNN), Investment
Building Name: The Comcast Building
Class of Space: Class B
Usable Size (USF): 27,300 SF
Sale Terms: Cash to Seller
Cap Rate: 10.1%
Average Occupancy Rate: 100
Last Updated: 4/6/2021

Overview / Comments

The Comcast Building offers a prime location on 23rd Street with credit tenants. Priced below replacement cost. This 27,300 sq. ft. center offers frontage on 23rd St, ample parking, and additional storage in the rear. Leases are triple-net. The Net Operating Income with the new leases is projected to be $434,000. Comcast has occupied 21,400 sq. ft. for over 12 years and renewed for an additional 5 years in 2019. Encompass Health recently signed a 5-year lease for 3,900 sq. ft. office (Suite C). Applied Technical Systems signed a 5-year lease for 2,000 sq. ft. (Suite B), which the tenant improvements are expected to be completed by May 1st.

Additional Details

Nearest MSA: Panama City
County: Bay
Taxing Authority: City of Panama City
Tax ID/APN: 27999-040-000
Zoning: GENERAL COMMERCIAL, CITY OF PANAMA CITY
Year Built: 2009
Year Renovated: 2021
Construction/Siding: Aluminum Siding
Exterior Description: Steel Building with stucco facade on three sides
Parking Type: Surface
Sprinklers: Wet
Heat Type: Electricity
Heat Source: Central
Air Conditioning: Package Unit
Internet Access: Cable
Zoning Description: General Commercial, City of Panama City
Water Service: Municipal
Sewer Type: Municipal
Legal Description: DRUMMOND & WARE ADD BEG AT THE WEST R/W LINE OF OF DRUMMOND AVE AND NORTH R/W LINE OF 22ND ST TH W 199.97 N 600.46' TO THE SOUTH R/W OF 23RD ST TH E 190.65' SE 12.28 S 16.50' E 3.17' S 573.30' TO POB AKA PART OF BLK 3 ORB 2899 P 1305

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Demographic Statistics

Proximity: 1 mile 3 miles 5 miles
Total Population: 6,852 34,455 74,858
Median Age: 36.39 41.5 40.53
Households: 2,913 14,786 31,867

Contact

Photograph of Listing Agent

Christopher McCall

Counts Real Estate Group Gulf Coast CMLS Member
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