3510/ 3536 Saint John Street, Panama City, FL 32401
$6,243,750
Property Type:
Comm/Industry
Baths:
50
Square Footage:
33,060
Status:
Active
Current Price:
$6,243,750
Last Modified:
12/06/2025
Description
This 50-unit garden-style community delivers strong fundamentals and consistent performance, supported by a diverse unit mix of 8 one-bed, 20 two-bed, 12 three-bed, and 10 four-bed units. With 42 units renovated since 2020—featuring updated flooring, fresh paint, windows, and fixtures—the property offers modern appeal and reduced turnover risk. Additional income is generated through an on-site laundry facility, and a separate office building with storage provides valuable operational flexibility. Major capital improvements include new metal roofs, upgraded electrical panels, and multiple HVAC and water-heater replacements, minimizing near-term CapEx exposure.
Supplements: Steady occupancy and an assumable $4.57M, 3.75% fixed-rate non-recourse loan enhance the investment's strength in today's lending environment. Positioned near major retailers, schools, employment centers, and within minutes of Panama City Beach, the property sits in a high-demand rental corridor with long-term growth potential. A recent price adjustment further improves the opportunity for investors seeking stability and upside.
More Information MLS# RX-11145658
Contract Information
Auction: No
List Price/Bldg SqFt: 188.86
Status: Active
Original List Price: 6243750
List Price: $6,243,750
Current Price: $6,243,750
Listing Date: 2025-12-05
General Property Description
For Sale: Yes
For Lease: No
Property Desc: Magnolia Cove
Acres: 2.8
Waterfront: No
SqFt Source: Owner
# of Stories: 2
Total Units: 50
% Air Conditioned: 100
Type: MultiFamily (5+ Units)
Subdivision: Magnolia Cove Apartments
Year Built: 1970
SqFt - Living: 33060
Baths - Total: 50
Location, Tax & Legal
Geo Area: Other Geographic Area
Country: United States
State/Province: FL
Tax Year: 2025
Zoning: Multi Family
Real Estate Taxes: 18237
Area: 5940
County: Bay
Parcel ID: 23388000000 & 23389000000
Street #: 3510/ 3536
Street Name: Saint John
Street Suffix: Street
Zip Code: 32401
Legal Desc: 11 4S 14W -366.4- 118C4 BEG 787' N & 500' W OF SE COR OF SW1/4 OF SE1/4 TH W 285' S 256' E 285' N 256' TO POB ORB 4161 P
Geo Lat: 30.147515
Geo Lon: -85.612659
Remarks & Misc
Directions: Follow US-98 E and US-98 BUS E to E 2nd St in Springfield. Take Kilbourn Ave to St John St. This property sits on 2 separate parcels separated by a small SFH.
Office/Member Info
DXORIGMLNO: RX-11145658
DXORIGMLSID: RML
Type of Building
Free Standing: 1
Sale Includes
Building and Land: 1
Avail Info
Full Financials: 1
Avail Docs
None: 1
Cooling
Wall-Win A/C: 1
Heating
Electric: 1
Tenant Pays
Cable: 1
Electric: 1
Janitorial: 1
Use
Income: 1
Flooring
Other: 1
Utilities
Cable: 1
Electric: 1
Public Sewer: 1
Public Water: 1
Fire Protect
Sprinkler: 1
Roof
Metal: 1
Terms Considered
Assumable-Qualify: 1
Cash: 1
Conventional: 1
Possession
At Closing: 1
Funding: 1
Lease
None: 1
Property Features
Use: Income
Type of Building: Free Standing
Sale Includes: Building and Land
Avail Docs: None
Avail Info: Full Financials
Flooring: Other
Cooling: Wall-Win A/C
Heating: Electric
Fire Protect: Sprinkler
Tenant Pays: Cable; Electric; Janitorial
Utilities: Cable; Electric; Public Sewer; Public Water
Roof: Metal
Terms Considered: Assumable-Qualify; Cash; Conventional
Lease: None
Possession: At Closing; Funding
Listing Office:
Luxe Coastal Realty Group LLC
Last Updated: December - 06 - 2025
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