$525,000 - 300 23rd W Street, PANAMA CITY

INCOME PRODUCING INVESTMENT OPPORTUNITY. Leasehold interest only is being sold, subject to existing ground lease and tenant leases and easements. This is a three unit building. The building contains approximately 8,525 sq. ft.. A Papa John's franchisee has approximately 1,744 sq. ft. leased. The lease rate is $2,500.00 per month plus $300.00 per month for CAM, real estate taxes, and insurance. The lease expires 2-28-2016. Creative Gem's Inc. has approximately 1,250 sq. ft. leased. The lease rate is $2,100.00 per month including CAM, real estate taxes, building insurance. The lease expires 9-30-2011. The third space contains approximately 5,640 sq. ft.. The space is presently vacant and was previously occupied by Movie Gallery. This building is located on 23rd Street in the highest commercial area (retail, restaurants, hospital, doctor offices, hotels) of Panama City. The traffic count on 23rd Street is 35,000 (F.D.O.T. 2009). The existing ground lease is the responsibility (expense) of the owner. The ground lease has approximately 79 years total remaining with all extensions. The present ground lease rate is $1,450.00 per month plus sales tax and real estate taxes. There are built in increases beginning 11-2015 and every five (5) years thereafter. More detailed information available upon request. Adjacent property (226 W. 23rd St.) is also available. May be purchased together or separately. See MLS # 414510 and MLS 414508.