$875,000 - 226 - 300 23rd W Street, PANAMA CITY

INCOME PRODUCING INVESTMENT OPPORTUNITY. Leasehold interest only is being sold, subject to existing ground leases, tenant's leases and easements. There are two buildings on the property. One building contains approximately 8,525 sq. ft., it presently has a Papa John's (1,744 sq. ft.). The lease rate is $2,500.00 per month plus $300.00 per month for CAM, real estate taxes and insurance. The lease expires 2-28-16. Creative Gem's Jewelry Store has 1,250 sq. ft.. The lease rate is $2,100.00 per month including CAM, real estate taxes, building insurance. The lease expires 9-30-11. There is one vacant (5,640 sq. ft) which was previously occupied by Movie Gallery. The second building is approximately 5,084 sq. ft. and is occupied by Pet Super Market. The lease rate is $7,371.80 per month ($88,461.60 per year). The lease is considered triple net. The lease term expires 10-31-13. The tenant has an option to extend for one five (5) year term. The existing ground leases have approximately 79 years total remaining with all extensions. The ground leases are the responsibility (expense) of the owner. The present ground leases rate is $2,900.00 per month ($34,800.00 per year) plus sales tax and real estate taxes. There are built in increases beginning 11-2015 and every five years thereafter. More detailed information including income and expenses is available upon request. Property can be divided. See MLS # 414503 and MLS # 414508. The property is located in the highest commercial area (retail, restaurants, hospital, doctor's offices, hotels) of Panama City. The traffic count on 23rd Street is 35,000 (F.D.O.T. - 2009).