Passco Cos Acquires Multifamily Property In Panama City Beach For $92.5M
SOLD
$92,500,000
Florida
See Similar DealsMultiFamily
Sold 12/13/2022
SOLD
Passco Cos Acquires Multifamily Property In Panama City Beach For $92.5M
10400 Panama City Beach Parkway, Panama City Beach, Florida 32407, United States
See Similar DealsMultiFamily
Sold 12/13/2022
Summary
FLORIDA
Asset Type:MultiFamily
Transaction Type:Sale
The multifamily property located at 10400 Panama City Parkway in Panama City Beach has been sold. The transaction took place on December 13, 2022. The property, consisting of 300 units, was sold for a total of $92,500,000, resulting in a per unit price of $308,333.
Summary of transaction details
- Property Type: Multifamily
- Transaction Amount: $92,500,000
- Date: 12/13/2022
- Address: 10400 Panama City Parkway
- Market: Panama City Beach
The buyer in this transaction was Passco Cos, while the seller was Flournoy Properties. The deal was facilitated by brokers Joe Ayers, Cliff Taylor, Paul Berry, and Don Hoffman from CBRE.
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$4,933,333.32
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$328,632.98
Cash-on-Cash Return-1.27%
Monthly Debt Service$438,497.19
Annual Debt Service$5,261,966.30
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