LENAWEE APARTMENTS

PROPERTY OVERVIEW

The Lenawee Apartments, located at 6318-6321 Lenawee St in Panama City, FL, is a multifamily investment opportunity comprising 18 units within five buildings. The four quadplexes, built in 1985, comprise of 16 two bedroom, one bathroom Apartments approximately 750 square feet each, while the lone duplex consists of two units, both 832 square feet two bedroom, one bathroom units. All five buildings were constructed with wood frame construction, and stucco exterior finish. The property boasts 2019 Roofs, 2020 Water Heater, and individually metered for water
and electric. The properties benefit from a prime location in a high-demand rental market, just a short drive from retail, dining, and Tyndall Air Force Base. The assets present an attractive investment profile, with current rents approximately 33% below the market rate, offering rental upside potential, and a steady base of tenants. Lenawee Apartments stands to benefit from its location in Callaway, a growing neighborhood of Panama City, FL, experiencing ongoing revitalization. The area is seeing increased investment in infrastructure, retail, and community spaces, enhancing its appeal to residents and businesses alike. Nearby commercial developments and improved amenities are driving demand for quality rental housing, positioning Lenawee Apartments as an attractive option for tenants seeking convenience and affordability. As the neighborhood continues to evolve, these enhancements are expected to boost rental demand and property values, providing investors with both immediate cash flow potential and long-term appreciation opportunities.

INVESTMENT HIGHLIGHTS

• Tenants pay for both electric and water
• Strong Rental Market North of Tyndall Air Force Base
• Located near strong retail tenants
• +20% Upside in Rents
• 14 Units Renovated, leaving 4 for renovation
• Property located outside of Flood Zone