Nothing really 'new' here these unsold developer's units have been on the market for years and had a nibble some years ago but the price was to high, as it probably still is. The units remain available for a bulk sale for $6,840,000. You can see the listing at: http://www.loopnet.com/xnet/mainsite/listing/Profile/Profile.aspx?LID=17468613&PreviousLinkCode=10850&PreviousSourceCode=1lww2t006a00001&&LinkCode=10850&SourceCode=1lww2t006a00001
Nautilus Cove Condos
13700 Panama City Beach Parkway, Panama City Beach, FL 32408
$6,840,000 57 Units | Multifamily Property For Bulk Sale
Price: $6,840,000 No. Units: 57 Building Size: 75,586 SF
Price/Unit: $120,000 Property Type: Multifamily Property Sub-type: Garden/Low-Rise Property Use Type: Investment Commission Split: 1.5% Cap Rate: 3.55% Gross Rent Multiplier: 9.05 Occupancy: 93%
No. Stories: 2 Year Built: 2007 Parking Ratio: 2 / 1,000 SF Listing ID: 17468613 Last Updated: 33 days ago (4/7/14)
Highlights
58% Huge 4 Bedroom/3 Bathroom Units. Huge Resort Pool. Beautiful Club House. Only 8 Blocks to Public Beach. Great Drive By Traffic for Rentals. Huge Potential for Selling as Condos when Market Recovers.
Description
57 beautiful condos in the Nautilus Cove community. These are new construction (not condo conversion) condos with granite counter tops and stainless steel appliances. The mix is 33 four bedroom, three bathroom; 11 three bedroom, two bathroom; and 13 two bedroom, two bathroom. All financial information, building size, lot size and other information in this listing will need to be confirmed by buyer.
Nautilus Cove is located just 8 blocks from a public Gulf of Mexico beach and less then 1 mile from the new Pier Park shopping district. The new international airport is only 12 miles from the property.
Financial Summary
Actual Year2013
Scheduled Gross Income $755,849
Effective Gross Income $605,284
Operating Expenses $362,528
Net Operating Income $242,759
Pre-Tax Cash Flow $242,759
