Bay Breeze Apartments

Property Overview

Offering Memorandum and Financials available via Property Website: https://www.crexi.com/properties/1501927/florida-bay-breeze-apartments

Bay Breeze is a 44-unit garden style apartment community located in Panama City, Florida. The assets consist of two phases which were built in 1985 and are adjoined by an improved 0.86-acre parcel where a new owner could build approximately seven additional units. The community has a very favorable unit mix comprised of all two-bedroom & one-bathroom units that average 910 square feet each.

Bay Breeze average in-place rent is 14% under the market values with the opportunity to further elevate organically and through light interior unit upgrades. Additionally, each phase was originally acquired with loans that are assumable with below market interest rates and with multiple years remaining.