Laketown Wharf Residential Portfolio

Listing Price : $9,499,999.00
AVERAGE NOI PAST 3 YEARS: $933,000.00
GROSS INCOME 2023: $999,246.20 OPERATING EXPENSES 2023: $459,334.27 / NOI - $ 539,912.00
GROSS INCOME 2022: $1,305,665.00 OPERATING EXPENSES 2022: $337,307.50 / NOI - $ 968,357.60
GROSS INCOME 2021: $1,604,834.00 OPERATING EXPENSES 2023: $311,895.78 / NOI - $ 1,292,939.00
This is portfolio sale of 28 separate units Located in the same building ( Laketown Wharf resort) in Panama City Beach, Florida.
The portfolio consists of tasetfully decorated and beach themed, 28 residential condos,located in Laketow Wharf Resort in Panama City Beach, FL, which are currently used as vacation rentals .
Units can be purchased all together as a whole portfolio, or can be broken down into different parts, to match the needs of the Buyer ( fit a 1031 exchange), but if the portfolio is separated, the prices will likely differ. If you need to purchase part of the portfolio, please contact us for the up-to date pricing and availability.
AREA OVERVIEW
Panama City Beach is located in the Frlorida's Panhandle and is one of the most visited destinations in the US, consinsently being in the top 5 most visited beaches in the US , with about 20MM visitors annually, due to its stratigig geographical location, with population of over 43MM within 400 miles radius.
The area is very popular with vacationeers with the prime seasons being Spring break ( March- middle of April) and the Summer ( Memorial Day - Labor Day). The winter months ( January and February) are popular with retirees coming from the Northern States and Canada, looking for a better weather. The rest of the year, Panama City Beach enjoys steady flow of tourists drawn from nearby states, coming to enjoy one of the World's Most Famous Beaches.
The area has gone through a dramatic transformation during the construction boom in 2007-2008 , where numerous resorts have been built on the beach,as well as a lot of new attractions and shoping areas in town, attracting millions of visitors annually with their amenities, location and things to do in the area.
The current trend of gowing population in the Souther States and relocationg baby boomers, after retirement, will continue to have dramatic positive effect on this area, which along with Destin ( 45 miles away) is the closest, driving distance, real Beach resort to visitors from Alabama, Louisiana, Texas, Mississippi, Arkansas, Georgia and Tennessee.
PORTFOLIO UNITS
The portfolio consists of 28 idividual unit currenlty operated as vacation rentals and are managed and run by the Owner. All of them are furnished and fully perational and will convey with the furniture and decorations.
The Vacation Rental Units are located in the same complexes - Laketown Wharf Resort, and are set with vendors for the cleaning and maintenance. The concentration in the same building ( whic consists of 765 residential units and multiple commercial units, including few restaurants, coffee shop, ice cream shop, sandwich shops and bowling alley) makes operations a breeze and helps with the income tremendously. There are 11 ( eleven)- 1BD, plus bunk area, 2 BA units, 9 ( nine) - 2BD, plus bunk area, 2 Ba units and 8 (eight) - 3 BD, plus bunk area, 3 BA units.
LAKETOWN WHARF RESORT - Located right across the stree from the beach,this is likely the largest Resort in Panama Cith beach, with the building having 765 residential units and numerous commercial units on the ground level, featuring multiple restaurants, bowling alley, coffe shops,ice cram shop and multiple sandwich shops. Ample parking, with the parking lot 9 stories high and unmatched amenitieis, including 5 pools, 2 hot tubs, putting green, fitness center and of course the private lake with 52,000 square feet of private lakefront boardwalk, , wher every night at dark, the light show happens( similiar to the one in the Bellagio in Las vegas). Numerous shops and restaurants are located very close by.