Value-Add Opportunity | Offered All Cash 216 Units | Built 2008-2009

4141 East 15th Street, Panama City, FL 32404

The Property

Whispering Palm consists of 216 units with an average square footage of 959. Floor plans include one-bedroom, two-bedroom, and three-bedroom units and the property offers a wide range of resort-style amenities.

Strong Panama City Market

The Panama City MSA continues to advance, showing median household income growth up 5.4% and job growth up 3.4% year over year.

Panama City Location

Whispering Palm is in a prime, Panama City location with immediate access to the Tyndall Airforce Base, Panama City Mall, Gulf Coast Regional Medical Center, Gulf Coast State College, and Florida State University Panama City.

Capital Improvements

The current owner has completed several capital improvements at Whispering Palm including but not limited to, LED lighting, landscaping, aerators in showers / faucets, ceramic backsplashes, and a backup generator.

Value-Add Opportunity

Whispering Palm provides a new owner with the opportunity to implement a value-add program. Recomended interior upgrades include: faux-wood vinyl plank flooring throughout, new countertops in the kitchens and bathrooms, addition of microwaves above the range, new lighting packages, and the addition of screened porches. Berkadia believes the new owner will have the opportunity to increase rents $125 on average after renovations.

Berkadia®, a joint venture of Berkshire Hathaway and Jefferies Financial Group, is an industry leading commercial real estate company providing comprehensive capital solutions and investment sales advisory and research services for multifamily and commercial properties. Berkadia® is amongst the largest, highest rated and most respected primary, master and special servicers in the industry. This advertisement is not intended to solicit commercial mortgage loan brokerage business in Nevada.

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