Palm Vista 322 Burkett Dr 148 Unit Apartment Building For Sale Panama City, FL 32404

Palm Vista is a 148-unit, single-story apartment community in Panama City that was originally built in 1983 and fully redeveloped in 2019. Current ownership has invested more than $2.69 million, or $18,175 per unit, through 2023, including extensive interior improvements and roof replacements. The property is 95% occupied and the last 3 leases for each floorplan have captured +$31 growth over in-place rents.
New ownership can drive revenue and capture 52% ROI through a clearly defined business plan, including renovating the final 2 classic units, converting 2 laundry rooms into studio apartments, renting washer and dryer appliances in 133 units, adding connections in 15 studio units, and implementing a bulk internet program.
Situated along US 98, the main coastal highway with 33,149 ADT, Palm Vista is just minutes from Tyndall Air Force Base and near major healthcare, industrial, educational, and port-related employers. Florida’s Emerald Coast is supported by a diverse and growing economic base anchored by tourism, healthcare, education, retail, and military employment, with major demand drivers including Tyndall Air Force Base, HCA Florida Gulf Coast Hospital, Ascension Sacred Heart Bay, Gulf Coast State College, and Florida State University Panama City.
The property’s low-density, single-story layout, pet-friendly environment, bark park, on-site maintenance, and renovated unit interiors create a compelling resident experience in an increasingly supply-constrained coastal market.
Panama City continues to benefit from public and private investment led by Tyndall Air Force Base, which is undergoing a $5.3B reconstruction to accommodate three new squadrons of F-35 Lightning II jets. Most projects are slated for completion by mid-2027, with the full rebuilding expected to wrap up in 2029.