$3,700,000
Panama City Beach, FL 32413
MLS# 760726
9660 sqft
1 / 34
Property Description
Welcome to 644 W Caladium! Whether you're a seasoned investor or a newby, you will not want to let this one pass you by! This unique opportunity has 22 studios, 2 One Bedroom/1 Bath and 2 Two Bedroom/1 Bath units that have been completely refreshed with new paint, composite flooring throughout, new fixtures, bathrooms and appliances. All 26 units are currently fully rented which will be cash flowing DAY ONE with an average rent of $1,000/month and they also have a great potential upside with increasing area rents, very high rental demands and a highly sought after location. Situated perfectly across from the beach, the complex boasts Gulf Views and is strategically located near restaurants, shopping and everything that Panama City Beach has to offer! Even though it's currently being managed as an apartment complex, it could be converted to a hotel-style short term rental machine or potentially parceled into condos and sold off separately, making the possibilities endless. Call your favorite agent and secure this opportunity today!
Details
Maps
Contract Info
List Date: 2024-07-31
List Price: $3,700,000
List Price/SqFt: 383.02
Current Price: $3,700,000
Sub-Type: Multi-Family
Location
Area: 03 - Bay County - Beach
Street #: 644
Street Direction: W
Street Name: Caladium
Street Suffix: Circle
State: FL
Zip Code: 32413
County: Bay
Sub Area: 0320 - Beach - Middle Central
Subdivision: Open Sands
Community/Resort: None
Waterfront: No
Parcel ID: 33832-001-000 & 33832-003-000
Elementary School: Hutchison Beach
Middle School: Surfside
High School: Arnold
Directions: From Hwy 79 take Front Beach Road East to Gulf. Take a left and building will be first one on the left.
Legal Description: OPEN SANDS LOTS 1 & 2 BLK A ORB 3898 P 1025 | Parcel 33832-001-000 & OPEN SANDS LOTS 1 & 2 BLK A ORB 3898 P 1025 | Parcel 33832-003-000
General Property Info
List Class: Apartment
Construction Status: Construction Complete
# of Units: 26
# of Stories in Building: 2
Acreage: 0.26
SqFt Tot Bldg: 9660
Year Built: 1982
Status Change Info
Status: Active
Multi-Family
# of Units: 26
Actual Gross Income: 332730.59
Property Features
Sale Type: As Is
Waterview: Gulf
Listing Office: Luxe Coastal Realty Group LLC
Last Updated: March - 08 - 2025
Information deemed reliable but not guaranteed.