240 Harmon Ave - Apartments FOR SALE


Panama City, FL 32401
$6,700,000 USD
848-220-5555
240 Harmon Ave, Panama City, FL for Sale
$6,700,000 USD
Apartments - FOR SALE
1/27
null | 6.09% Cap Rate

240 Harmon Ave
Panama City, FL 32401


HIGHLIGHTS

  • Includes a 22 slip marina with Gulf Access
  • Gorgeous waterfront pool
  • Close to thriving downtown community

OVERVIEW

Introducing an exceptional investment opportunity in the heart of a thriving waterfront community—a multifamily property that offers a blend of luxury, convenience, and modernity. This exquisite garden-style apartment complex encompasses 34 units and a 22-slip marina, making it a unique asset on the market. Comprising 12 one-bedroom units at 650 square feet and 22 two-bedroom units at 920 square feet, this property was meticulously renovated in 2020. 22 units were updated to the studs, integrating top-notch features designed for comfort and longevity. Residents enjoy the benefits of new roofs, updated mechanical systems, and contemporary design elements including stainless steel appliances and composite flooring. Interior spaces are finished with fresh sheetrock, enhanced insulation, and modern siding, windows, and doors, all compliant with the 2019 Miami/Dade FL Building Code. Currently at full occupancy, this property is not only a solid investment with immediate returns but also offers the potential for future growth in one of the region's most desirable locations. Don’t miss your chance to own a waterfront jewel—where seamless living meets upscale amenities.

FOR SALE DETAILS

PRICE

$6,700,000 USD

PRICE/SF

$225 USD /SF

# OF UNITS

34

PRICE/UNIT

$197,059

CAP RATE

6.09%

% LEASED

94%

SALE TYPE

Investment

BUILDING DETAILS

PROPERTY NAME

Magnolia Cove Apartments and Marina

PROPERTY TYPE

Multi-Family

APARTMENT STYLE

Low-Rise

PROPERTY SUBTYPE

Apartments

TOTAL BUILDING SIZE

-

STORIES

2

YEAR BUILT

1966

PARKING SPACES

50

LAND DETAILS

LAND ACRES

1.03 AC

LAND SF

44,867 SF

ZONING

MU 3

APN/PARCEL ID

20213-000-000

ASK ABOUT THIS PROPERTY

Marcy O'DonnellLuxe Coastal RealtyMore Info
848-220-5555

By clicking the button, you agree to Showcase's Terms of Use and Privacy Policy.

Marcy O'DonnellLuxe Coastal RealtyMore Info
848-220-5555

By clicking the button, you agree to Showcase's Terms of Use and Privacy Policy.