Panama City, FL Apartment Buildings for Sale

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Updated: Jun 5

14-Unit Apartment Complex

114 S Highway 22 A, Panama City, FL 32404

$1,750,000

13,768 sqft 0.65 AC lot

14‑unit apartment complex in 4 buildings, with all apartments currently 100% occupied
Apartment mix includes 8 units at 800+/- SF with outside 64+/- SF laundry room, plus 6 units at 1,100+/- SF with indoor laundry
Recent exterior updates: new roofs installed April 2026 on all buildings and freshly painted eves, soffits, and entryways
Construction materials include brick veneer, stucco, and wood frame; roof is composition/shingle
Heating includes electric (heating) and central; sewer service is public sewer

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This listing looks promising.

Here's a quick look at some key insights for

114 S Highway 22 A, Panama City, FL 32404

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Est. Cap Rate

8.7%
Above avg (5.9%)
Est. NOI

$152K
Annual
Price @ 7% Cap

$2.18M
Above asking
Property Type

Quadplex
Built 1984

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Updated: Jun 18

Six-Unit Income Producing Property

119 College Avenue, Panama City, FL 32401

$724,000

5,222 sqft 0.41 AC lot

Six‑rental‑unit income‑producing property generating approximately $83,460 gross annual income, professionally managed by ERA Property Management
0.4‑acre corner lot in Flood Zone X (no flood insurance required)
Four total buildings with newer 30‑year dimensional shingle roofs installed in 2019
Primary residence fully renovated down to the studs, rebuilt with updated kitchens with new appliances and three new HVAC systems
Main house units total 8 bedrooms and 5 bathrooms across three units: Unit 1 (3/2), Unit 2 (3/2), and Unit 3 (2/1)

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Income-Producing Multi-Family Panama City

119 College Avenue, Panama City, FL 32401

$724,000

5,222 sqft 0.41 AC lot

Six rental units generating over $82,000 in gross annual income.

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Remodeled Six-Unit Apartment Property

119 College Avenue, Panama City, FL 32401

$724,000

5,222 sqft 0.40 AC lot

Six professionally managed rental units with fully renovated interiors and multiple bedrooms/bathrooms, generating $82,000+ gross annually.

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New Panama City Apartment Complex

528 Kraft Avenue, Panama City, FL 32401

$1,300,000

6,372 sqft

Six-unit apartment complex built in 2024, Panama City, Florida.

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Panama City Multi-Family Investment

520 Maine Avenue, Panama City, FL 32401

$350,999

4,768 sqft 0.32 AC lot

Five-unit multi-family property with steady cash flow potential in Panama City.

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New Construction Townhome Investment Opportunity

6710-6718 Cherry Street, Panama City, FL 32404

$1,099,500

6,750 sqft

Five-unit townhome building near Tyndall Air Force Base.

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Panama City Multifamily Investment Opportunity

520 Maine Avenue, Panama City, FL 32401

$350,999

4,768 sqft 0.32 AC lot

Five-unit multifamily property with strong rental demand near beaches and schools.

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New Construction Townhome Investment Opportunity

6720-6728 Cherry Street, Panama City, FL 32404

$1,099,500

6,750 sqft

Five-unit townhome near Tyndall Air Force Base.

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Turnkey 14-Unit Studio Property

3533 US-98, Panama City, FL 32401

$1,190,000

1,837 sqft 0.20 AC lot

Fully revitalized studio multifamily with 15 parking spaces and updates completed in 2021.

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50-Unit Multifamily Investment Opportunity

3510/ 3536 Saint John Street, Panama City, FL 32401

$6,243,750

33,060 sqft 2.80 AC lot

Renovated apartment community near Panama City Beach with assumable financing.

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Panama City Garden Style Apartments

5820 Hickory St, Panama City, FL 32404

$1,850,000

12,096 sqft

16-unit apartment building near Tyndall Air Force Base.

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Waterfront Development Opportunity

3900 Marriott Dr, Panama City, FL

$7,770,000

125,000 sqft 4.35 AC lot

4.32-acre site approved for 56 luxury condominiums and retail.

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Turn-Key Panama City Investment Property

1300 Grace Avenue, Panama City, FL 32401

$1,150,000

8,652 sqft

Fully renovated 10-unit apartment building in growing Panama City.

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New Construction Townhome Investment Opportunity

6720-6728 Cherry Street, Panama City, FL 32404

$1,099,500

6,750 sqft

Five-unit townhome building near Tyndall Air Force Base.

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New Construction Townhome Investment Opportunity

6710-6718 Cherry Street, Panama City, FL 32404

$1,099,500

6,750 sqft

Five-unit townhome building near Tyndall Air Force Base.

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Updated Condo with Lake Views

9860 S Thomas Drive #309, Panama City, FL 32408

$365,000

1,262 sqft

Tastefully decorated, fully furnished condo with lake views and resort amenities.

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50-Unit Multifamily Investment Opportunity

3510/ 3536 Saint John Street, Panama City, FL 32401

$6,243,750

1.51 AC lot

Renovated 50-unit multifamily property near Panama City Beach.

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Panama City Townhome Investment Opportunity

1512 Kraft Avenue, Panama City, Panama City, FL 32405

$995,917

8,208 sqft 0.48 AC lot

Eight townhomes, fully occupied, low maintenance, excellent investment property.

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Waterfront Community with Marina

240 Harmon Avenue, Panama City, FL 32401

$6,197,500

29,796 sqft 1.05 AC lot

34-unit waterfront community with 22-slip marina in revitalizing downtown.

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Waterfront Community with Marina

240 Harmon Avenue, Panama City, FL 32401

$6,197,500

1.06 AC lot

34-unit waterfront community with 22-slip marina in Panama City.

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Based on your search, we've compiled Potential Opportunities for your consideration. Besides 21 Active Listings in Panama City, FL, we suggest to view alternatives - similar 8 Off-Market properties to explore as potential leads.

Off-Market Properties in Panama City, FL

Consider similar Off-Market properties in Panama City, FL. You may contact the owners directly to inquire about their potential intentions to sell. To help you make a strong first impression, we can assist by reaching out to these owners with compelling proposals created using our AI tool.

Multifamily properties

2602 Willow Oak Ct, Panama City, FL 32408

Value Estimation by Request

3,000 sqft

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Restaurants

2604 County Rd, Panama City, FL 32405

Value Estimation by Request

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Multifamily properties

3900 17Th St, Panama City, FL 32401

Value Estimation by Request

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Panama City, FL Apartment Buildings Market Trends and Statistics

Explore 29 apartment buildings for sale in Panama City, FL, showcased through 21 active listings on our real estate platform. These investment opportunities span a total of 294,905 square feet of properties for sale, with an estimated market value of $36,584,065.

Sale prices for two-family homes in Panama City, FL start at $350,999, averaging $1,829,203, and reaching up to $7,770,000 — offering options for a variety of budgets and business needs. Daily updated analytics ensure you stay ahead with the latest data and market trends.

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Demographics Overview

Population 154K

Population Growth (5Y) +1,132.7%

Median Household Income $71,237

College Educated 29.8%

High-Yield Neighborhoods for Investment

Identify Panama City submarkets with the highest inventory density on the market and evaluate the average listing prices of real estate assets

Neighborhood	Average Price
32408	$868.3K
32405	$995.9K
32404	$1.3M
32401	$2.6M

Taxes & Financing

Tax Rate (average for all types) 1.42%

Property Tax per SF $28.37 per SF

Tax Rate vs County Average 0.07 pp above county avg

Average Loan-to-Value 65.0%

Listings Trend

New vs delisted commercial listings in Bay County

New Delisted

Total CRE Inventory on Market (SF)

Average Property Price per SF

For-sale pricing trends across core commercial property types in Bay County

Residential Income

Property Size Breakdown

The majority of commercial real estate listings in Panama City fall within the 50,000 to 100,000 square foot range.

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