Waterfront Community with
For Sale
$6,185,000
240 Harmon Ave, Panama City, FL 32401
34-unit waterfront community with 22-slip marina in revitalizing downtown.
Property Size29,796 SF
Price / SF$207.58
Days on Market228
Property Features for 240 Harmon Ave
General Information
Standard status
Active
Size
29,796 SF
Building Details
Year Built
1966
Listing Agency:
Luxe Coastal Realty Group LLC
Listed By:
Marcy L O'Donnell · License #3417794
(848) 220-5555
Source:
Bemajorteam
Added: Mar 5
Changed: Oct 6
Last Checked: Oct 7 at 1:06PM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Luxe Coastal Realty Group LLC
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Investment Insights
Based on property information with market context.
This 34-unit waterfront community features a 22-slip marina. The property includes an income-generating on-site laundry facility and a low-maintenance marina that produces steady net revenue. Twenty-two units were fully renovated down to the studs in 2020. Upgrades include upgraded mechanicals, new roofs, and contemporary interiors. The property has a history of consistently high occupancy. It is positioned within the heart of Downtown Panama City's ongoing revitalization, featuring upgraded streetscapes, improved walkability, and renewed waterfront development. The property size is 29796 square feet.
Key Highlights
- Waterfront community featuring a 22‑slip marina.
- 22 units fully renovated in 2020**, including upgraded mechanicals and new roofs.
- Located in Downtown Panama City's revitalization area with improved walkability and waterfront development.
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$290,516
Cap Rate
4.70%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$5,810,320
$5.8M
Cap Rate 7%
$4,150,229
$4.2M
Cap Rate 9%
$3,227,956
$3.2M
Market Conditions
NOI Build-Up for 29,796 SF
Gross rent
$564.9K $18.96/SF
− Vacancy
−$36.7K −$1.23/SF
EGI
$528.2K $17.73/SF
− OpEx
−$237.7K −$7.98/SF
NOI
$290.5K $9.75/SF
Area
Bay County, FL
Vacancy
6.50%
Lease Rate
$18.96 /SF/Yr
Expense Ratio
45.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$5,810,320
Cap Rate 7%
$4,150,229
Cap Rate 9%
$3,227,956
Alternative Uses
Best Use
Apartment 5plus
$4.15M
$3.63M – $4.84M
NOI $290,516 @ 7.0% cap · market cap 4.70%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$8.68M
$7.60M – $10.13M
NOI $607,707 @ 7.0% cap · market cap 9.83%
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
Property Analytics
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Location Intelligence
Trade Area within ½ mile
837
Businesses Nearby
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Business Placement
Demographics for 32401, FL
20,487
Population
10,239
Households
2
Avg Household Size
42
Median Age
20%
College-Educated
86%
High-School Grad
12.5 sq mi
ZIP Area
1,639
Density / Sq Mi
$49,901
Median Household Income
$35,885
Median Earnings
$1,194
Median Rent
$207,000
Median Home Value
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in South region
Frequently Asked Questions
What type of property is this?
Apartment building - 34-unit waterfront community with 22-slip marina in revitalizing downtown.
Where is this apartment building located?
The property is located at 240 Harmon Ave Panama City, FL.
What is the asking price?
The asking price for this property is $6,185,000.
What are key features of this property?
This property features: Waterfront community featuring a **22‑slip marina**.; 22 units fully renovated in 2020**, including upgraded mechanicals and new roofs.; Located in Downtown Panama City's revitalization area with improved walkability and waterfront development.
