Waterfront Community with
240 Harmon Avenue Panama City, FL 32401
240 Harmon Avenue, Panama City, FL, 32401
$6,197,500
Pending
For Sale
$6,197,500
Pending
34-unit waterfront community with 22-slip marina in revitalizing downtown.
Property Size29,796 SF
Lot Size1.05 Acres
Days on Market227
Property Features for 240 Harmon Avenue
General Information
- Standard status
- Pending
- Size
- 29,796 SF
- Lot size
- 1.05 Acres
- Property subtype
- Commercial
Building Details
- Year Built
- 1966
Listing Agency
LUXE COASTAL REALTY GROUP LLC
(848) 220-5555
Listed by
MARCY L O'DONNELL · License #BK3417794
Source
Corcoran
Added: Dec 5, 2025 Checked: Jul 20 at 4:09 am
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
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.
Local Financial Insights For Apartment 5plus
Simulate Cap Rate and NOI
NOI Build-Up
- Vacancy
- income lost from leasable area expected to sit empty during the year — subtracted from gross rent.
- EGI (Effective Gross Income)
- gross rent minus vacancy losses — the realistic income before paying operating costs.
- OpEx (Operating Expenses)
- recurring costs to operate the property (property tax, insurance, utilities, maintenance, management) — excludes financing and capital improvements.
- NOI (Net Operating Income)
- income a property generates after operating costs but before financing and taxes.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $715.1k | $24.00 |
| − Vacancy | −$115.1k | −$3.86 |
| EGI | $600.0k | $20.14 |
| − OpEx | −$270.0k | −$9.06 |
| NOI | $330.0k | $11.07 |
29,796 SF · lease $24.00/SF/yr · vacancy 16.10% · expense 45.00%
Alternative Uses
Best Use
Apartment 5plus
$4.71M
$4.12M – $5.50M
NOI $329,985 @ 7.0% cap · market cap 5.32%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$7.49M
$6.56M – $8.74M
NOI $524,529 @ 7.0% cap · market cap 8.46%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Property Profile
Location Intelligence
Current Use by Public Records
Magnolia Cove Marina
Marina
Magnolia Cove Apartments ...
Marina
Similar For Sale Nearby
FAQs
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 Avenue Panama City, FL.
What is the asking price?
The asking price for this property is $6,197,500.
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.
