7-Bedroom Motel and
For Sale
$650,000
604 Fernwood Street, Panama City Beach, FL 32407
Formerly a motel with 7 bedrooms and 6 bathrooms, offering flexible residential, short-term, or commercial conversion options.
Property Size2,556 SF
Price / SF$254.30
Days on Market154
Property Features for 604 Fernwood Street
General Information
Standard status
Active
Size
2,556 SF
Property subtype
Multi-Family
Building Details
Year Built
1960
Listing Agency:
(850) 600-0605
Listed By:
Think Real Estate
(850) 600-0605
Source:
Xome
Added: Mar 3
Changed: Jul 10
Last Checked: Jul 16 at 5:44AM
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 Think Real Estate
Investment Insights
Based on property information with market context.
This high-intensity commercial property was formerly operated as a motel and multifamily asset, and it is set up to support multiple rental configurations. The layout includes 7 bedrooms and 6 bathrooms across approximately 2,556 square feet, making it suitable for an owner-operator or an adaptive reuse strategy where bedroom and bathroom groupings can be reconfigured for different tenant types, subject to applicable approvals.
The property is located just off Middle Beach Road in Panama City Beach, with convenient proximity to both Front Beach Road and Back Beach Road. The area is described as centrally located for quick access to shopping, dining, attractions, and entertainment.
Buyers considering this property should be prepared to evaluate the best path forward based on their intended use. The existing improvements lend themselves to restoring a former hospitality asset or expanding a rental portfolio, including residential income or short-term rental concepts. Commercial conversion is also contemplated, but the buyer must verify zoning and intended use prior to pursuing that direction.
The property is located just off Middle Beach Road in Panama City Beach, with convenient proximity to both Front Beach Road and Back Beach Road. The area is described as centrally located for quick access to shopping, dining, attractions, and entertainment.
Buyers considering this property should be prepared to evaluate the best path forward based on their intended use. The existing improvements lend themselves to restoring a former hospitality asset or expanding a rental portfolio, including residential income or short-term rental concepts. Commercial conversion is also contemplated, but the buyer must verify zoning and intended use prior to pursuing that direction.
Key Highlights
- Former motel/multi‑family property with 7 bedrooms and 6 bathrooms
- Approximately 2,556 sq ft with flexible layout for multiple rental configurations
- 3 guest facilities (per interior features)
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 | $48.5k | $18.96 |
| − Vacancy | −$3.2k | −$1.23 |
| EGI | $45.3k | $17.73 |
| − OpEx | −$20.4k | −$7.98 |
| NOI | $24.9k | $9.75 |
2,556 SF · lease $18.96/SF/yr · vacancy 6.50% · expense 45.00%
Alternative Uses
Best Use
Apartment 5plus
$356.0K
$311.5K – $415.4K
NOI $24,921 @ 7.0% cap · market cap 3.83%
Second Best
Hotel Hospitality
$228.9K
$200.3K – $267.1K
NOI $16,026 @ 7.0% cap · market cap 2.47%
Theoretical Best
Office A
$744.7K
$651.6K – $868.9K
NOI $52,131 @ 7.0% cap · market cap 8.02%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
427
Businesses Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Demographics for 32407, FL
14,366
Population
12,163
Households
1.2
Avg Household Size
41
Median Age
40%
College-Educated
96%
High-School Grad
14.9 sq mi
ZIP Area
964
Density / Sq Mi
$79,052
Median Household Income
$44,027
Median Earnings
$1,792
Median Rent
$403,500
Median Home Value
Market
Vacancy Rate% for Multifamily in South region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Similar Off Market Nearby
- Mainsail-Sterling Resorts — 12011 front beach rd, panama city beach, fl 32407
- Sterling Resorts — 12011 Front Beach Rd, Panama City Beach, FL 32407
- Beach Vacation PCB by Gigi — 11807 Front Beach Rd #1-2202, Panama City Beach, FL 32407
- Grand Panama Beach Resort by Emerald View Resorts — 11807 Front Beach Rd, Panama City Beach, FL 32407
- Grand Panama Tower 2-308 — 11800 Front Beach Rd Unit 2-308, Panama City Beach, FL 32407
Frequently Asked Questions
What type of property is this?
Motel - Formerly a motel with 7 bedrooms and 6 bathrooms, offering flexible residential, short-term, or commercial conversion options.
Where is this motel located?
The property is located at 604 Fernwood Street Panama City Beach, FL.
What is the asking price?
The asking price for this property is $650,000.
What are key features of this property?
This property features: Former motel/multi‑family property with 7 bedrooms and 6 bathrooms; Approximately 2,556 sq ft with flexible layout for multiple rental configurations; 3 guest facilities (per interior features)
