Panama City Beach Multifamily
For Sale
$650,000
604 Fernwood Street, Panama City Beach, FL 32407
MULTI_FAMILY - Panama City Beach, FL
Property Size2,556 SF
Lot Size0.42 Acres
Price / SF$254.30
Days on Market139
Property Features for 604 Fernwood Street
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning description
General Commercial
Subdivision
Hutchison's 1st To Bahama Bch
Elementary school
Hutchison Beach
Middle school
Surfside
High school
Arnold
Directions
From Panama City Beach Pkwy (Back Beach Rd / US-98), turn South onto Richard Jackson Blvd. Continue to Hutchinson Blvd (Middle Beach Rd) and turn right (West). Proceed to Lullwater Drive and turn left. Turn left onto Fernwood St. The property will be on your left.
Standard status
Active
APN
34201-000-000
Size
2,556 SF
Lot size
0.42 Acres
Taxes and HOA fees
Tax Description
HUTCHISON'S 1ST ADD LOTS 2 & 3 BLK 4 DAUGETTE ADDITION LOT 19 BLK B ORB 2090 P 521
Legal Description
HUTCHISON'S 1ST ADD LOTS 2 & 3 BLK 4 DAUGETTE ADDITION LOT 19 BLK B ORB 2090 P 521
Utilities
Sewer type
Public Sewer
Building Details
Year built
1960
Floors in Building
1
Building materials
Block
Listing Agency:
Think Real Estate
(850) 270-4200
Listed By:
Dien and Andrew Group · License #SL3466729
(850) 600-0605
Added: Mar 18
Changed: Jun 15
Last Checked: Aug 3 at 11:06AM
MLS# 786967
Copyright © 2026 Central Panhandle Association of REALTORS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This property, formerly operated as a motel and multifamily residence, is located off Middle Beach Road in Panama City Beach. The property is zoned Commercial High Intensity and offers flexible use options for multifamily residential, short-term rental, workforce housing, or commercial conversion. Interested parties should verify zoning and intended use. The building includes 7 bedrooms and 6 bathrooms within approximately 2,556 square feet, allowing for multiple rental configurations and value-add possibilities. The 0.42-acre lot is positioned in a central beach corridor, providing access to shopping, dining, attractions, and entertainment, as well as proximity to Front Beach Road and Back Beach Road. This property presents an opportunity to restore a former hospitality asset, expand a rental portfolio, or explore redevelopment potential in an active growth area of Panama City Beach.
Key Highlights
- Prime location in the heart of Panama City Beach, just off Middle Beach Road.
- Versatile Commercial High Intensity zoning allows for multi‑family residential, short‑term rental, workforce housing, or commercial conversion (buyer to verify).
- 2,556 sq ft property with 7 bedrooms and 6 bathrooms offering multiple rental configurations.**
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 - Versatile property near the beach with redevelopment potential.
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: Prime location in the heart of Panama City Beach, just off Middle Beach Road.; Versatile Commercial High Intensity zoning allows for multi‑family residential, short‑term rental, workforce housing, or commercial conversion (buyer to verify).; 2,556 sq ft property with 7 bedrooms and 6 bathrooms offering multiple rental configurations.**
