Panama City, FL Multifamily Properties 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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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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Waterfront Triplex with Boat Access

6722 S Lagoon Drive, Panama City, FL 32408

$1,100,000

2,720 sqft 0.25 AC lot

Three-in-one property on S Lagoon with two boat slips, a boat lift, and two furnished one-bedroom units.

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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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Turnkey Vacation Rental Duplex

5237 Thomas Drive, Panama City, FL 32408

$2,230,000

5,156 sqft 0.13 AC lot

Brand-new duplex designed for vacation rentals, with private pools and furnishings ready for short- or long-term operations.

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Fourplex with Carriage House Income

405 Massalina Drive, Panama City, FL 32401

$865,000

2,988 sqft 0.14 AC lot

Carriage house plus fourplex with reported $7,100 monthly rental income and a shared dock with fish cleaning station.

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Waterfront Property with Income Potential

6722 S Lagoon Drive, Panama City, FL 32408

$1,185,000

2,720 sqft

Updated waterfront property with multiple units and boating amenities.

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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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Three-Unit Triplex with Backyards

726 Detroit Avenue, Panama City, FL 32401

$599,000

3,891 sqft

Fully occupied triplex offers three spacious 3-bedroom, 2-bath homes with private driveways and individual yard space.

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Turnkey Four-Unit Rental Property

1310 Arthur Avenue, Panama City, FL 32401

$385,000

2,452 sqft

Four occupied units generate monthly income, with a mix of two- and one-bedroom layouts.

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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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Duplex-Style Residential Income Home

3914 Ural Street, Panama City, FL 32408

$549,900

2,509 sqft 0.14 AC lot

Fully furnished home configured as two units, with upstairs 4BR/2BA and a downstairs 1BR/1BA with separate entrance.

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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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Four-Unit Quadplex with Mobile Home

5115 E 10th Street, Panama City, FL 32404

$580,000

5,174 sqft 1.80 AC lot

Four separately metered quadplex units plus a rented mobile home on 1.8 acres with room to expand.

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New Duplex in Panama City

2826 La Mesa Avenue, Panama City, FL 32405

$450,000

2,500 sqft

Newly built duplex with modern amenities, near shopping and beaches.

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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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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 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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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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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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Panama City Duplex For Sale

1209/1211 E 10th Street, Panama City, FL 32401

$170,000

1,640 sqft

Duplex with income potential near marina and downtown.

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Commercial

4905 Alameda Street, Panama City, FL 32404

$349,000

5,556 sqft 0.86 AC lot

Mobile home & RV parks · 5,556 SF

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New Construction Townhomes in Panama

1116 Mercedes Avenue, Panama City, FL 32401

$570,000

2,799 sqft 0.27 AC lot

New construction townhomes in Panama City, Florida, for sale.

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Panama City, FL Multifamily Properties Market Trends and Statistics

Explore 61 multifamily properties for sale in Panama City, FL, showcased through 50 active listings on our real estate platform. These investment opportunities span a total of 375,824 square feet of properties for sale, with an estimated market value of $61,999,984.

Sale prices for multifamily properties in Panama City, FL start at $150,000, averaging $1,409,090, 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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Top Commercial Asset Segments

Commercial property segments ranked by active listings on the market

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
Panama City	$1.4M
Panama City Beach	$6.3M

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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