21308 Front Beach Rd Panama City Beach, FL 32413

This exceptional mixed-use property, located at 21308 Front Beach Rd, Panama City Beach, FL 32413, presents a unique investment opportunity. The 4,500 square foot, three-story building, constructed in 2023, sits on a spacious 12,500 square foot lot and boasts two buildings. Currently configured as a fully furnished, seven-bedroom, seven-full bathroom (plus two half-baths) vacation rental, it comfortably accommodates up to 18 guests. The property features an expansive outdoor entertainment area, complete with an outdoor kitchen (grill, refrigerator, ice maker, and bar), a pavilion with fireplace and TV, a large pool, and ample decking. A putting green adds to the resort-like amenities. The property is zoned R-2 and includes 4,500 square feet of air rights. With a net rentable area of 4,500 square feet, the asking price is $3,995,000, representing a price per square foot of $887.78 and a 7.31% cap rate. The property generated a net operating income (NOI) of $292,000 in its first year of operation and is already enrolled in a rental program, projecting significant future income growth. The lease term is one year, commencing December 31, 2023, and expiring December 30, 2024. The property's prime location on the West End of Panama City Beach offers unparalleled access to the beach via dedicated private community access. Its size and amenities make it ideal for various events, including weddings, corporate retreats, and family reunions. The property is being sold by the owner. The APN is 36543-000-000.