Sold

709 E Beach Drive

Panama City FL, 32401

$1,000,000


$270.56 per sqft

Sold

8 Beds

4 Baths

3,696 sqft

Multi-family

Built in 1943

Currently under contract - seller accepting back up offers. A truly unbelievable RARE opportunity to own a multi-family QUAD that is waterfront in the historic Cove neighborhood awaits. This quad-plex sits on the corner of Beach Drive and Cherry Streets and boasts the most incredible sunsets in Panama City, Florida! This multi-family home is comprised of four units, all of equal size, and has 2 bedrooms, 1 bath in each as well as their own stackable washer/dryer in each unit. Each unit is metered separately for water, sewer and electricity making it an easy income-producing investment. The property offers parking in the back of the home and is large enough to add a pool which would create an even more profitable investment! Imagine the guests and tenants that would rent a historic waterfront unit this close to the fast-growing Downtown District of Panama City! With the notoriety of the historical landmark of ''Bunkers Point Building'' by the Historical Society of Bay County, this is sure to be a draw for guests and tenants alike! The property offers little to maintenance, as well. The home had a new roof installed in November 2018 and each unit had new appliances, hot water heaters, HVAC and stackable washer/dryers in 2019. This property located in the heart of the Cove and adjacent to Downtown Panama City offers walkability to restaurants, shopping, farmers markets, festivals and more! Watch the fireworks for July 4, take waterfront strolls along Beach Drive and sit in your front yard enamored with the shimmering water views of St. Andrews Bay! This property is zoned MU-3 providing many possibilities for a buyer. Currently being used a long term rental, short term rentals ARE ALLOWED and gives a savvy investor the opportunity to increase rents and maximize the return on this waterfront gem! Other uses for MU-3 include but are certainly not limited to: bed and breakfasts, private school, professional offices, grocery and convenience retail store, food establishment and so much more! Please see the City of Panama City for full zoning information. Two of the units can be accessed from the ground level and two of the units can be accessed from the second level. Each unit is single level throughout. The units each have a bedroom and living room that face the beautiful waterfront. There is a kitchen, bedroom and bathroom overlooking the lush landscaping and hundred year old oak trees in the back yard. The dining room is conveniently located in the center of the unit and makes for a great open layout! This is an amazing opportunity for an investor looking to expand their multi-family portfolio, a professional looking to create an office in a neighborhood and have income producing units above, or an individual looking to live in one unit and rent the other three year-round.The possibilities are ENDLESS with this waterfront multi-family QUAD!

753256

MLS ID

February 23, 2024

Listed

March 29, 2024

Updated

Map

709 E Beach Drive
Panama City FL, 32401

Interior Features

Total Stories

2


Bedrooms

8 Beds


Bathrooms

4 Baths


Interior Features

Pantry


Appliances

Dryer, Washer/Dryer Stacked, Dishwasher, Electric Range, Electric Water Heater, Refrigerator, Washer


Laundry Description

Washer Hookup, Dryer Hookup, Stacked


Floor Description

Hardwood, Tile


Fireplace

No


Cooling

Yes


Cooling Description

Central Air, Ceiling Fan(s), Electric


Heating

Yes


Heating Description

Central, Electric

Exterior/Building Features

Lot Size

0.19 Acres


Exterior Features

Fence, Sprinkler/Irrigation, Porch


Lot Features

Corner Lot, Waterfront


Roof

Shingle


Sewer

Public Sewer

School Information

High School

Bay


Elementary School

Cherry Street

Other Property Details

Area Name

02 - Bay County - Central


Taxes

$2,825


Tax Frequency

Annually


Days on Market

4


Garage

No


View

Yes


View Description

Bay


County

Bay


Water Source

Public


Pool

No


Waterfront

Yes


Buyer Agency Compensation

2.5%

Listing History

Date

Event

Price

3/29/2024

Sold

$1,000,000

2/28/2024

Under Contract

 

Courtesy of Corcoran Reverie, Sostheim Group,
Listing Contact: (850) 814-4560 

All information deemed reliable but not guaranteed and should be independently verified. All properties are subject to prior sale, change or withdrawal. Neither listing broker(s) nor The Peevy Team shall be responsible for any typographical errors, misinformation, misprints and shall be held totally harmless.

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