644 Caladium CirPanama City Beach, FL 32413

This exceptional 26-unit apartment building in Panama City Beach, Florida, presents a compelling investment opportunity. Located at 644 W Caladium Circle, this two-story, Class B property boasts 9,660 square feet on an 11,325.6 square foot lot. Built in 1982, the complex currently enjoys 100% occupancy, generating a Net Operating Income (NOI) of $247,285, representing a 6.68% capitalization rate. A pro-forma NOI of $304,555 projects an 8.23% cap rate, reflecting significant upside potential. The unit mix includes 22 studios, two one-bedroom/one-bathroom units, and two two-bedroom/one-bathroom units, all recently refreshed with new paint, flooring, fixtures, bathrooms, and appliances. The average monthly rent is $1,000 per unit. Its prime beachfront location across from the Gulf of Mexico, coupled with proximity to restaurants and shopping, ensures high rental demand. The property's versatility allows for continued operation as an apartment complex, conversion to a short-term rental property, or potential subdivision into individual condo units. The asking price is $3,700,000. This property offers a rare combination of immediate cash flow and substantial long-term growth potential in a highly desirable location. The property's address is 644 W Caladium Circle, Panama City Beach, FL 32413.