2605 Redwood Street, Panama City Beach, FL 32408 (MLS# 785031)

2605 Redwood Street, Panama City Beach, FL 32408

$850,000

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Property Type: Residential Bedrooms: 10 Baths: 8 Square Footage: 4,432 Lot Size (sq. ft.): 8,407 Status: Active

Current Price: $850,000 List Date: 2/10/2026 Last Modified: 4/03/2026

Overview

Description

Start 2026 with a strong, stabilized income property at 2605 Redwood Street, a well-maintained duplex consisting of two separate buildings, each featuring two apartments for a total of four units. This turnkey asset is fully leased and positioned to deliver immediate and reliable cash flow. The property offers a desirable unit mix of spacious 3-bedroom and 2-bedroom apartments, each with 1½ bathrooms. All apartments have been renovated with new kitchen, new flooring throughout, and Energy saving appliances. appealing to long-term tenants and supporting consistent occupancy. All apartments have been recently renovated. Recent capital improvements significantly enhance the property's value and reduce near-term maintenance, including brand-new flooring throughout, A/C unit is less than 4 years old, the roof was replaced in 2019, part of the siding on each building has been replaced, a newly installed septic tank. With all apartments currently rented, the property generates an estimated … (Read more)

Listing Details MLS# 785031

Contract Info

List Price/SqFt: 191.79

Location

Area: 03 – Bay County – Beach
Street #: 2605
Street Name: Redwood
Street Suffix: Street
State: FL
Zip Code: 32408
County: Bay
Sub Area: 0319 – Beach – East
Subdivision: Treasure Cove
Community/Resort: None
Waterfront: No
Parcel ID: 31054-000-000
Elementary School: Patronis
Middle School: Surfside
High School: Arnold
Directions: Take US-98 West to Thomas Drive/Navy Blvd then Turn right onto E Hibiscus Ave, then Turn right onto Redwood Street, Duplex on the riht side.
Legal Description: TREASURE COVE LOT 6 BLK 11 ORB 2074 P 941

General Property Info

Sub-Type: Duplex Multi-Units
Design: Duplex
Apx SqFt(Htd/Cooled): 4432
SqFt Source: Builders Plans
Full Baths: 4
Half Baths: 4
Total Baths: 8
Year Built: 1978
Construction Status: Construction Complete
New Construction: No
Garage Y/N: No
Lot Dimensions: 32 X 34
Acreage: 0.19
Lot Size (SqFt): 8407
Pool: No

Listing Info, Tax and Legal

Homestead: No
HOA Fee: No
New Buyer Fee: No
Last Taxes: 4271
Last Tax Year: 2025
Lot: 6
Block: 11
Brokerage Interest: No Interest
As Is: Yes

Remarks & Misc

Remarks: Start 2026 with a strong, stabilized income property at 2605 Redwood Street, a well-maintained duplex consisting of two separate buildings, each featuring two apartments for a total of four units. This turnkey asset is fully leased and positioned to deliver immediate and reliable cash flow. The property offers a desirable unit mix of spacious 3-bedroom and 2-bedroom apartments, each with 1½ bathrooms. All apartments have been renovated with new kitchen, new flooring throughout, and Energy saving appliances. appealing to long-term tenants and supporting consistent occupancy. All apartments have been recently renovated. Recent capital improvements significantly enhance the property's value and reduce near-term maintenance, including brand-new flooring throughout, A/C unit is less than 4 years old, the roof was replaced in 2019, part of the siding on each building has been replaced, a newly installed septic tank. With all apartments currently rented, the property generates an estimated Net Operating Income of $70,000 annually, offering investors an attractive 7% cap rate. The combination of strong in-place income, recent upgrades, and minimal deferred maintenance makes this an ideal acquisition for investors seeking stable returns with limited operational risk. Whether you're expanding an existing portfolio or entering the multifamily market, 2605 Redwood Street represents a compelling opportunity to secure a high-performing asset in the new year. No signs on the property, please do not disturb tenants.

Appliances

Dishwasher: Yes
Disposal: Yes
ENERGY STAR Qualified Appliances: Yes
Microwave: Yes
Oven – Electric: Yes
Refrigerator: Yes

More Information

Interior Features

Floor – Tile: Yes
Floor – Vinyl: Yes

Construction/Siding

Block: Yes
Concrete: Yes
Roof – Composite Shngl: Yes
Siding – Vinyl: Yes

Exterior

Fenced Back Yard: Yes
Patio Open: Yes

Furnished

Unfurnished: Yes

Interior

Floor – Carpet: Yes

Lot Features

Near Beach Access: Yes
Near Public Boat Ramp: Yes

Lot Access

Near Interstate Exit: Yes
City Street: Yes
Paved Road: Yes

Parking Features

Driveway: Yes
No Garage: Yes

Mstr Bath / Mstr Bdrm

MBath Double Vanity: Yes
MBath Shower/Tub Combo: Yes

Present Zoning

City: Yes

Rooms

Bedroom: Yes

Utilities

Cable – Available: Yes
Electricity – Connected: Yes
Public Sewer – Connected: Yes
Septic Tank: Yes

Sale Type

As Is: Yes

Bedroom

Second: Yes

Cooling

Central Air: Yes

Heating

Central: Yes

Property Features

Appliances: Dishwasher; Disposal; ENERGY STAR Qualified Appliances; Microwave; Oven – Electric; Refrigerator Bedroom: Second Cooling: Central Air Heating: Central Exterior: Fenced Back Yard; Patio Open Furnished: Unfurnished Interior: Floor – Carpet Lot Features: Near Beach Access; Near Public Boat Ramp Lot Access: City Street; Paved Road Parking Features: Driveway; No Garage Rooms: Bedroom Sale Type: As Is Utilities: Cable – Available; Electricity – Connected; Public Sewer – Connected; Septic Tank

Room Information

Room Name	Level	Dimensions	Length	Width
Bedroom	Second	10 x 10	10.00	10.00
Bedroom	Second	10 x 10	10.00	10.00
Bedroom	Second	10 x 10	10.00	10.00
Bedroom	Second	10 x 10	10.00	10.00
Bedroom	Second	10 x 10	10.00	10.00
Bedroom	Second	10 x 10	10.00	10.00
Bedroom	Second	10 x 10	10.00	10.00
Bedroom	Second	10 x 10	10.00	10.00
Bedroom	Second	10 x 10	10.00	10.00
Bedroom	Second	10 x 10	10.00	10.00

Listing Office: Coldwell Banker Realty

Last Updated: April – 03 – 2026

Information deemed reliable but not guaranteed.