3533 US-98, Panama City, FL 32401 (MLS# 781440)

3533 US-98, Panama City, FL 32401

$1,190,000

Property Type: Commercial for Sale Square Footage: 1,837 Lot Size (sq. ft.): 8,712 Status: Active

Current Price: $1,190,000 List Date: 11/09/2025 Last Modified: 4/01/2026

Overview

Description

Completely revitalized and effectively new as of 2021, this 14-unit multifamily property offers an exceptional turnkey investment opportunity. Each studio unit is approximately 280 square feet and has been fully updated as of 2021 with brand-new electrical wiring, sewer and water lines, windows and doors, drywall, trusses, and roof. With full occupancy and consistent rental income, this asset provides stable cash flow and minimal operational headaches. The site includes 15 parking spaces to accommodate tenants and guests comfortably. Investors will appreciate the potential cap rate of approximately 10%, underscoring the property’s strong performance and value within the local rental market. Whether held as a steady income producer or added to a growing portfolio, this property stands out as a rare opportunity to acquire a fully renovated multifamily complex offering modern infrastructure and long-term financial strength. Rent roll and financials available upon request.

Listing Details MLS# 781440

Contract Info

List Price/SqFt: 647.8
Sub-Type: Multi-Family

Location

Area: 02 – Bay County – Central
Street #: 3533
Street Name: US-98
State: FL
Zip Code: 32401
County: Bay
Sub Area: 0203 – Bay – Central SW
Subdivision: [No Recorded Subdiv]
Community/Resort: None
Waterfront: No
Parcel ID: 29030-000-000
Elementary School: Lucille Moore
Middle School: Jinks
High School: Bay
Directions: Hwy 98 between Michigan and Molitor Ave. Next to The Tint station and across from McDonalds.
Legal Description: 36 3S 15W W1/2 OF SW1/4 LOT 17 LESS HWY R/W BLK 10 ORB 4438 P 1171

General Property Info

List Class: Apartment
Construction Status: Construction Complete
Acreage: 0.2
SqFt Tot Bldg: 1837
Year Built: 1970

Multi-Family

Year Built: 2021
# of Units: 14
Actual Gross Income: 164400
Expenses: 40212
Net Operating Income: 124188
Cap Rate: 10

Listing Info, Tax and Legal

HOA Fee: No

More Information

Remarks & Misc

Remarks: Completely revitalized and effectively new as of 2021, this 14-unit multifamily property offers an exceptional turnkey investment opportunity. Each studio unit is approximately 280 square feet and has been fully updated as of 2021 with brand-new electrical wiring, sewer and water lines, windows and doors, drywall, trusses, and roof. With full occupancy and consistent rental income, this asset provides stable cash flow and minimal operational headaches. The site includes 15 parking spaces to accommodate tenants and guests comfortably. Investors will appreciate the potential cap rate of approximately 10%, underscoring the property's strong performance and value within the local rental market. Whether held as a steady income producer or added to a growing portfolio, this property stands out as a rare opportunity to acquire a fully renovated multifamily complex offering modern infrastructure and long-term financial strength. Rent roll and financials available upon request.

Construction/Siding

Block: Yes

Financing

Cash: Yes
Conventional: Yes

Present Zoning

Resid Multi-Family: Yes

Utilities

All Utilities: Yes

Sale Type

As Is: Yes

Floors in Unit/Home

Two: Yes

Property Features

Financing: Cash; Conventional Present Zoning: Resid Multi-Family Sale Type: As Is Utilities: All Utilities

Listing Office: Keller Williams Success Realty

Last Updated: April – 01 – 2026

Information deemed reliable but not guaranteed.