3533 W Highway 98, Panama City, FL 32401 (MLS# 795696)

3533 W Highway 98, Panama City, FL 32401

New Listing

$1,174,999

Property Type: Commercial for Sale Square Footage: 4,330 Lot Size (sq. ft.): 8,276 Status: Active

Current Price: $1,174,999 List Date: 9/22/2026 Last Modified: 9/23/2026

Overview

Description

Rare opportunity to acquire a 14-unit multifamily property positioned directly along W Hwy 98 in Panama City, offering investors an established income-producing asset in a highly visible and strategically located corridor. With approximately 42,250 vehicles traveling this segment of W Hwy 98 daily, and updates from 2021 including new electrical, sewer and water lines, windows, doors, drywall, trusses and roof, the property benefits from exceptional exposure and convenient connectivity throughout Panama City and the surrounding Bay County market. Located in the historic St. Andrews area, this property places residents within easy reach of everyday necessities, restaurants, shopping, employment centers, schools, recreation and major transportation routes. The surrounding area provides convenient access to the Port of Panama City, Gulf Coast State College, Florida State University-Panama City, downtown Panama City, the Hathaway Bridge and the beaches of Panama City Beach. For residents, t … (Read more) Rare opportunity to acquire a 14-unit multifamily property positioned directly along W Hwy 98 in Panama City, offering investors an established income-producing asset in a highly visible and strategically located corridor. With approximately 42,250 vehicles traveling this segment of W Hwy 98 daily, and updates from 2021 including new electrical, sewer and water lines, windows, doors, drywall, trusses and roof, the property benefits from exceptional exposure and convenient connectivity throughout Panama City and the surrounding Bay County market. Located in the historic St. Andrews area, this property places residents within easy reach of everyday necessities, restaurants, shopping, employment centers, schools, recreation and major transportation routes. The surrounding area provides convenient access to the Port of Panama City, Gulf Coast State College, Florida State University-Panama City, downtown Panama City, the Hathaway Bridge and the beaches of Panama City Beach. For residents, the location offers the convenience of being close to work, education, dining and entertainment, while investors benefit from the property’s established multifamily use and proximity to major demand drivers throughout the Panama City market. Lucille Moore Elementary School is approximately 0.2 miles away, with Jinks Middle School approximately 2.5 miles and Bay High School approximately 2.9 miles from the property. The property’s history as a multifamily asset dates back to its construction in approximately 1970, with public records also reflecting its historic operation as Bay Villa Apartments. Whether you’re looking to add an established multifamily asset to your portfolio, or capitalize on the continued demand for housing in the Panama City/St. Andrews area, 3533 W Hwy 98 presents a unique opportunity to own a sizable multifamily property along one of the area’s most traveled corridors. Buyer to independently verify all measurements, zoning, permitted uses, unit configuration, financials, traffic counts, and other property information deemed important to buyer. All financial information is approximate, provided by owner.

Listing Details MLS# 795696

Contract Info

List Price/SqFt: 271.36
Sub-Type: Multi-Family

Location

Area: 02 – Bay County – Central
Street #: 3533
Street Direction: W
Street Name: Highway 98
State: FL
Zip Code: 32401
County: Bay
Sub Area: 0203 – Bay – Central SW
Subdivision: Lakeside
Community/Resort: None
Waterfront: No
Parcel ID: 29030-000-000
Elementary School: Lucille Moore
Middle School: Jinks
High School: Bay
Directions: Continue onto W HWY 98 until you reach the blue building on the left-hand side.
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: Residential Income
Construction Status: Construction Complete
# of Units: 14
SqFt Unit: 280
# of Stories in Building: 2
Site Dimensions: 42.0 ft x 61.0 ft
Acreage: 0.19
Lot Depth: 61
Lot SqFt: 8494
SqFt Tot Bldg: 4330
Year Built: 1970

Multi-Family

Year Built: 1970
Building SqFt: 4330
# of Units: 14
Price P/Unit: 83928
Actual Gross Income: 155200.27
Expenses: 46506.79
Net Operating Income: 108693.48
Cap Rate: 9.2

More Information

Listing Info, Tax and Legal

HOA Fee: No

Remarks & Misc

Remarks: Rare opportunity to acquire a 14-unit multifamily property positioned directly along W Hwy 98 in Panama City, offering investors an established income-producing asset in a highly visible and strategically located corridor. With approximately 42,250 vehicles traveling this segment of W Hwy 98 daily, and updates from 2021 including new electrical, sewer and water lines, windows, doors, drywall, trusses and roof, the property benefits from exceptional exposure and convenient connectivity throughout Panama City and the surrounding Bay County market. Located in the historic St. Andrews area, this property places residents within easy reach of everyday necessities, restaurants, shopping, employment centers, schools, recreation and major transportation routes. The surrounding area provides convenient access to the Port of Panama City, Gulf Coast State College, Florida State University-Panama City, downtown Panama City, the Hathaway Bridge and the beaches of Panama City Beach. For residents, the location offers the convenience of being close to work, education, dining and entertainment, while investors benefit from the property's established multifamily use and proximity to major demand drivers throughout the Panama City market. Lucille Moore Elementary School is approximately 0.2 miles away, with Jinks Middle School approximately 2.5 miles and Bay High School approximately 2.9 miles from the property. The property's history as a multifamily asset dates back to its construction in approximately 1970, with public records also reflecting its historic operation as Bay Villa Apartments. Whether you're looking to add an established multifamily asset to your portfolio, or capitalize on the continued demand for housing in the Panama City/St. Andrews area, 3533 W Hwy 98 presents a unique opportunity to own a sizable multifamily property along one of the area's most traveled corridors. Buyer to independently verify all measurements, zoning, permitted uses, unit configuration, financials, traffic counts, and other property information deemed important to buyer. All financial information is approximate, provided by owner.

Construction/Siding

Block: Yes
Concrete: Yes
Floor – Vinyl: Yes
Foundation – Slab on Grade: Yes
Roof – Composite Shngl: Yes

Financing

Cash: Yes
Conventional: Yes
Qualify-Required: Yes

Present Zoning

Resid Multi-Family: Yes
Unrestricted: Yes

Association Amenities

Dumpster: Yes

Utilities

Electricity – Connected: Yes
Garbage: Yes
Public Sewer – Connected: Yes
Water Connected: Yes

Sale Type

As Is: Yes

Business/Property

Restrooms – Private: Yes

Floors in Unit/Home

One: Yes

Heating/Cooling

AC – Window Unit(s): Yes

Transport. Access

Divided Highway: Yes
State Road: Yes

Property Features

Financing: Cash; Conventional; Qualify-Required Present Zoning: Resid Multi-Family; Unrestricted Sale Type: As Is Utilities: Electricity – Connected; Garbage; Public Sewer – Connected; Water Connected

Listing Office: CENTURY 21 Commander Realty

Last Updated: September – 23 – 2026

Information deemed reliable but not guaranteed.