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

List Price/SqFt: 191.79

Status: Active

List Date: 2026-02-09

List Price: $850,000

Current Price: $850,000

Sub Area: 0319 - Beach - East

Community/Resort: None

Waterfront: No

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.

Area: 03 - Bay County - Beach

Street #: 2605

Street Name: Redwood

Street Suffix: Street

State: FL

Zip Code: 32408

County: Bay

Subdivision: Treasure Cove

Parcel ID: 31054-000-000

Legal Description: TREASURE COVE LOT 6 BLK 11 ORB 2074 P 941

Acreage: 0.19

Design: Duplex

Lot Size (SqFt): 8407

Apx SqFt(Htd/Cooled): 4432

Construction Status: Construction Complete

SqFt Source: Builders Plans

Half Baths: 4

Lot Dimensions: 32 X 34

New Construction: No

Garage Y/N: No

Pool: No

Sub-Type: Duplex Multi-Units

Bedrooms: 10

Full Baths: 4

Total Baths: 8

Year Built: 1978

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: 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.

Dishwasher: 1

Disposal: 1

ENERGY STAR Qualified Appliances: 1

Microwave: 1

Oven - Electric: 1

Refrigerator: 1

Floor - Tile: 1

Floor - Vinyl: 1

Block: 1

Concrete: 1

Roof - Composite Shngl: 1

Siding - Vinyl: 1

Fenced Back Yard: 1

Patio Open: 1

Unfurnished: 1

Floor - Carpet: 1

Near Beach Access: 1

Near Public Boat Ramp: 1

Near Interstate Exit: 1

City Street: 1

Paved Road: 1

Driveway: 1

No Garage: 1

MBath Double Vanity: 1

MBath Shower/Tub Combo: 1

City: 1

Bedroom: 1

Cable - Available: 1

Electricity - Connected: 1

Public Sewer - Connected: 1

Septic Tank: 1

As Is: 1

Second: 1

Central Air: 1

Central: 1