$1,174,999
Panama City, FL 32401
MLS# 795696
4330 sqft
1 / 16
Property 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, 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, pursue a value-add strategy, 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.
Details
Maps
Contract Info
List Price/SqFt: 271.36
List Date: 2026-09-21
List Price: $1,174,999
Current Price: $1,174,999
Sub-Type: Multi-Family
Location
Sub Area: 0203 - Bay - Central SW
Community/Resort: None
Waterfront: No
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.
Area: 02 - Bay County - Central
Street #: 3533
Street Direction: W
Street Name: Highway 98
State: FL
Zip Code: 32401
County: Bay
Subdivision: Lakeside
Parcel ID: 29030-000-000
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
Site Dimensions: 42.0 ft x 61.0 ft
Acreage: 0.19
Construction Status: Construction Complete
# of Units: 14
SqFt Unit: 200
# of Stories in Building: 2
SqFt Tot Bldg: 4330
Lot Depth: 61
Lot SqFt: 8494
Year Built: 1970
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, 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, pursue a value-add strategy, 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.
Construction/Siding
Block: 1
Concrete: 1
Floor - Vinyl: 1
Foundation - Slab on Grade: 1
Roof - Composite Shngl: 1
Financing
Cash: 1
Conventional: 1
Qualify-Required: 1
Present Zoning
Resid Multi-Family: 1
Unrestricted: 1
Association Amenities
Dumpster: 1
Utilities
Electricity - Connected: 1
Garbage: 1
Public Sewer - Connected: 1
Water Connected: 1
Sale Type
As Is: 1
Business/Property
Restrooms - Private: 1
Floors in Unit/Home
One: 1
Heating/Cooling
AC - Window Unit(s): 1
Income Producing
Property Type: Multi-Family
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: 9.8
Transport. Access
Divided Highway: 1
State Road: 1
Status Change Info
Status: Active
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 - 22 - 2026
Information deemed reliable but not guaranteed.