709 E Beach Drive, Panama City, FL 32401

Property Description

Currently under contract - seller accepting back up offers. A truly unbelievable RARE opportunity to own a multi-family QUAD that is waterfront in the historic Cove neighborhood awaits. This quad-plex sits on the corner of Beach Drive and Cherry Streets and boasts the most incredible sunsets in Panama City, Florida! This multi-family home is comprised of four units, all of equal size, and has 2 bedrooms, 1 bath in each as well as their own stackable washer/dryer in each unit. Each unit is metered separately for water, sewer and electricity making it an easy income-producing investment. The property offers parking in the back of the home and is large enough to add a pool which would create an even more profitable investment! Imagine the guests and tenants that would rent a historic waterfront unit this close to the fast-growing Downtown District of Panama City! With the notoriety of the historical landmark of ''Bunkers Point Building'' by the Historical Society of Bay County, this is sure to be a draw for guests and tenants alike! The property offers little to maintenance, as well. The home had a new roof installed in November 2018 and each unit had new appliances, hot water heaters, HVAC and stackable washer/dryers in 2019. This property located in the heart of the Cove and adjacent to Downtown Panama City offers walkability to restaurants, shopping, farmers markets, festivals and more! Watch the fireworks for July 4, take waterfront strolls along Beach Drive and sit in your front yard enamored with the shimmering water views of St. Andrews Bay! This property is zoned MU-3 providing many possibilities for a buyer. Currently being used a long term rental, short term rentals ARE ALLOWED and gives a savvy investor the opportunity to increase rents and maximize the return on this waterfront gem! Other uses for MU-3 include but are certainly not limited to: bed and breakfasts, private school, professional offices, grocery and convenience retail store, food establishment and so much more! Please see the City of Panama City for full zoning information. Two of the units can be accessed from the ground level and two of the units can be accessed from the second level. Each unit is single level throughout. The units each have a bedroom and living room that face the beautiful waterfront. There is a kitchen, bedroom and bathroom overlooking the lush landscaping and hundred year old oak trees in the back yard. The dining room is conveniently located in the center of the unit and makes for a great open layout! This is an amazing opportunity for an investor looking to expand their multi-family portfolio, a professional looking to create an office in a neighborhood and have income producing units above, or an individual looking to live in one unit and rent the other three year-round. The possibilities are ENDLESS with this waterfront multi-family QUAD!