Magnolia Cove Apartments and Marina 240 Harmon Ave 34 Unit Apartment Building $6,197,500 ($182,279/Unit) 5.78% Cap Rate Panama City, FL 32401

Magnolia Cove presents a rare opportunity to acquire a stabilized, waterfront multifamily community in the heart of Downtown Panama City. The property consists of 34 units and a 22-slip marina, offering diversified income streams and a unique positioning within the market.
The asset has undergone extensive renovations, with 22 units fully rebuilt down to the studs in 2020, including new roofs, mechanical systems, windows, doors, and modern interior finishes. The property is currently 100% occupied, providing immediate and consistent cash flow.
In addition to residential income, the property benefits from ancillary revenue sources, including an income-producing marina and on-site laundry facility, both contributing to overall NOI with relatively low operational complexity.
Located within a rapidly revitalizing downtown district, the property is surrounded by ongoing public and private investment, including infrastructure improvements, waterfront enhancements, and increased commercial activity. This continued growth is expected to support long-term rental demand and value appreciation.
The offering also includes the opportunity to assume attractive in-place financing (~3.75% non-recourse), providing a significant advantage relative to current debt market conditions.
Magnolia Cove is well-suited for investors seeking a stable, income-producing asset with upside potential, backed by strong fundamentals, strategic location, and unique waterfront amenities.