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Emerald Bay Apartments 644 W Caladium Cir 26 Unit Apartment Building $3,404,000 ($130,923/Unit) 21.30% Cap Rate Panama City Beach, FL 32413
Investment Highlights
- Projected STR conversion strategy indicates potential NOI growth from ~$152K to ~$725K, representing a projected 21.3% cap rate at current list price.
- Multiple Upside Paths – Rent growth, operational efficiencies, onsite laundry income, and potential short-term or hybrid rental conversion.
- Prime Beachside Location – Directly across from the Gulf near Pier Park, Topgolf, and major PCB attractions.
Executive Summary
644 W Caladium Circle presents a compelling value-add opportunity through potential short-term rental or hybrid STR/LTR conversion strategies in one of Panama City Beach’s highest-demand tourism corridors. Preliminary conversion analysis indicates significant upside potential through increased ADRs, occupancy, and NOI growth, while the property’s studio-heavy unit mix and direct beach proximity make it exceptionally well-positioned for hospitality use (subject to buyer diligence).
The asset consists of 26 fully occupied units, including 22 studios, two 1BR/1BA units, and two 2BR/1BA units, all recently refreshed with updated flooring, paint, fixtures, bathrooms, and appliances. Current operations generate approximately $315,000 in gross annual income with immediate in-place cash flow, further supported by an onsite income-producing laundry facility.
Located directly across from the Gulf and within walking distance to Pier Park, Topgolf, restaurants, shopping, and Dolly Parton’s Pirates Voyage Dinner & Show, the property benefits from exceptional visibility and year-round tourism demand.
An assumable/restructure-friendly loan opportunity is also in place, potentially providing more favorable financing terms relative to today’s market rates (subject to lender approval). This is a stabilized coastal asset with multiple exit strategies, strong existing fundamentals, and substantial long-term upside potential.
The asset consists of 26 fully occupied units, including 22 studios, two 1BR/1BA units, and two 2BR/1BA units, all recently refreshed with updated flooring, paint, fixtures, bathrooms, and appliances. Current operations generate approximately $315,000 in gross annual income with immediate in-place cash flow, further supported by an onsite income-producing laundry facility.
Located directly across from the Gulf and within walking distance to Pier Park, Topgolf, restaurants, shopping, and Dolly Parton’s Pirates Voyage Dinner & Show, the property benefits from exceptional visibility and year-round tourism demand.
An assumable/restructure-friendly loan opportunity is also in place, potentially providing more favorable financing terms relative to today’s market rates (subject to lender approval). This is a stabilized coastal asset with multiple exit strategies, strong existing fundamentals, and substantial long-term upside potential.
Financial Summary (Pro Forma - 2026) Click Here to Access |
Annual | Annual Per SF |
|---|---|---|
| Gross Rental Income |
$99,999
|
$9.99
|
| Other Income |
-
|
-
|
| Vacancy Loss |
-
|
-
|
| Effective Gross Income |
$99,999
|
$9.99
|
| Taxes |
$99,999
|
$9.99
|
| Operating Expenses |
$99,999
|
$9.99
|
| Total Expenses |
$99,999
|
$9.99
|
| Net Operating Income |
$99,999
|
$9.99
|
Financial Summary (Pro Forma - 2026) Click Here to Access
| Gross Rental Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Other Income | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Vacancy Loss | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Effective Gross Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Taxes | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Operating Expenses | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Total Expenses | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Net Operating Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
Property Facts
| Price | $3,404,000 | Building Class | C |
| Price Per Unit | $130,923 | Lot Size | 0.26 AC |
| Sale Type | Investment | Building Size | 18,536 SF |
| Cap Rate | 21.30% | Average Occupancy | 100% |
| No. Units | 26 | No. Stories | 2 |
| Property Type | Multifamily | Year Built/Renovated | 1982/2018 |
| Property Subtype | Apartment | Parking Ratio | 1.44/1,000 SF |
| Apartment Style | Low-Rise | ||
| Zoning | R-3 | ||
| Price | $3,404,000 |
| Price Per Unit | $130,923 |
| Sale Type | Investment |
| Cap Rate | 21.30% |
| No. Units | 26 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 0.26 AC |
| Building Size | 18,536 SF |
| Average Occupancy | 100% |
| No. Stories | 2 |
| Year Built/Renovated | 1982/2018 |
| Parking Ratio | 1.44/1,000 SF |
| Zoning | R-3 |
Amenities
Unit Amenities
- Cable Ready
- Microwave
- Refrigerator
- Oven
- Range
Site Amenities
- Laundry Facilities
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| Studios | 22 | - | 500 |
| 1+1 | 4 | - | - |
Somewhat walkable
30/100
Very drivable
80/100
Limited public transit
30/100
Fairly bikeable
50/100
Property Taxes
| Parcel Number | 33832-001-000 | Total Assessment | $1,002,652 (2025) |
| Land Assessment | $140,256 (2025) | Annual Taxes | ($1) ($0.00/SF) |
| Improvements Assessment | $862,396 (2025) | Tax Year | 2026 |
Property Taxes
Parcel Number
33832-001-000
Land Assessment
$140,256 (2025)
Improvements Assessment
$862,396 (2025)
Total Assessment
$1,002,652 (2025)
Annual Taxes
($1) ($0.00/SF)
Tax Year
2026
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Emerald Bay Apartments | 644 W Caladium Cir