Emerald Bay Apartments 644 W Caladium Cir 26 Unit Apartment Building $4,673,624 CAD ($179,755 CAD/Unit) 4.48% Cap Rate Panama City Beach, FL 32413

644 W Caladium Circle presents a rare opportunity to acquire a fully occupied, income-producing 26-unit multifamily asset in a premier Panama City Beach location directly across from the Gulf. The property consists of 22 studio units, two 1BR/1BA units, and two 2BR/1BA units, all of which have been recently refreshed with updated interiors including flooring, paint, fixtures, bathrooms, and appliances.
The asset is currently stabilized with 100% occupancy and average rents of approximately $1,000 per month, delivering immediate in-place cash flow with additional upside through rent growth and operational efficiencies. An onsite, income-producing laundry facility further enhances revenue.
The property benefits from exceptional positioning within one of PCB’s highest-demand corridors, with walkable access to dining, shopping, Pier Park, Topgolf, and Dolly Parton’s Pirates Voyage Dinner & Show, a major new regional attraction driving increased tourism and demand.
In addition to its current performance, the asset offers multiple value-add and exit strategies, including continued long-term rental operations, potential conversion to a short-term rental or hybrid model (subject to buyer diligence), or future condo sell-off.
An assumable loan opportunity is in place, offering a potential path to more favorable financing compared to current market rates (subject to lender approval).
This is a stabilized coastal asset with strong fundamentals, flexible upside, and long-term positioning in one of Florida’s most active beach markets.