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Harrison Lilly Team

Owner/Operator | Harrison Lilly Emerald Coast | Harrison Lilly Realty | PLACE

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240 Harmon Ave , Panama City, FL 32401
$6,185,000
Est. Payment: $34,171.23/mo
29796 Sqft
1.05 Acres
Status: Active | Days on site: 281
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Harrison Lilly Team
Owner/Operator

House Description

This exceptional 34-unit waterfront community, complete with a 22-slip marina, is now offered at a newly adjusted price, creating an even stronger value proposition for investors. In addition to its comprehensive renovations and prime waterfront amenities, the property includes an income-generating on-site laundry facility and a low-maintenance marina that produces steady net revenue, further strengthening the asset's operational performance. With 22 units fully renovated down to the studs in 2020, upgraded mechanicals, new roofs, contemporary interiors, and a history of consistently high occupancy, this community offers both stability and long-term growth potential. Positioned within the heart of Downtown Panama City's ongoing revitalization--featuring upgraded streetscapes, improved walkability, and renewed waterfront development--this asset remains one of the most compelling opportunities in the market. The pricing adjustment simply aligns the offering with current investor activity and enhances the property's already strong return profile.

Highlights

Listed by Marcy L O'Donnell , 848-220-5555 Luxe Coastal Realty Group LLC , 848-220-5555. Bay County Association of REALTORS

Property Type

Commercial Sale

Lot/Acreage
1.05

Year Built

1966

County

Bay

Area

02 - Bay County - Central

Neighborhood

[No Recorded Subdiv]

Listing ID

782380

Questions about this listing?

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Interior Features

Exterior Features

Principal Interest
$34,171
Taxes
$3,943

Home Price

$6,185,000

Loan Details

30 yrs
7.374%

Down Payment

20%
$1,237,000
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Monthly Price:
$34,171.23

Principal

Taxes

Principal Taxes HOA Total
Monthly $34,171.23 $3,942.94 $0.00 $38,114.17
Yearly $410,054.81 $47,315.25 $0.00 $457,370.06
Total $12,301,644.28 $1,419,457.50 $0.00 $13,721,101.78

Today's Rates

30 Year

7.37%

20 Year

7.27%

15 Year

6.8%

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Market insight data is pulled from the same city as the listing being viewed (Panama City, FL).

The schools listed are within a 2-mile radius of the property; however, attendance is not guaranteed. Please contact the local school district to confirm zoning and enrollment options.

Information provided by Bay County Association of REALTORS, and is deemed reliable but not guaranteed accurate.

IDX service by Blueroof 360

Data last updated: 2026-10-07T08:26:25.000Z

© 2026 Bay County Association of REALTORS