240 Harmon Ave

Magnolia Cove offers a rare opportunity to acquire a waterfront, stabilized multifamily community in the heart of Downtown Panama City. The property consists of 34 residential units and a 22-slip marina, creating a unique investment with diversified income streams and strong long-term positioning.

The unit mix includes one- and two-bedroom residences designed for functional, comfortable living. In 2020, 22 units were fully renovated down to the studs, including new roofs, mechanical systems, windows, doors, insulation, and updated interior finishes. These improvements have significantly reduced near-term capital expenditure needs while enhancing tenant appeal. The property is currently 100% occupied, providing immediate and stable cash flow.

In addition to rental income, Magnolia Cove benefits from ancillary revenue sources, including an income-producing marina and on-site laundry facility, both contributing to overall NOI with relatively low operational overhead.

Located within Downtown Panama City’s ongoing revitalization corridor, the property is surrounded by continued public and private investment, including streetscape improvements, enhanced walkability, and waterfront redevelopment. These factors continue to support rental demand and long-term value growth.

The offering also includes the opportunity to assume favorable in-place financing (~3.75% non-recourse), providing a meaningful advantage in today’s higher interest rate environment.

Magnolia Cove is well-suited for investors seeking a turnkey, income-producing asset with strong fundamentals, multiple revenue streams, and a strategic waterfront location in a growing coastal market.