Residential Land for Sale in Panama City, Florida

Premier opportunity to acquire a fully renovated, five-unit multifamily property ideally positioned just steps from the white-sand beaches of Panama City Beach. Dolphin Drive Beach Cottages features five spacious 1-bedroom, 1.5-bath units-each approximately 714 SF-with modern interiors, private balconies, and on-site covered parking. Currently operated as a short-term rental portfolio, the property offers a flexible investment profile suitable for Airbnb, mid-term, or long-term tenants. With professional property management in place, an investor can achieve stabilized returns while enjoying strong demand from beachgoers, snowbirds, and seasonal workers. The property is directly across from the luxury beachfront community of Hadley's Beach, adding long-term value and redevelopment potential into a similar luxury single-family or townhome development. The location combines residential charm and convenience-tucked in a quiet neighborhood with a rare public boat ramp, yet moments from St. Andrews State Park, Emerald Coast Beaches, and the vibrant dining and entertainment corridor along Thomas Drive. This is a rare chance to own a high-performing coastal multifamily asset with both income and redevelopment appeal. * Five turnkey 1BR/1.5BA units (~714 SF each) - modern interiors and private balconies * Airbnb-ready & STR-friendly zoning (R-3)- flexible for short-, mid-, or long-term rental strategies * Directly across from luxury community Hadley's Beach - premier location with future redevelopment upside * Prime beach-adjacent location - steps from the Gulf and minutes to St. Andrews State Park * Fully furnished & operational - ready for immediate cash flow or repositioning