206 E 2nd Court A & B, Panama City, FL 32401

• 3 beds |
• 2 baths |
• 1,329 sqft

Property Description

Rare opportunity in the COVE, Panama City, FL! Two-dwelling properties like this are extremely hard to find! This unique income-producing property features three separate structures, two dwelling units, separate utilities, and brand-new roofs on all buildings, making it an ideal option for investors, house hackers, multi-generational living, or short-term/long-term rental strategies. This home is only 0.5 miles from Harrison Avenue and downtown Panama City, an area that blends historic charm with modern energy. Situated on the shores of St. Andrews Bay, downtown has experienced a resurgence in recent years, with new shops, restaurants, breweries, galleries, and community events revitalizing its historic core. The front home is vacant and fully remodeled (2023) and offers 2 bedrooms, 1 bathroom, and 859 sq. ft. of living space. Updates include a new A/C (2025, under warranty), impact skylight, new appliances, washer & dryer, new plumbing, new flooring, new blinds, and a fully fenced private yard with off-street parking and storage. Previous rent: $1,900/mo. Unit B features 1 bedroom, 1 bathroom, and 470 sq. ft., with a new split A/C (2026), covered patio, private fenced yard, and separate driveway with private alley access! Perfect for rental income, guest suite, or entertainment space. Rented: $900/mo. Each unit has separate electric and water meters, allowing for a true income-producing operation that offers privacy for each unit and simplified property management. A third structure provides dedicated laundry for Unit B and additional storage for both homes, increasing functionality and tenant appeal. Located in the highly desirable Cove area of Panama City, this property offers charm, convenience, and long-term value just minutes from downtown shopping, dining, schools, and the water. This is a unique investment opportunity in one of the city's most established neighborhoods! Measurements are to be verified by Buyer.

Listing Status:

Active

Date Added:

February 3, 2026

Data Last Updated:

April 2, 2026 at 7:22AM

Listing Office:

Beachy Beach Real Estate : 850-231-3060

Listing Agent:

Britt Matthews : 850-231-3060

MLS ID:

994435

Interior

• Appliances: DishwasherDryerRange HoodRefrigeratorWasher
• Flooring: Laminate
• A/C: Central AirWindow Unit(s)Ceiling Fan(s)
• Heating: Central

Exterior

• General: Private Yard
• Style: Florida Cottage

Construction

• General: BlockFoundation Off GradeTrim WoodSiding CmntFbrHrdBrd1

Location

• Road/Access: City Street
• Golf: Short Term Rental - Allowed
• Originating MLS: Emerald Coast Association of REALTORS®
• County: Bay

Lot

• Zoning: Resid Single Family20253000000

Utilities

• Water: 0

Financial

• Source: Emerald Coast Association of REALTORS®