Property Type:
Residential
Bedrooms:
4
Baths:
4
Square Footage:
2,798
Lot Size (sq. ft.):
9,583
Status:
Active
Current Price:
$1,225,000
List Date:
2/25/2026
Last Modified:
9/01/2026
Overview
Description
OPPORTUNITY ABOUNDS ON THIS LAGUNA BEACH PROPERTY! Welcome to 209 Oleander Drive, ideally located in the heart of Panama City Beach on a spacious L-shaped lot, just steps from the sugar-white sands and emerald waters of the Gulf (less than 600 steps to the beach!). This versatile property is perfect as a primary residence, second home, or income producing long or short-term rental with two separate living spaces. The main house, currently owner-occupied and remodeled in 2017, features bright living spaces and a functional, open flow that is welcoming for both owners and guests. Step outside to enjoy a private outdoor area perfect for relaxing after a day at the beach or entertaining visitors. A standout feature is the 30x30 insulated workshop, offering endless possibilities. With plumbing already
Supplements:
in place, it could easily be converted into an additional rental unit, used for a home business, or serve as storage for vehicles or a collection.
The property also includes a carriage house (ADU) built in 2023, complete with a two-car garage. Over the past two years, this unit has generated $20,000 annually in short-term rental income, making it
...
(Read more)
in place, it could easily be converted into an additional rental unit, used for a home business, or serve as storage for vehicles or a collection.
The property also includes a carriage house (ADU) built in 2023, complete with a two-car garage. Over the past two years, this unit has generated $20,000 annually in short-term rental income, making it an excellent opportunity for buyers seeking immediate investment potential. The two-car garage with separate entrance also offers the option to be converted into additional rental space.
Both homes include a full appliance package, tankless water heaters, walk-in showers, and smoke detectors. The property is connected to city water and sewer (no septic), with one shared water/sewer bill and two separate electric meters. Refer to upgrade list in document section.
Whether you're looking for a personal beach retreat, an income-producing property, or a combination of both, this unique opportunity offers flexibility, expansion potential, ample storage, and an unbeatable location.
Schedule your showing today and discover the possibilities of beach living and investment in Panama City Beach!
Open Houses
- Saturday, September 5, 11:00 am - 3:00 pm
Last Updated: September - 01 - 2026
All information is believed to be accurate but is not guaranteed. Protected by Copyright© 2026 and is owned either by the Emerald Coast Association of REALTORS®, Inc or by the developers of the software, FBS, Inc. All rights reserved.
