644 W Caladium Circle presents a compelling value-add opportunity through potential short-term rental or hybrid STR/LTR conversion strategies in one of Panama City Beach’s highest-demand tourism corridors. Preliminary conversion analysis indicates significant upside potential through increased ADRs, occupancy, and NOI growth, while the property’s studio-heavy unit mix and direct beach proximity make it exceptionally well-positioned for hospitality use (subject to buyer diligence). The asset consists of 26 fully occupied units, including 22 studios, two 1BR/1BA units, and two 2BR/1BA units, all recently refreshed with updated flooring, paint, fixtures, bathrooms, and appliances. Current operations generate approximately $315,000 in gross annual income with immediate in-place cash flow, further supported by an onsite income-producing laundry facility. Located directly across from the Gulf and within walking distance to Pier Park, Topgolf, restaurants, shopping, and Dolly Parton’s Pirates Voyage Dinner & Show, the property benefits from exceptional visibility and year-round tourism demand. An assumable/restructure-friendly loan opportunity is also in place, potentially providing more favorable financing terms relative to today’s market rates (subject to lender approval). This is a stabilized coastal asset with multiple exit strategies, strong existing fundamentals, and substantial long-term upside potential.