CURRENTLY UNDER CONTRACT, SELLER WILL CONSIDER BACKUP OFFERS' Just five blocks from the sugar-white sands of Panama City Beach and within walking distance to the lagoon and a public boat ramp, 5501 Lagoon Way offers a unique opportunity in a prime coastal location. This 3-bedroom, 2-bathroom home features a flex space off the Florida room, ideal for a home office, playroom, or hobby area. Originally a 2-bedroom, 1-bath layout, the home was expanded to include a third bedroom and second full bathroom through a garage conversion that was previously used as a private beauty salon. A wood-burning fireplace adds charm to the main living area, and while the home showcases a vintage design, several major system upgrades have been completed. Recent improvements include storm-rated double-pane vinyl windows installed in 2024, a roof replacement in 2019, and updated wood siding on the back of the home in 2022 with new base trim around the entire exterior. The HVAC system was replaced around 2019, and the Whirlpool water heater, 2022 stainless steel LG refrigerator, and 2021 Samsung front-load washer and dryer offer modern comfort and efficiency. The addition was fully insulated, and the home is located in Flood Zone X. The septic system is situated in the front yard for easy access. Please note that items in the sunroom and the salon dryer chair do not convey. All information is deemed reliable but not guaranteed. Buyer to verify all information.