Treasure Cove Homes for Sale in Panama City Beach
A lagoon-front, three-story condo community on Thomas Drive/Navy Boulevard in Lower Grand Lagoon — 58 units built in 1985, with a community boat dock and pool, about half a mile from St. Andrews State Park.
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Treasure Cove Homes Currently for Sale
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Brokerage: Century 21 AllPoints Realty, licensed real estate broker.
About Treasure Cove
Treasure Cove sits on this stretch of Lower Grand Lagoon road that Bay County renamed Navy Boulevard in 2025 — Thomas Drive remains a valid, officially-recognized alternate name for the same road, and mail delivers under either one, so don't be surprised to see the address listed both ways (3600 Thomas Dr / 3600 Navy Blvd, zip 32408) depending on the source. It's on the Lower Grand Lagoon side — the peninsula south of the lagoon between the Grand Lagoon and the Gulf, the same east-end pocket as Venture Out, the Grand Lagoon area page, and a short drive across the bridge from Bay Point and Magnolia Bay. It's condo product rather than single-family, consistent with several other communities on this same stretch of road.
It's an older, smaller community than most of what this site covers: 58 units across three stories, built in 1985, with one-bedroom plans from roughly 620 square feet and two-bedroom plans up to about 980 square feet. That scale, and the lagoon-front location directly across from the marinas and charter docks, is what defines it — a boater's and weekender's building rather than a resort tower.
On the Grand Lagoon, Built 1985
Treasure Cove is a low-rise, three-story condo community of 58 units built in 1985, sitting directly on the Grand Lagoon with water access out to the Gulf of Mexico via the pass — lagoon-front pool and views rather than Gulf-front. It sits directly across the road (Thomas Drive, also signed Navy Boulevard) from marinas, water-sport rentals, and fishing charters, and it's roughly half a mile from St. Andrews State Park and its Shell Island shuttle.
Amenities include an in-ground pool, a community boat dock, a fishing pier, boat-trailer storage for owners, a clubhouse, and a BBQ area, with in-unit washer/dryer hookups and pet-friendliness for owners. Recent listings indicate short-term rentals are allowed, though rental rules can shift with an association vote — confirm current policy before making an offer.
Small Units, Entry-Level Prices
Floor plans are compact: one-bedroom units run from roughly 620 to 980 square feet and two-bedroom units top out near 980 square feet. Many have been renovated since the 2018 hurricane, and pricing here tends to run well below other waterfront condos with a boat dock in Panama City Beach — among the most affordable entry points for that combination anywhere in the corridor.
That combination — lagoon-front, dock access, rentals allowed, sub-$300,000 — is the reason the building draws boaters, weekenders, and first-time investors. If you need more space or a Gulf view, the beachfront towers further down the same road are the comparison; if you want the water without the tower, Treasure Cove is one of the few low-rise options left on the lagoon.
What to Know About Buying at Treasure Cove
Treasure Cove is a 1985 building, so the inspection conversation is as much about the association as the unit: ask for the reserve study, the recent engineering or milestone inspection, any special assessments on the books, and the roof and seawall history. Confirm current HOA dues and what they cover. Recent listings indicate short-term rentals are allowed, which makes it one of the more investor-friendly buildings in the corridor — but rental rules can change with an association vote, so get the current rule in writing. As with any lagoon-front property, check the flood zone and get wind and flood insurance quotes early; they matter more here than the price itself, given how affordable these units are relative to the rest of the corridor.