Six-Unit Income Producing
119 College Avenue Panama City, FL 32401
119 College Avenue, Panama City, FL, 32401
$724,000
For Sale
$724,000
MULTI_FAMILY - Panama City, FL
Property Size5,222 SF
Lot Size0.41 Acres
Price / SF$138.64
Days on Market36
Property Features for 119 College Avenue
General Information
- Property type
- Residential Multi Family
- Property subtype
- Other
- Standard status
- Active
- APN
- 22946-000-000
- Size
- 5,222 SF
- Lot size
- 0.41 Acres
Taxes and HOA fees
- Tax Description
- HOLMES ADD N 120' OF LOT 1 BLK 19 LESS 20' FOR RD ORB 4353 P 2306
Utilities
- Sewer type
- Public Sewer
- Heating system
- Central, Electric (Heating)
Building Details
- Year built
- 1936
- Building materials
- VinylSiding
- Roof type
- Shingle
Listing agency
ERA Neubauer Real Estate, Inc
(850) 872-3434
Listed by
Kaci A Hawes · License #SL3441260
(850) 628-4537
Added: Jun 18 Updated: Jul 13 at 12:36PM Checked: Jul 23 at 7:06AM
MLS# 791536
Copyright © 2026 Central Panhandle Association of REALTORS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
Welcome to 119 College Avenue, a six-unit rental property in a well-maintained setting. The offering includes a primary residence with three separate rental units and three detached single-family homes. Across the portfolio, there are 15 bedrooms and 9 bathrooms. The primary residence was renovated down to the studs and rebuilt with quality finishes, and it features a front porch, three new HVAC systems, and updated kitchens with new appliances. Unit interiors include new LVP flooring in multiple units and updated kitchen and bath finishes. Roof improvements include newer 30-year dimensional shingle roofs installed in 2019 on all buildings.
The property sits on a spacious 0.41-acre corner lot in Flood Zone X, and it consists of four total buildings. Current management is handled by ERA Property Management, providing a professionally managed, turn-key operation. Floor plans are available in the Documents section and a photo gallery is provided for review.
For investors or owner-operators seeking a multi-unit rental configuration, this package combines multiple independent homes with a recently rebuilt main structure and consistent exterior roof replacement. The current unit mix includes upstairs and downstairs living areas in the main residence, plus detached units ranging from two- to three-bedroom layouts. A seller credit of $25,000 toward buyer closing costs, prepaids, or a rate buydown is also available, and private showings can be scheduled to review the unit details and floor plans.
The property sits on a spacious 0.41-acre corner lot in Flood Zone X, and it consists of four total buildings. Current management is handled by ERA Property Management, providing a professionally managed, turn-key operation. Floor plans are available in the Documents section and a photo gallery is provided for review.
For investors or owner-operators seeking a multi-unit rental configuration, this package combines multiple independent homes with a recently rebuilt main structure and consistent exterior roof replacement. The current unit mix includes upstairs and downstairs living areas in the main residence, plus detached units ranging from two- to three-bedroom layouts. A seller credit of $25,000 toward buyer closing costs, prepaids, or a rate buydown is also available, and private showings can be scheduled to review the unit details and floor plans.
Key Highlights
- Six‑rental‑unit income‑producing property generating approximately $83,460 gross annual income, professionally managed by ERA Property Management
- 0.4‑acre corner lot in Flood Zone X (no flood insurance required)
- Four total buildings with newer 30‑year dimensional shingle roofs installed in 2019
Local Financial Insights For Apartment 5plus
Simulate Cap Rate and NOI
NOI Build-Up
- Vacancy
- income lost from leasable area expected to sit empty during the year — subtracted from gross rent.
- EGI (Effective Gross Income)
- gross rent minus vacancy losses — the realistic income before paying operating costs.
- OpEx (Operating Expenses)
- recurring costs to operate the property (property tax, insurance, utilities, maintenance, management) — excludes financing and capital improvements.
- NOI (Net Operating Income)
- income a property generates after operating costs but before financing and taxes.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $125.3k | $24.00 |
| − Vacancy | −$20.2k | −$3.86 |
| EGI | $105.2k | $20.14 |
| − OpEx | −$47.3k | −$9.06 |
| NOI | $57.8k | $11.07 |
5,222 SF · lease $24.00/SF/yr · vacancy 16.10% · expense 45.00%
Alternative Uses
Best Use
Apartment 5plus
$826.2K
$722.9K – $963.9K
NOI $57,833 @ 7.0% cap · market cap 7.99%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.31M
$1.15M – $1.53M
NOI $91,928 @ 7.0% cap · market cap 12.70%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Property Profile
Location Intelligence
Current Use by Public Records
Apartment buildings
Similar For Sale Nearby
FAQs
What type of property is this?
Apartment building - Turnkey six-unit rental portfolio on a corner lot with recently remodeled interiors and newer roof improvements.
Where is this apartment building located?
The property is located at 119 College Avenue Panama City, FL.
What is the asking price?
The asking price for this property is $724,000.
What are key features of this property?
This property features: Six‑rental‑unit income‑producing property generating approximately $83,460 gross annual income, professionally managed by ERA Property Management; 0.4‑acre corner lot in Flood Zone X (no flood insurance required); Four total buildings with newer 30‑year dimensional shingle roofs installed in 2019
