Remodeled Multifamily
For Sale
$695,000
119 College Avenue, Panama City, FL 32401
CommercialSale, Panama City, FL
Property Size5,222 SF
Lot Size0.41 Acres
Price / SF$133.09
Days on Market84
Property Features for 119 College Avenue
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning description
Resid Multi-Family
Subdivision
[No Recorded Subdiv]
Elementary school
Cherry Street
Middle school
Jinks
High school
Bay
Directions
From Bay Medical Center (Ascension Sacred Heart Bay), head south on North Bonita Ave for approx. .2 miles and turn left on Bus-US 98. In approx. 1 mile, take a right onto Sherman Ave. Proceed .2 miles and then take a left on E 3rd St. Proceed .2 miles and take a right onto College Ave. Buildings will be on the corner lot on the right.
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
Legal 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)
Cooling system
Central Air
Building Details
Year built
1936
Building materials
VinylSiding
Roof type
Shingle
Listing Agency:
ERA Neubauer Real Estate, Inc · ERA Real Estate
(850) 872-3434
Listed By:
Kaci A Hawes · License #SL3441260
(850) 628-4537
Added: Jun 18
Changed: Sep 2
Last Checked: Sep 9 at 2:06PM
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.
This multifamily property includes six rental units distributed among four buildings on a 0.41-acre corner lot. The 5,222-square-foot asset contains 15 bedrooms and 9 bathrooms. The primary residence was rebuilt from the studs and provides three units with updated kitchens, new appliances, three new HVAC systems, new LVP flooring, and a front porch. Three detached single-family homes add to the unit mix, including one extensively remodeled residence.
The buildings have newer 30-year dimensional shingle roofs installed in 2019. Additional property features include vinyl siding, central air, electric heating, and public sewer service. The property is located in Flood Zone X, and the rental units are professionally managed by ERA Property Management. Floor plans are available in the Documents section and photo gallery.
The buildings have newer 30-year dimensional shingle roofs installed in 2019. Additional property features include vinyl siding, central air, electric heating, and public sewer service. The property is located in Flood Zone X, and the rental units are professionally managed by ERA Property Management. Floor plans are available in the Documents section and photo gallery.
Key Highlights
- Six income‑producing units across four buildings
- 5,222 square feet on a 0.41‑acre corner lot
- 15 bedrooms and 9 bathrooms in total
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$57,833
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
8.32%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$1,156,660
$1.2M
Cap Rate 7%
$826,186
$826.2K
Cap Rate 9%
$642,589
$642.6K
Market Conditions
NOI Build-Up for 5,222 SF
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.
Gross rent
$125.3K $24.00/SF
− Vacancy
−$20.2K −$3.86/SF
EGI
$105.2K $20.14/SF
− OpEx
−$47.3K −$9.06/SF
NOI
$57.8K $11.07/SF
Area
Walton County, FL
Vacancy
16.10%
Lease Rate
$24.00 /SF/Yr
Expense Ratio
45.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$1,156,660
Cap Rate 7%
$826,186
Cap Rate 9%
$642,589
Alternative Uses
Best Use
Apartment 5plus
$826.2K
$722.9K – $963.9K
NOI $57,833 @ 7.0% cap · market cap 8.32%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.31M
$1.15M – $1.53M
NOI $91,928 @ 7.0% cap · market cap 13.23%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
6
Residential units
Location Intelligence
Trade Area within ½ mile
248
Businesses Nearby
Explore this area
Business Placement
Demographics for 32401, FL
20,487
Population
10,239
Households
2
Avg Household Size
42
Median Age
20%
College-Educated
86%
High-School Grad
12.5 sq mi
ZIP Area
1,639
Density / Sq Mi
$49,901
Median Household Income
$35,885
Median Earnings
$1,194
Median Rent
$207,000
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in South region
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Frequently Asked Questions
What type of property is this?
Multifamily property - Six-unit income property across four buildings with updated interiors, detached residences, and professional management.
Where is this multifamily property located?
The property is located at 119 College Avenue Panama City, FL.
What is the asking price?
The asking price for this property is $695,000.
What are key features of this property?
This property features: Six income‑producing units across four buildings; 5,222 square feet on a 0.41‑acre corner lot; 15 bedrooms and 9 bathrooms in total
