Add Listing
    For Sale
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    Back to Search
    Remodeled Six-Unit Apartment Property Title is generated by Realmo AI

    119 College Avenue, Panama City, FL 32401

    View on Map
    Claim this Listing
    For Sale
    $724,000

    Six professionally managed rental units with fully renovated interiors and multiple bedrooms/bathrooms, generating $82,000+ gross annually.

    Type:Multi-Family
    Property size:
    5,222 SF
    Lot size:
    0.40 Acres
    Price / SF:
    $138/SF
    Added:
    May 12, 2026
    Days on Market:
    26
    Last Refresh:
    Jun 5 at 2:46 am

    Property Features for 119 College Avenue

    General Information

    Standard status
    Active
    Size
    5,222 SF
    Lot size
    0.40 Acres
    Property subtype
    Multi-Family

    Building Details

    Year Built
    1936

    We can help!

    Listing Contact
    Kaci Hawes
    Kaci Hawes

    Listing agent Kaci Hawes License #SL3441260

    Listing office ERA Neubauer Real Estate, Inc

    Listing date May 12, 2026

    Source Xome

    Displayed information is deemed reliable but is not guaranteed and should be independently verified.

    All listing content including descriptions, pricing, images are the copyrighted material of ERA Neubauer Real Estate, Inc

    HighLights

    • Six professionally managed rental units with over $82,000 in gross annual income
    • Fully renovated main residence (built 1936) down to the studs with three rental units totaling 8 bedrooms and 5 bathrooms
    • Front porch plus multiple outdoor spaces including covered porch, deck, and balcony; vinyl exterior; shingle roof
    • Main house HVAC: three new HVAC systems
    • Total unit mix across six buildings: 15 bedrooms and 9 bathrooms; detached single‑family units include Units 7, 5, and 6
    • 0.4‑acre corner lot in Flood Zone X (no flood insurance required); city road and community maintenance noted

    Overview

    This for-sale multifamily property at 119 College Avenue includes six rental units across four buildings. The primary residence features three separate units that were fully renovated down to the studs and rebuilt with updated finishes throughout, including new HVAC systems. The home offers a welcoming front porch, updated kitchens with new appliances, and remodeled living spaces. Unit 1 is a 3-bedroom, 2-bath upstairs unit with a private entrance to the primary suite, an oversized laundry room, and updated LVP flooring. Unit 2 is a 3-bedroom, 2-bath downstairs unit with a split floor plan and updated flooring. Unit 3 is a 2-bedroom, 1-bath rear apartment. In addition, three detached single-family homes provide Units 7, 5, and 6, with Unit 6 extensively remodeled and each unit featuring its own bedrooms and bath count for rental flexibility. Combined, the property totals 15 bedrooms and 9 bathrooms.

    The property sits on a spacious 0.4-acre corner lot in Flood Zone X, which indicates no flood insurance requirement. It is also professionally managed by ERA Property Management.

    For buyers seeking a multi-building rental portfolio, this offering provides multiple independently configured units, recent interior renovations in the primary residence, and ongoing professional management. Floor plans are available in the Documents section, and the photo gallery supports a detailed review of interior finishes. Private showings can be scheduled to confirm unit layouts and improvements.

    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 (±1% cap)
    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 (±1% cap)
    NOI $91,928 @ 7.0% cap · market cap 12.70%
    Zoning and permitted uses should be independently verified with local authorities.
    Location Intelligence

    Current Use by Public Records

    Apartment buildings

    Suggested Use

    Real Estate Agency Restaurant Law Firm Spa & Massage Center Hair Salon Nail Salon Building Supply Auto Repair Shop Gym & Fitness Center Pharmacy

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Panama City
    County
    Walton
    State
    Florida
    Longitude
    -85.6312421
    Latitude
    30.1502619

    Nearby Similar for Sale

    • $2,500,000
      11,171 SF

      Versatile Commercial Property in Panama City

      Showroom, warehouse, and office space in a strategic location.
      1331 Harrison Avenue, Panama City, FL 32401
      View Details
    • $1,500,000
      9,050 SF

      Three-Building Flex and Industrial Campus

      A 9,000+ SF heated, multi-office flex campus with gated storage, abundant parking, and room to scale for growing operations.
      2901 W 17th Street, Panama City, FL 32405
      View Details
    • $775,000
      1,708 SF

      Historic Panama City Mixed-Use Property

      Custom property on a large lot, suitable for multiple commercial uses.
      854 Magnolia Avenue, Panama City, FL 32401
      View Details
    • $959,900
      5,026 SF

      Panama City Commercial Corner Parcel

      Large commercial parcel on a main corridor to the beaches.
      1040 W 15th Street, Panama City, FL 32401
      View Details
    • $724,000
      5,222 SF

      Income-Producing Multi-Family Panama City

      Six rental units generating over $82,000 in gross annual income.
      119 College Avenue, Panama City, FL 32401
      View Details
    • $615,000
      3,375 SF

      Automotive Service Shop with Bays

      Move-in ready shop with service bays, office space, and substantial frontage on a sizeable commercial lot.
      1900 N East Avenue, Panama City, FL 32405
      View Details
    • $1,175,000
      7,574 SF

      Remodeled Office Space with Land

      Centrally located office space with remodeled interiors and vacant land.
      1108 School Avenue, Panama City, FL 32401
      View Details
    • $395,000
      1,674 SF

      Turnkey Commercial Space, High-Visibility Location

      Move-in-ready commercial space in a high-traffic area near downtown.
      316 W 11th Street, Panama City, FL 32401
      View Details
    • $1,185,000
      2,720 SF

      Waterfront Multifamily Property with Boat Slips

      Updated waterfront multifamily property in Panama City with income potential.
      6722 S Lagoon Drive, Panama City, FL 32408
      View Details
    • $415,000
      3,375 SF

      Retail Building in Panama City

      Well-maintained retail building with high visibility and flexible layout.
      1415 Gulf Avenue, Panama City, FL 32401
      View Details
    • $650,000
      3,100 SF

      Versatile Commercial Building Near Downtown

      Spacious commercial building near downtown with 10 bedrooms and 8 baths.
      722 N Martin Luther King Junior Boulevard, Panama City, FL 32401
      View Details
    • $1,490,000

      Prime Commercial Panama City Location

      Office, retail, or restaurant opportunity in Panama City Beach.
      2209 Thomas Dr, Panama City, FL 32408
      View Details

    FAQs

    What type of property is this?
    Apartment building - Six professionally managed rental units with fully renovated interiors and multiple bedrooms/bathrooms, generating $82,000+ gross annually.
    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 professionally managed rental units with over $82,000 in gross annual income; Fully renovated main residence (built 1936) down to the studs with three rental units totaling 8 bedrooms and 5 bathrooms; Front porch plus multiple outdoor spaces including covered porch, deck, and balcony; vinyl exterior; shingle roof
    (850) 872-3434
    We can help!
    Listing Contact
    Kaci Hawes
    Kaci Hawes
    Real Estate License ID: SL3441260
    Learn More
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Thank You for Inquiry
    119 College Avenue, Panama City, FL 32401
    letter with green check mark
    Check your email
    We sent you the
    agent's contact details. yellow underline
    Can't find it?
    Please check your junk/spam folder.
    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!