Remodeled Six-Unit Apartment
119 College Avenue Panama City, FL 32401
119 College Avenue, Panama City, FL, 32401
$724,000
For Sale
$724,000
Six professionally managed rental units with fully renovated interiors and multiple bedrooms/bathrooms, generating $82,000+ gross annually.
Property Size5,222 SF
Lot Size0.40 Acres
Price / SF$138.64
Days on Market78
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
Listing agency
ERA Neubauer Real Estate, Inc
(850) 872-3434
Listed by
Kaci Hawes · License #SL3441260
(850) 628-4537
Source
Xome
Added: May 5 Updated: Jul 10 at 1:49PM Checked: Jul 21 at 5:15AM
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
Investment Insights
Based on property information with market context.
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.
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.
Key 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
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
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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
