6-Unit Multifamily
For Sale
$695,000
119 College Avenue, Panama City, FL 32401
Six rental units occupy four buildings on a corner parcel, with a mix of apartments and detached single-family homes.
Property Size5,222 SF
Lot Size0.40 Acres
Price / SF$133.09
Days on Market168
Property Features for 119 College Avenue
General Information
Standard status
Active
Size
5,222 SF
Lot size
0.40 Acres
Property subtype
Multi Family Home
Zoning
Resid Multi-Family
Units
Unit Mix
3 x 3BR/2BA, 3 x 2BR/1BA
Multifamily Units
6
Additional Details
Gross Income
$83,460
Tenant in Place
Yes
Taxes and HOA fees
Annual Taxes
$5,039
Amenities
Main Level Primary
Tub Shower
Covered Patio
Building Details
Building Size
5,222 SF
Year Built
1936
Buildings
4
Listing Agency:
ERA Neubauer Real Estate, Inc
(850) 872-3434
Listed By:
Kaci A Hawes · License #SL3441260
(850) 628-4537
Source:
Grandpalmsrealty
Added: May 13
Changed: Oct 26
Last Checked: Oct 26 at 4:00AM
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
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Investment Insights
Based on property information with market context.
At 119 College Avenue, six rental units are arranged across four buildings on a 0.4-acre corner lot. The 5,222-square-foot property includes a primary residence configured as three apartments and three detached single-family homes. Together, the units offer 15 bedrooms and 9 bathrooms. The main residence has been renovated, with updated kitchens and appliances, three HVAC systems, and a front porch. One detached home has also undergone extensive remodeling. All four buildings have dimensional shingle roofs installed in 2019.
The property is zoned Resid Multi-Family and is in Flood Zone X. ERA Property Management handles the rentals. The address is in Panama City, Florida.
The property is zoned Resid Multi-Family and is in Flood Zone X. ERA Property Management handles the rentals. The address is in Panama City, Florida.
Key Highlights
- Six rental units across four buildings on a 0.4‑acre corner lot
- 5,222 square feet with 15 bedrooms and 9 bathrooms
- Main residence contains three apartments; three additional units are detached single‑family homes
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$50,915
Cap Rate
7.33%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,018,300
$1.0M
Cap Rate 7%
$727,357
$727.4K
Cap Rate 9%
$565,722
$565.7K
Market Conditions
NOI Build-Up for 5,222 SF
Gross rent
$99.0K $18.96/SF
− Vacancy
−$6.4K −$1.23/SF
EGI
$92.6K $17.73/SF
− OpEx
−$41.7K −$7.98/SF
NOI
$50.9K $9.75/SF
Area
Bay County, FL
Vacancy
6.50%
Lease Rate
$18.96 /SF/Yr
Expense Ratio
45.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,018,300
Cap Rate 7%
$727,357
Cap Rate 9%
$565,722
Alternative Uses
Best Use
Apartment 5plus
$727.4K
$636.4K – $848.6K
NOI $50,915 @ 7.0% cap · market cap 7.33%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.52M
$1.33M – $1.78M
NOI $106,506 @ 7.0% cap · market cap 15.32%
Zoning and permitted uses should be independently verified with authorities.
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Property Analytics
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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
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in South region
Frequently Asked Questions
What type of property is this?
Multifamily property - Six rental units occupy four buildings on a corner parcel, with a mix of apartments and detached single-family homes.
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 rental units across four buildings on a 0.4‑acre corner lot; 5,222 square feet with 15 bedrooms and 9 bathrooms; Main residence contains three apartments; three additional units are detached single‑family homes
