Income-Producing Multi-Family Panama
119 College Avenue, Panama City, FL 32401
MULTI_FAMILY - Panama City, FL
Property size:
5,222 SFLot size:
0.41 AcresPrice / SF:
$138/SF- Added:
- May 13, 2026
- Days on Market:
- 20
- Last Refresh:
- Jun 1 at 6:06 pm
Property Features for 119 College Avenue
General Information
- Property type
- Residential Multi Family
- Property subtype
- Other
- Bedrooms
- 15
- Bathrooms
- 9
- Rooms
- Bedroom 3, Bathroom 1, Bathroom 2, Bedroom 5, Bathroom 5, Bedroom 7, Bedroom 4, Bedroom 10, Bathroom 6, Bedroom 6, Bedroom 8, Bathroom 3, Bedroom 1, Bedroom 11, Bedroom 15, Bedroom 13, Bedroom 14, Bathroom 8, Bedroom 9, Bathroom 4, Bedroom 2, Bedroom 12, Bathroom 9, Bathroom 7
- Patio and Porch features
- Deck, Patio, Porch
- Exterior features
- CoveredPatio
- Appliances
- ElectricCooktop, ElectricOven, ElectricWaterHeater
- Standard status
- Active
- APN
- 22946-000-000
- Size
- 5,222 SF
- Lot size
- 0.41 Acres
Taxes and HOA fees
- Tax Year
- 2025
- Tax Description
- HOLMES ADD N 120' OF LOT 1 BLK 19 LESS 20' FOR RD ORB 4353 P 2306 (See Warranty Deed for full legal description)
- Tax Annual Amount
- 5039
Utilities
- Sewer type
- Public Sewer
- Heating system
- Electric (Heating)
- Cooling system
- Central Air, Multi Units
Building Details
- Year built
- 1936
- Building materials
- VinylSiding
- Roof type
- Shingle
Listing agent Kaci A Hawes License #SL3441260 (850) 628-4537
Listing office ERA Neubauer Real Estate, Inc 3434 Highway 77, Panama City, FL (850) 872-3434
Listing date May 13, 2026
MLS# 789830
Listing URL
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.
HighLights
- High Income Potential: Generates over $82,000 annually from six rental units.
- Seller Incentive: Seller offering $25,000 toward buyer expenses.
- Turnkey Investment: Professionally managed for seamless operation.
- Fully Renovated Main Residence: The primary building featuring three units has been fully renovated with quality finishes and new HVAC systems.
- Multiple Buildings: Consists of four total buildings.
- Located in Flood Zone X, meaning no flood insurance is required.
Overview
Located in Panama City, Florida, this income-producing property at 119 College Avenue features six rental units. Situated on a 0.4-acre corner lot, the property includes four buildings. The primary residence has been fully renovated and rebuilt, offering three separate rental units (Units 1, 2, and 3) totaling 8 bedrooms and 5 bathrooms. Unit 1 is a 3-bedroom, 2-bath upstairs unit rented for $1,290 per month, featuring a private entrance to the primary suite, oversized laundry room, new LVP flooring, updated kitchen and baths, and two living areas. Unit 2 is a 3-bedroom, 2-bath downstairs unit rented for $1,450 per month, offering a split floor plan, spacious living area, and new LVP flooring throughout. Unit 3 is a 2-bedroom, 1-bath rear apartment rented for $1,000 per month. In addition to the main house, the property includes three detached single-family homes: Unit 7, a 3-bedroom, 2-bath unit with a utility/storage area rents for $1,000 per month; Unit 5, a 2-bedroom, 1-bath unit rented for $990 per month; and Unit 6, a 2-bedroom, 1-bath unit rented for $1,125 per month and extensively remodeled. Altogether, the property offers 15 bedrooms and 9 bathrooms across six income-producing units. The property is in Flood Zone X. The property is professionally managed, making it a turnkey investment opportunity.
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 Profile
Location Intelligence
Current Use by Public Records
Apartment buildings
Location Insight
- Map
- Local Demand
- City
- Panama City
- County
- Walton
- State
- Florida
- Longitude
- -85.631368
- Latitude
- 30.150202
Nearby Similar for Sale
FAQs
What type of property is this?
Apartment building - Six rental units generating over $82,000 in gross annual income.
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: High Income Potential: Generates over $82,000 annually from six rental units.; Seller Incentive: Seller offering $25,000 toward buyer expenses.; Turnkey Investment: Professionally managed for seamless operation.
