Remodeled Six-Unit Apartment
For Sale
$695,000
119 College Avenue, Panama City, FL 32401
Residential, Panama City, FL
Property Size5,222 SF
Lot Size0.41 Acres
Price / SF$133.09
Days on Market113
Property Features for 119 College Avenue
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning description
Resid Multi-Family
Bedrooms
15
Bathrooms
9
Full bathrooms
9
Rooms
Bathroom 5, Bedroom 10, Bedroom 2, Bedroom 4, Bedroom 3, Bedroom 5, Bedroom 9, Bathroom 9, Bathroom 7, Bathroom 1, Bathroom 3, Bedroom 13, Bedroom 15, Bathroom 2, Bedroom 1, Bedroom 8, Bathroom 4, Bathroom 6, Bedroom 6, Bedroom 14, Bedroom 12, Bedroom 11, Bedroom 7, Bathroom 8
Patio and Porch features
Porch, Patio, Deck
Interior features
MainLevelPrimary, TubShower
Exterior features
CoveredPatio
Appliances
ElectricCooktop, ElectricOven, ElectricWaterHeater
Subdivision
[No Recorded Subdiv]
Lot features
Paved
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 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
Legal 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)
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 Agency:
ERA Neubauer Real Estate, Inc · ERA Real Estate
(850) 872-3434
Listed By:
Kaci A Hawes · License #SL3441260
(850) 628-4537
Added: May 13
Changed: Sep 2
Last Checked: Sep 2 at 10:06PM
MLS# 789830
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.
Located at 119 College Avenue, this multifamily property contains four buildings with six rental units totaling 5,222 square feet on 0.41 acres. The unit mix provides 15 bedrooms and 9 bathrooms, including three units within the renovated primary residence and three detached single-family homes. The main residence includes updated kitchens, new appliances, three new HVAC systems, new LVP flooring, living areas, laundry space, and a covered front porch. One detached home has also undergone extensive remodeling.
Built in 1936, the property includes vinyl siding, shingle roofing, public sewer, electric heating, central air, decks, patios, and porches. The site is in Flood Zone X. Rental operations are professionally managed by ERA Property Management, and floor plans are available through the property documents and photo gallery.
Built in 1936, the property includes vinyl siding, shingle roofing, public sewer, electric heating, central air, decks, patios, and porches. The site is in Flood Zone X. Rental operations are professionally managed by ERA Property Management, and floor plans are available through the property documents and photo gallery.
Key Highlights
- Six income‑producing units across four buildings
- 15 bedrooms and 9 bathrooms within 5,222 square feet
- 0.41‑acre corner lot in Flood Zone X
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
Property Profile
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
Market
Vacancy Rate% for Multifamily in South region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Apartment building - Recently renovated multifamily property with six income-producing units across four buildings.
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 $695,000.
What are key features of this property?
This property features: Six income‑producing units across four buildings; 15 bedrooms and 9 bathrooms within 5,222 square feet; 0.41‑acre corner lot in Flood Zone X
