119 College Avenue Panama City, FL 32401
Six professionally managed rental units with fully renovated interiors and multiple bedrooms/bathrooms, generating $82,000+ gross annually.
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 office ERA Neubauer Real Estate, Inc (850) 872-3434
Listing date May 5, 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
Investment Insights
Based on property information with market context.
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 |
