Income-Producing Multi-Family Panama
119 College Avenue Panama City, FL 32401
119 College Avenue, Panama City, FL, 32401
$724,000
For Sale
$724,000
MULTI_FAMILY - Panama City, FL
Property Size5,222 SF
Lot Size0.41 Acres
Price / SF$138.64
Days on Market66
Property Features for 119 College Avenue
General Information
- Property type
- Residential Multi Family
- Property subtype
- Other
- Bedrooms
- 15
- Bathrooms
- 9
- Rooms
- Bedroom 15, Bedroom 14, Bathroom 5, Bathroom 1, Bathroom 8, Bedroom 13, Bedroom 2, Bathroom 4, Bedroom 11, Bedroom 5, Bedroom 1, Bedroom 12, Bathroom 6, Bathroom 9, Bedroom 4, Bedroom 7, Bedroom 9, Bedroom 3, Bedroom 6, Bedroom 10, Bathroom 2, Bathroom 7, Bathroom 3, Bedroom 8
- Patio and Porch features
- Porch, Deck, Patio
- Interior features
- MainLevelPrimary, TubShower
- 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 Agency
ERA Neubauer Real Estate, Inc
(850) 872-3434
3434 Highway 77, Panama City, FL
Listed by
Kaci A Hawes · License #SL3441260
(850) 628-4537
Added: May 13 Checked: Jul 17 at 6:06 am
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.
Investment Insights
Based on property information with market context.
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.
Key Highlights
- Six rental units across four buildings on a 0.4‑acre corner lot
- Over $82,000 gross annual income currently generated by the six units
- Three‑unit primary residence rebuilt/fully renovated down to the studs with updated kitchens and new appliances
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 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: Six rental units across four buildings on a 0.4‑acre corner lot; Over $82,000 gross annual income currently generated by the six units; Three‑unit primary residence rebuilt/fully renovated down to the studs with updated kitchens and new appliances
