119 College Avenue, Panama City, FL 32401
MULTI_FAMILY - Panama City, FL
- Added:
- Jun 18, 2026
- Days on Market:
- 1
- Last Refresh:
- Jun 18 at 5:06 pm
Property Features for 119 College Avenue
General Information
- Property type
- Residential Multi Family
- Property subtype
- Other
- Standard status
- Active
- APN
- 22946-000-000
- Size
- 5,222 SF
- Lot size
- 0.41 Acres
Taxes and HOA fees
- Tax Description
- HOLMES ADD N 120' OF LOT 1 BLK 19 LESS 20' FOR RD ORB 4353 P 2306
Utilities
- Sewer type
- Public Sewer
- Heating system
- Electric (Heating), Central
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 Jun 18, 2026
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
- Six‑rental‑unit income‑producing property generating approximately $83,460 gross annual income, professionally managed by ERA Property Management
- 0.4‑acre corner lot in Flood Zone X (no flood insurance required)
- Four total buildings with newer 30‑year dimensional shingle roofs installed in 2019
- Primary residence fully renovated down to the studs, rebuilt with updated kitchens with new appliances and three new HVAC systems
- Main house units total 8 bedrooms and 5 bathrooms across three units: Unit 1 (3/2), Unit 2 (3/2), and Unit 3 (2/1)
- Three detached single‑family rentals on‑site: Unit 7 (3/2), Unit 5 (2/1), and Unit 6 (2/1; extensively remodeled)
Overview
The property sits on a spacious 0.41-acre corner lot in Flood Zone X, and it consists of four total buildings. Current management is handled by ERA Property Management, providing a professionally managed, turn-key operation. Floor plans are available in the Documents section and a photo gallery is provided for review.
For investors or owner-operators seeking a multi-unit rental configuration, this package combines multiple independent homes with a recently rebuilt main structure and consistent exterior roof replacement. The current unit mix includes upstairs and downstairs living areas in the main residence, plus detached units ranging from two- to three-bedroom layouts. A seller credit of $25,000 toward buyer closing costs, prepaids, or a rate buydown is also available, and private showings can be scheduled to review the unit details and floor plans.
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 |
Alternative Uses
Current Use by Public Records
Location Insight
- Map
- Local Demand
- City
- Panama City
- County
- Walton
- State
- Florida
- Longitude
- -85.631358
- Latitude
- 30.150198
