Six-Unit Apartment
For Sale
$724,000
119 College Avenue, Panama City, FL 32401
MULTI_FAMILY - Panama City, FL
Property Size5,222 SF
Lot Size0.41 Acres
Price / SF$138.64
Days on Market46
Property Features for 119 College Avenue
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning description
Resid Multi-Family
Subdivision
[No Recorded Subdiv]
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 Description
HOLMES ADD N 120' OF LOT 1 BLK 19 LESS 20' FOR RD ORB 4353 P 2306
Legal 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 Agency:
ERA Neubauer Real Estate, Inc · ERA Real Estate
(850) 872-3434
Listed By:
Kaci A Hawes · License #SL3441260
(850) 628-4537
Added: Jun 18
Changed: Aug 1
Last Checked: Aug 2 at 7:06PM
MLS# 791536
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.
119 College Avenue is a six-unit apartment building set on a 0.41-acre corner lot in Flood Zone X. The property includes four total buildings and features vinyl siding with shingle roofing. Built in 1936, the homes are served by public sewer and include electric heating with central systems.
Improvements include newer 30-year dimensional shingle roofs installed in 2019. The primary residence has been renovated down to the studs and rebuilt with quality finishes. Updates include three new HVAC systems, a front porch, and updated kitchens with new appliances, supporting three separate rental units (Units 1, 2, and 3). Unit 1 is a 3-bedroom, 2-bath upstairs unit, Unit 2 is a 3-bedroom, 2-bath downstairs unit, and Unit 3 is a 2-bedroom, 1-bath rear apartment.
In addition to the main house, there are three detached single-family homes (Units 5, 6, and 7), for a total of six income-producing units with 15 bedrooms and 9 bathrooms across the property. Floor plans are available in the documents and photo gallery, and the rentals are professionally managed by ERA Property Management.
Improvements include newer 30-year dimensional shingle roofs installed in 2019. The primary residence has been renovated down to the studs and rebuilt with quality finishes. Updates include three new HVAC systems, a front porch, and updated kitchens with new appliances, supporting three separate rental units (Units 1, 2, and 3). Unit 1 is a 3-bedroom, 2-bath upstairs unit, Unit 2 is a 3-bedroom, 2-bath downstairs unit, and Unit 3 is a 2-bedroom, 1-bath rear apartment.
In addition to the main house, there are three detached single-family homes (Units 5, 6, and 7), for a total of six income-producing units with 15 bedrooms and 9 bathrooms across the property. Floor plans are available in the documents and photo gallery, and the rentals are professionally managed by ERA Property Management.
Key Highlights
- 0.41‑acre corner lot in Flood Zone X
- Four total buildings comprising six income‑producing rental units
- Newer 30‑year dimensional shingle roofs installed in 2019
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 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
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Frequently Asked Questions
What type of property is this?
Apartment building - Six rental units with 30-year dimensional shingle roofs installed in 2019.
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: 0.41‑acre corner lot in Flood Zone X; Four total buildings comprising six income‑producing rental units; Newer 30‑year dimensional shingle roofs installed in 2019
