Six-Unit Fully Occupied
507 N Gray Avenue Panama City, FL 32401
For Sale
$499,900
Pending
Main house with separate upstairs apartment plus detached 4-unit building; all units are currently rented.
Property Size2,652 SF
Days on Market127
Property Features for 507 N Gray Avenue
General Information
Standard status
Pending
Size
2,652 SF
Property subtype
Multi-Family
Building Details
Year Built
1930
Listing Agency:
Counts Real Estate Group Inc
(850) 249-1414
Listed By:
Regina Kukla
Source:
Xome
Added: Mar 24
Changed: Jul 23
Last Checked: Jul 24 at 5:50AM
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 Counts Real Estate Group Inc
Investment Insights
Based on property information with market context.
This 6-unit multifamily property is fully occupied and positioned for immediate rental income. The configuration includes a main house with separate upstairs apartment (3BR/2BA plus a 2BR/1BA apartment), along with a detached 4-unit apartment building. The detached building features an efficiency unit and multiple 1-bedroom units, with separate entrances throughout to support flexible tenancy. The property is described as turnkey and fully furnished.
Updates and improvements include updated plumbing with PVC and PEX, a new water line and pump station installed in 2022, new gas lines, updated HVAC window units, and water heaters updated in 2020 with additional tankless water heaters added in 2022. Other site features include multiple fenced yard areas, a pole barn with electric (for future development potential), and a garage with a bathroom and storage. A well is also on site.
Current performance is reported as $6,650 in monthly income and $79,800 projected annually, with all units tenant occupied. The property is located minutes to downtown Panama City, close to Bay Medical and local hospitals, and described as convenient to public transportation, with an approximate 15–20 minute drive to Tyndall Air Force Base and a short drive to Panama City Beach and the Gulf Coast.
Updates and improvements include updated plumbing with PVC and PEX, a new water line and pump station installed in 2022, new gas lines, updated HVAC window units, and water heaters updated in 2020 with additional tankless water heaters added in 2022. Other site features include multiple fenced yard areas, a pole barn with electric (for future development potential), and a garage with a bathroom and storage. A well is also on site.
Current performance is reported as $6,650 in monthly income and $79,800 projected annually, with all units tenant occupied. The property is located minutes to downtown Panama City, close to Bay Medical and local hospitals, and described as convenient to public transportation, with an approximate 15–20 minute drive to Tyndall Air Force Base and a short drive to Panama City Beach and the Gulf Coast.
Key Highlights
- 6‑unit multi‑family property in Panama City with 100% tenant occupancy and existing monthly income of $6,650
- Main house includes separate upstairs apartment with 3BR/2BA plus 2BR/1BA (separate entrances)
- Detached 4‑unit apartment building (former Russell Motel) with separate entrances throughout for flexible rentals
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 | $63.6k | $24.00 |
| − Vacancy | −$10.2k | −$3.86 |
| EGI | $53.4k | $20.14 |
| − OpEx | −$24.0k | −$9.06 |
| NOI | $29.4k | $11.07 |
2,652 SF · lease $24.00/SF/yr · vacancy 16.10% · expense 45.00%
Alternative Uses
Best Use
Apartment 5plus
$419.6K
$367.1K – $489.5K
NOI $29,370 @ 7.0% cap · market cap 5.88%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$666.9K
$583.6K – $778.1K
NOI $46,686 @ 7.0% cap · market cap 9.34%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Location Intelligence
Current Use
Frequently Asked Questions
What type of property is this?
Apartment building - Main house with separate upstairs apartment plus detached 4-unit building; all units are currently rented.
Where is this apartment building located?
The property is located at 507 N Gray Avenue Panama City, FL.
What is the asking price?
The asking price for this property is $499,900.
What are key features of this property?
This property features: 6‑unit multi‑family property in Panama City with 100% tenant occupancy and existing monthly income of $6,650; Main house includes separate upstairs apartment with 3BR/2BA plus 2BR/1BA (separate entrances); Detached 4‑unit apartment building (former Russell Motel) with separate entrances throughout for flexible rentals
