507 N Gray Avenue Panama City, FL 32401
MULTI_FAMILY - Panama City, FL
Property Features for 507 N Gray Avenue
General Information
- Property type
- Residential Multi Family
- Property subtype
- Other
- Bedrooms
- 9
- Bathrooms
- 7
- Rooms
- Bedroom 5, Bedroom 2, Bedroom 8, Bathroom 3, Bathroom 7, Bathroom 4, Bedroom 6, Bedroom 7, Bedroom 9, Bathroom 5, Bedroom 3, Bathroom 6, Bedroom 1, Bathroom 1, Bathroom 2, Bedroom 4
- Appliances
- ElectricOven, ElectricRange
- Standard status
- Pending
- APN
- 22631-000-000
- Size
- 2,652 SF
- Lot size
- 0.48 Acres
Taxes and HOA fees
- Tax Year
- 2025
- Tax Description
- PINECREST ADD LOTS 15,16,17 LESS N 10' LOT 17 & N 15.85' LOT 14 BLK E ORB 4594 P 900 MAP 105D1
- Tax Annual Amount
- 3810
Utilities
- Cooling system
- Wall Unit(s)
Building Details
- Year built
- 1930
Listing agent Regina M Kukla (850) 319-4596
Listing office Counts Real Estate Group Inc 21901 Panama City Beach Pkwy, PANAMA CITY BEACH, FL (850) 249-1414
Listing date Mar 26, 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.
Investment Insights
Based on property information with market context.
The property sits on a large lot on N Gray Avenue in Panama City, Florida, with convenient access to Downtown and Bay Medical and close proximity to public transportation. It is also approximately 15–20 minutes to Tyndall Air Force Base, and within a short drive to Panama City Beach and the Gulf Coast.
Recent updates include updated plumbing with PVC and PEX, a new water line and pump station (2022), new gas lines, updated HVAC window units, and water heater upgrades (2020) plus tankless water heaters (2022). Additional improvements include updated railings to code. The property has an on-site well, along with a pole barn with electric and a garage that includes a bathroom and storage.
Key Highlights
- 6‑unit multi‑family property at 507 N Gray Ave in Panama City, fully occupied and income producing
- Main house includes 3BR/2BA plus separate 2BR/1BA upstairs apartment with separate entrances
- Detached former Russell Motel converted to a 4‑unit apartment building, including an efficiency unit and multiple 1BR units
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 | $63.6k | $24.00 |
| − Vacancy | −$10.2k | −$3.86 |
| EGI | $53.4k | $20.14 |
| − OpEx | −$24.0k | −$9.06 |
| NOI | $29.4k | $11.07 |
