119 College Avenue, Panama City, FL 32401 (MLS# 789830)

119 College Avenue, Panama City, FL 32401

New Listing

$724,000

6 units total. 3 units in Main Building and 3 additional units that are single family homes

Unit 2 is the ground floor unit in the Main Building

Unit 1 is on the top floor of the Main Building

Unit 3 is located toward the back of the Main Building

Unit 7 is the single-family residence to the left of the Main Building.

Property Type: Residential Bedrooms: 15 Baths: 9 Square Footage: 5,222 Lot Size (sq. ft.): 17,860 Status: Active

Current Price: $724,000 List Date: 6/01/2026 Last Modified: 6/01/2026

Overview

Description

SELLER OFFERING $25,000 TOWARD BUYER CLOSING COSTS, PREPAIDS, OR RATE BUYDOWN! Welcome to 119 College Avenue, an exceptional income-producing property featuring six rental units in a well-maintained, recently remodeled setting, currently generating over $82,000 in gross annual income. Situated on a spacious 0.4-acre corner lot in Flood Zone X (no flood insurance required), the property consists of four total buildings. The primary residence featuring three units has been fully renovated down to the studs and rebuilt with quality finishes throughout, offering three separate rental units (Units 1, 2, and 3) totaling 8 bedrooms and 5 bathrooms, along with a welcoming front porch, three new HVAC systems, and updated kitchens with new appliances. Unit 1 is a 3-bedroom, 2-bath upstairs unit rented for $1,290/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 … (Read more)

Listing Details MLS# 789830

Contract Info

List Price/SqFt: 138.64

Location

Area: 02 – Bay County – Central
Street #: 119
Street Name: College
Street Suffix: Avenue
State: FL
Zip Code: 32401
County: Bay
Sub Area: 0202 – Bay – Central SE
Subdivision: [No Recorded Subdiv]
Community/Resort: None
Waterfront: No
Parcel ID: 22946-000-000
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.
Legal 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)

General Property Info

Sub-Type: Multi Family
Design: N/A
Apx SqFt(Htd/Cooled): 5222
SqFt Source: Prop App Site
Full Baths: 9
Total Baths: 9
Year Built: 1936
Construction Status: Construction Complete
New Construction: No
Garage Y/N: No
Lot Dimensions: 179x120x179x120
Acreage: 0.41
Lot Size (SqFt): 17860
Pool: No

Listing Info, Tax and Legal

Homestead: No
HOA Fee: No
Is Subject Leased: Yes
Rent/Mo: 6855
New Buyer Fee: No
Last Taxes: 5039
Last Tax Year: 2025
Brokerage Interest: No Interest

Remarks & Misc

Remarks: SELLER OFFERING $25,000 TOWARD BUYER CLOSING COSTS, PREPAIDS, OR RATE BUYDOWN! Welcome to 119 College Avenue, an exceptional income-producing property featuring six rental units in a well-maintained, recently remodeled setting, currently generating over $82,000 in gross annual income. Situated on a spacious 0.4-acre corner lot in Flood Zone X (no flood insurance required), the property consists of four total buildings. The primary residence featuring three units has been fully renovated down to the studs and rebuilt with quality finishes throughout, offering three separate rental units (Units 1, 2, and 3) totaling 8 bedrooms and 5 bathrooms, along with a welcoming front porch, three new HVAC systems, and updated kitchens with new appliances. Unit 1 is a 3-bedroom, 2-bath upstairs unit rented for $1,290/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/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/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/month; Unit 5, a 2-bedroom, 1-bath unit rented for $990/month; and Unit 6, a 2-bedroom, 1-bath unit rented for $1,125/month and extensively remodeled. Altogether, the property offers 15 bedrooms and 9 bathrooms across six income-producing units. All rentals are professionally managed by ERA Property Management, making this a seamless, turnkey investment opportunity. Floor plans are available in the Documents section and photo gallery. Schedule your private showing today to explore the full potential of this multi-unit property.

Appliances

Cooktop – Electric: Yes
Dishwasher: Yes
Disposal: Yes
Microwave: Yes
Oven – Electric: Yes
Refrigerator: Yes
Water Heater – Electric: Yes

More Information

Interior Features

Ceiling – Vaulted: Yes
Floor – Vinyl Plank: Yes

Construction/Siding

Foundation – Off Grade: Yes
Roof – Dimensional Shg: Yes
Siding – Vinyl: Yes

Existing Leases

Other – See Remarks: Yes

Exterior

Balcony: Yes
Deck Covered: Yes
Porch Covered: Yes

Financing

Cash: Yes
Conventional: Yes

Furnished

Unfurnished: Yes

Lot Features

Corner Lot: Yes
Within 1/2 Mile to Water: Yes

Lot Access

City Street: Yes
Paved Road: Yes

Mstr Bath / Mstr Bdrm

MBath Shower/Tub Combo: Yes

Present Zoning

Resid Multi-Family: Yes

Rooms

Bedroom: Yes
Master Bedroom: Yes

Utilities

Electricity – Connected: Yes
Electricity – Availabile: Yes
Public Sewer – Connected: Yes
Sewer Available: Yes

Sale Type

As Is: Yes

Master Bedroom

First: Yes
Second: Yes

Bedroom

First: Yes
Second: Yes

Cooling

Central Air: Yes
Electric: Yes
Multi Units: Yes

Heating

Electric: Yes

Property Features

Appliances: Cooktop – Electric; Dishwasher; Disposal; Microwave; Oven – Electric; Refrigerator; Water Heater – Electric Master Bedroom: First; Second Bedroom: First; Second Cooling: Central Air; Electric; Multi Units Heating: Electric Existing Leases: Other – See Remarks Exterior: Balcony; Deck Covered; Porch Covered Financing: Cash; Conventional Furnished: Unfurnished Lot Features: Corner Lot; Within 1/2 Mile to Water Lot Access: City Street; Paved Road Rooms: Bedroom; Master Bedroom Sale Type: As Is Utilities: Electricity – Availabile; Electricity – Connected; Sewer Available; Public Sewer – Connected Present Zoning: Resid Multi-Family

Room Information

Room Name	Level	Dimensions	Length	Width	Remarks
Master Bedroom	First	15.11 x 15.6	15.11	15.60	Unit 1; Measurements are not exact; Buyer to verfi
Bedroom	First	8.5 x 9.2	8.50	9.20	Unit 1; Measurements are not exact; Buyer to verfi
Bedroom	First	8.5 x 9.1	8.50	9.10	Unit 1; Measurements are not exact; Buyer to verfi
Master Bedroom	Second	12.2 x 10.5	12.20	10.50	Unit 2; Measurements are not exact; Buyer to verfi
Bedroom	Second	12.2 x 18.9	12.20	18.90	Unit 2; Measurements are not exact; Buyer to verfi
Bedroom	Second	8 x 10.8	8.00	10.80	Unit 2; Measurements are not exact; Buyer to verfi
Master Bedroom	First	7.11 x 12.4	7.11	12.40	Unit 3; Measurements are not exact; Buyer to verfi
Bedroom	First	7.8 x 12.4	7.80	12.40	Unit 3; Measurements are not exact; Buyer to verfi
Master Bedroom	First	9.7 x 11.7	9.70	11.70	Unit 5; Measurements are not exact; Buyer to verfi
Bedroom	First	10.3 x 9.7	10.30	9.70	Unit 5; Measurements are not exact; Buyer to verfi
Master Bedroom	First	9.11 x 11.1	9.11	11.10	Unit 6; Measurements are not exact; Buyer to verfi
Bedroom	First	12.4 x 9.7	12.40	9.70	Unit 6; Measurements are not exact; Buyer to verfi
Master Bedroom	First	8.3 x 8.5	8.30	8.50	Unit 7; Measurements are not exact; Buyer to verfi
Bedroom	First	10.4 x 8.5	10.40	8.50	Unit 7; Measurements are not exact; Buyer to verfi
Bedroom	First	9.3 x 8	9.30	8.00	Unit 7; Measurements are not exact; Buyer to verfi

Listing Office: ERA Neubauer Real Estate, Inc

Last Updated: June – 01 – 2026

Information deemed reliable but not guaranteed.