507 N Gray Avenue, Panama City, FL 32401 (MLS# 787457)

507 N Gray Avenue, Panama City, FL 32401

$499,900

Property Type: Residential Bedrooms: 9 Baths: 7 Square Footage: 2,652 Lot Size (sq. ft.): 20,996 Status: Active

Current Price: $499,900 List Date: 3/27/2026 Last Modified: 4/20/2026

Overview

Description

FULLY OCCUPIED | INCOME PRODUCING MULTI-FAMILY | PRIME PANAMA CITY LOCATION Investor opportunity in the heart of Panama City! This 6-unit multi-family property is 100% occupied and generating immediate cash flow with multiple income streams and value-add potential. Situated on a large lot at 507 N Gray Ave, this property features a main house with separate upstairs apartment PLUS a detached 4-unit apartment building (former Russell Motel) – making it ideal for long-term rentals, workforce housing, travel nurse housing, or furnished rentals. Current Performance: Total Units: 6 9 Bedrooms / 8 Bathrooms Monthly Income: $6,650 Projected Annual Income: $79,800 100% Tenant Occupied Value-Add & Upside Potential: Rents currently below market in some units, Opportunity to increase rents and maximize ROI, Flexible rental strategies (short-term, mid-term, furnished, room rentals) Ideal for investors seeking cash flow + appreciation Property Breakdown: … (Read more) FULLY OCCUPIED | INCOME PRODUCING MULTI-FAMILY | PRIME PANAMA CITY LOCATION Investor opportunity in the heart of Panama City! This 6-unit multi-family property is 100% occupied and generating immediate cash flow with multiple income streams and value-add potential. Situated on a large lot at 507 N Gray Ave, this property features a main house with separate upstairs apartment PLUS a detached 4-unit apartment building (former Russell Motel) – making it ideal for long-term rentals, workforce housing, travel nurse housing, or furnished rentals. Current Performance: Total Units: 6 9 Bedrooms / 8 Bathrooms Monthly Income: $6,650 Projected Annual Income: $79,800 100% Tenant Occupied Value-Add & Upside Potential: Rents currently below market in some units, Opportunity to increase rents and maximize ROI, Flexible rental strategies (short-term, mid-term, furnished, room rentals) Ideal for investors seeking cash flow + appreciation Property Breakdown: Main House: 3BR/2BA + 2BR/1BA apartment (separate entrances), Additional 4-unit apartment building with remodeled units, Efficiency unit + multiple 1BR units, Separate entrances throughout for maximum rental flexibility Major Updates & Improvements: Updated plumbing (PVC & PEX), New water line & pump station (2022), New Gas Lines, Updated HVAC window units, New water heaters (2020) + tankless (2022), Updated railings to code, Additional Features: Multiple fenced yard areas, Pole barn with electric (future development potential), Garage with bathroom + storage, Well on site LOCATION = HIGH DEMAND RENTAL AREA: Minutes to Downtown Panama City Close to Bay Medical / local hospitals (ideal for travel nurses), Convenient to public transportation, Approx. 15-20 minutes to Tyndall Air Force Base (military rental demand), Short drive to Panama City Beach & Gulf Coast, Near shopping, dining, and employment hubs, This is a turnkey, Fully Furnished, cash-flowing multi-family investment with strong occupancy, multiple rental strategies, and future upside in a growing Panama City market. All information, including measurements, is deemed reliable but not guaranteed. Buyer to verify if important Call to schedule a showing today!!

Listing Details MLS# 787457

Contract Info

List Price/SqFt: 188.5

Location

Area: 02 – Bay County – Central
Street #: 507
Street Direction: N
Street Name: Gray
Street Suffix: Avenue
State: FL
Zip Code: 32401
County: Bay
Sub Area: 0202 – Bay – Central SE
Subdivision: Pinecrest Add.
Community/Resort: None
Waterfront: No
Parcel ID: 22631-000-000
Elementary School: Cherry Street
Middle School: Jinks
High School: Bay
Directions: From downtown, head east on business 98. Turn left on Gray Ave. House is on the left. Apartment building is directly behind the house.
Legal 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

General Property Info

Sub-Type: Multi Family
Design: N/A
Apx SqFt(Htd/Cooled): 2652
SqFt Source: Prop App Site
Full Baths: 7
Total Baths: 7
Year Built: 1930
Construction Status: Construction Complete
New Construction: No
Garage Y/N: Yes
Garage Spaces: Yes
Covered Spaces: 2
Lot Dimensions: 143 X 148 X 143 X 148
Acreage: 0.48
Lot Size (SqFt): 20996
Pool: No

Listing Info, Tax and Legal

HOA Fee: No
New Buyer Fee: No
Last Taxes: 3810
Last Tax Year: 2025
Brokerage Interest: No Interest
As Is: Yes

Remarks & Misc

Remarks: FULLY OCCUPIED | INCOME PRODUCING MULTI-FAMILY | PRIME PANAMA CITY LOCATION Investor opportunity in the heart of Panama City! This 6-unit multi-family property is 100% occupied and generating immediate cash flow with multiple income streams and value-add potential. Situated on a large lot at 507 N Gray Ave, this property features a main house with separate upstairs apartment PLUS a detached 4-unit apartment building (former Russell Motel) – making it ideal for long-term rentals, workforce housing, travel nurse housing, or furnished rentals. Current Performance: Total Units: 6 9 Bedrooms / 8 Bathrooms Monthly Income: $6,650 Projected Annual Income: $79,800 100% Tenant Occupied Value-Add & Upside Potential: Rents currently below market in some units, Opportunity to increase rents and maximize ROI, Flexible rental strategies (short-term, mid-term, furnished, room rentals) Ideal for investors seeking cash flow + appreciation Property Breakdown: Main House: 3BR/2BA + 2BR/1BA apartment (separate entrances), Additional 4-unit apartment building with remodeled units, Efficiency unit + multiple 1BR units, Separate entrances throughout for maximum rental flexibility Major Updates & Improvements: Updated plumbing (PVC & PEX), New water line & pump station (2022), New Gas Lines, Updated HVAC window units, New water heaters (2020) + tankless (2022), Updated railings to code, Additional Features: Multiple fenced yard areas, Pole barn with electric (future development potential), Garage with bathroom + storage, Well on site LOCATION = HIGH DEMAND RENTAL AREA: Minutes to Downtown Panama City Close to Bay Medical / local hospitals (ideal for travel nurses), Convenient to public transportation, Approx. 15-20 minutes to Tyndall Air Force Base (military rental demand), Short drive to Panama City Beach & Gulf Coast, Near shopping, dining, and employment hubs, This is a turnkey, Fully Furnished, cash-flowing multi-family investment with strong occupancy, multiple rental strategies, and future upside in a growing Panama City market. All information, including measurements, is deemed reliable but not guaranteed. Buyer to verify if important Call to schedule a showing today!!

Florida Room

First: Yes

More Information

Appliances

Dryer: Yes
Oven – Electric: Yes
Range – Electric: Yes
Refrigerator: Yes
Washer: Yes

Financing

Cash: Yes
Conventional: Yes

Furnished

Furnished: Yes

Kitchen

Second: Yes

Lot Access

City Street: Yes
Paved Road: Yes

Present Zoning

Resid Multi-Family: Yes

Rooms

Bedroom: Yes
Florida Room: Yes
Kitchen: Yes

Utilities

Electricity – Connected: Yes
Garbage: Yes
Public Water – Available: Yes

Bedroom

First: Yes
Second: Yes

Cooling

Wall Unit(s): Yes

Property Features

Appliances: Dryer; Oven – Electric; Range – Electric; Refrigerator; Washer Bedroom: First; Second Cooling: Wall Unit(s) Financing: Cash; Conventional Furnished: Furnished Kitchen: Second Lot Access: City Street; Paved Road Florida Room: First Rooms: Bedroom; Florida Room; Kitchen Utilities: Electricity – Connected; Garbage; Public Water – Available Present Zoning: Resid Multi-Family

Room Information

Room Name	Level	Dimensions	Length	Width	Remarks
Bedroom	First	12 x 14	12.00	14.00	Estimate
Bedroom	First	12 x 12	12.00	12.00	Estimate
Bedroom	Second	16 x 14	16.00	14.00	Estimate
Kitchen	Second	12 x 14	12.00	14.00	Estimate
Florida Room	First	12 x 14	12.00	14.00	Estimate
Bedroom	First	12 x 14	12.00	14.00	Estimate
Bedroom	Second	12 x 16	12.00	16.00	Estimate
Bedroom	Second	12 x 16	12.00	16.00	Estimate
Bedroom	Second	12 x 16	12.00	16.00	Estimate

Listing Office: Counts Real Estate Group Inc

Last Updated: April – 20 – 2026

Information deemed reliable but not guaranteed.