605 Elm Avenue, Panama City, FL 32401 (MLS# 796246)

605 Elm Avenue, Panama City, FL 32401

New Listing

$160,000

Storage shed can be bought for payoff, not part of original sale.

Property Type: Residential Bedrooms: 2 Baths: 1 Square Footage: 609 Lot Size (sq. ft.): 6,534 Status: Active

Current Price: $160,000 List Date: 10/04/2026 Last Modified: 10/04/2026

Overview

Description

Turnkey income-producing opportunity in Panama City's historic Millville neighborhood! Offered at $160,000 with a long-term tenant in place at $1,650 per month, 605 Elm Avenue generates $19,800 in scheduled annual gross rent, representing an impressive approximately 12.4% gross rent yield at the asking price before expenses. For investors looking for immediate income without taking on another major renovation project, this property offers a compelling combination of existing cash flow, substantial improvements already completed, durable construction and long-term location potential. This 2-bedroom, 1-bath concrete-block home has been extensively improved while maintaining a manageable and efficient rental footprint. Updates include a newer roof, windows and flooring, updated plumbing and sewer components, renovated kitchen and bathroom, newer fixtures and lighting, appliances, attic ductwork and gas lines. The home features central air and gas heat, while the updated kitchen offers … (Read more) Turnkey income-producing opportunity in Panama City’s historic Millville neighborhood! Offered at $160,000 with a long-term tenant in place at $1,650 per month, 605 Elm Avenue generates $19,800 in scheduled annual gross rent, representing an impressive approximately 12.4% gross rent yield at the asking price before expenses. For investors looking for immediate income without taking on another major renovation project, this property offers a compelling combination of existing cash flow, substantial improvements already completed, durable construction and long-term location potential. This 2-bedroom, 1-bath concrete-block home has been extensively improved while maintaining a manageable and efficient rental footprint. Updates include a newer roof, windows and flooring, updated plumbing and sewer components, renovated kitchen and bathroom, newer fixtures and lighting, appliances, attic ductwork and gas lines. The home features central air and gas heat, while the updated kitchen offers modern cabinetry, stainless-steel appliances and gas cooking. Wood-plank ceilings, recessed lighting, updated flooring and thoughtful interior finishes give the home character that stands apart from the typical rental property in this price range. The property offers approximately 609 heated square feet and a lot large enough for ones creative mind to run wild. This home currently has mature landscaping, a gravel driveway, side access and a rear patio and yard area. Location is another major component of the investment. Positioned in Millville near Watson Bayou, the property is only a few blocks from Millville Waterfront Park, its public boat ramp, fishing and waterfront recreation, and approximately 5 minutes from Downtown Panama City. Everyday employment and services are equally accessible, with Ascension Sacred Heart Bay approximately 2 miles away, while the 23rd Street employment and retail corridor–including HCA Florida Gulf Coast Hospital and Walmart–is approximately 4-5 miles away, with Target roughly 5 miles away. Tyndall Air Force Base is approximately 8-10 miles to the east, providing access to one of the area’s largest employment centers, while the white-sand beaches of Panama City Beach are approximately 12-15 miles away. US-98 provides convenient east-west access throughout Bay County and is right around the corner from this investment opportunity. For investors, the numbers and fundamentals are straightforward: $160,000 asking price, $1,650 monthly rent, $19,800 scheduled annual gross rent and approximately 12.4% gross rent yield before expenses, combined with concrete-block construction, significant improvements already completed and a tenant in place. Whether adding another property to an established rental portfolio or looking for an approachable entry into the Panama City long-term rental market, 605 Elm Avenue offers immediate income today with exposure to the continued growth and redevelopment of the surrounding area.

Listing Details MLS# 796246

Contract Info

List Price/SqFt: 262.73

Location

Area: 02 – Bay County – Central
Street #: 605
Street Name: Elm
Street Suffix: Avenue
State: FL
Zip Code: 32401
County: Bay
Sub Area: 0202 – Bay – Central SE
Subdivision: Emmons Add-Millville
Community/Resort: None
Waterfront: No
Parcel ID: 22729-000-000
Elementary School: Cherry Street
Middle School: Jinks
High School: Bay
Directions: From Downtown Panama City, travel east on Business Hwy 98, cross the Watson Bayou Bridge, turn left onto Elm Ave, cross E 6th Street, and the property will be on the left.
Legal Description: EMMONS ADD MAP 105D2 BEG 5' S OF NE COR LOT 7 TH W 145' S 45' E 145' N 45' TO POB BLK 2 ORB 4819 P 2093

General Property Info

Sub-Type: Detached Single Family
Design: Bungalow
Apx SqFt(Htd/Cooled): 609
SqFt Source: An Appraiser
Full Baths: Yes
Total Baths: Yes
# of Stories in Building: Yes
# of Units in Bldg: Yes
Units Above Ground: Yes
Accessory Dwelling Unit: No
Year Built: 1950
Pre-Const Flip: No
Construction Status: Construction Complete
New Construction: No
Garage Y/N: No
Driveway Spaces: 4
Lot Dimensions: 45.0 ft x 145.0 ft
Acreage: 0.15
Lot Size (SqFt): 6534
Pool: No
Covered Spaces: 0

Listing Info, Tax and Legal

Homestead: No
HOA Fee: No
New Buyer Fee: No
Last Taxes: 1141.69
Last Tax Year: 2025
Brokerage Interest: No Interest

Remarks & Misc

Remarks: Turnkey income-producing opportunity in Panama City's historic Millville neighborhood! Offered at $160,000 with a long-term tenant in place at $1,650 per month, 605 Elm Avenue generates $19,800 in scheduled annual gross rent, representing an impressive approximately 12.4% gross rent yield at the asking price before expenses. For investors looking for immediate income without taking on another major renovation project, this property offers a compelling combination of existing cash flow, substantial improvements already completed, durable construction and long-term location potential. This 2-bedroom, 1-bath concrete-block home has been extensively improved while maintaining a manageable and efficient rental footprint. Updates include a newer roof, windows and flooring, updated plumbing and sewer components, renovated kitchen and bathroom, newer fixtures and lighting, appliances, attic ductwork and gas lines. The home features central air and gas heat, while the updated kitchen offers modern cabinetry, stainless-steel appliances and gas cooking. Wood-plank ceilings, recessed lighting, updated flooring and thoughtful interior finishes give the home character that stands apart from the typical rental property in this price range. The property offers approximately 609 heated square feet and a lot large enough for ones creative mind to run wild. This home currently has mature landscaping, a gravel driveway, side access and a rear patio and yard area. Location is another major component of the investment. Positioned in Millville near Watson Bayou, the property is only a few blocks from Millville Waterfront Park, its public boat ramp, fishing and waterfront recreation, and approximately 5 minutes from Downtown Panama City. Everyday employment and services are equally accessible, with Ascension Sacred Heart Bay approximately 2 miles away, while the 23rd Street employment and retail corridor–including HCA Florida Gulf Coast Hospital and Walmart–is approximately 4-5 miles away, with Target roughly 5 miles away. Tyndall Air Force Base is approximately 8-10 miles to the east, providing access to one of the area's largest employment centers, while the white-sand beaches of Panama City Beach are approximately 12-15 miles away. US-98 provides convenient east-west access throughout Bay County and is right around the corner from this investment opportunity. For investors, the numbers and fundamentals are straightforward: $160,000 asking price, $1,650 monthly rent, $19,800 scheduled annual gross rent and approximately 12.4% gross rent yield before expenses, combined with concrete-block construction, significant improvements already completed and a tenant in place. Whether adding another property to an established rental portfolio or looking for an approachable entry into the Panama City long-term rental market, 605 Elm Avenue offers immediate income today with exposure to the continued growth and redevelopment of the surrounding area.

Appliances

Dishwasher: Yes
Dryer: Yes
Microwave: Yes
Oven – Gas: Yes
Range – Electric: Yes
Refrigerator: Yes
Washer: Yes
Washer/Dryer Stacked: Yes
Water Heater – Gas: Yes

More Information

Interior Features

Ceiling – Crwn Molding: Yes
Window – Treatment Some: Yes

Construction/Siding

Block: Yes
Foundation – Slab on Grade: Yes
Roof – Metal: Yes

Exterior

Patio Open: Yes

Other Structures

Shed(s): Yes

Financing

Cash: Yes
Conventional: Yes
FHA: Yes
VA: Yes

Furnished

Unfurnished: Yes

Interior

Floor – Concrete: Yes

Kitchen

First: Yes

Living Room

First: Yes

Lot Features

Landscaped: Yes
Near Public Boat Ramp: Yes
Storm Sewer: Yes
Survey Available: Yes

Lot Access

City Street: Yes

Parking Features

Driveway: Yes

Present Zoning

Resid Single Family: Yes

Rooms

Bedroom: Yes
Kitchen: Yes
Living Room: Yes
Primary Bedroom: Yes

Utilities

TV Cable: Yes
Electricity – Availabile: Yes
Natural Gas – Connected: Yes
Public Sewer – Connected: Yes
Public Water – Connected: Yes

Sale Type

As Is: Yes

Primary Bedroom

First: Yes

Bedroom

First: Yes

Cooling

Ceiling Fan(s): Yes
Electric: Yes

Heating

Geothermal: Yes

Primary Bdrm/Primary Bath

MBed First Floor: Yes

Primary Bath/Primary Bdrm

MBath Shower/Tub Combo: Yes

Property Features

Appliances: Dishwasher; Dryer; Microwave; Oven – Gas; Range – Electric; Refrigerator; Washer; Washer/Dryer Stacked; Water Heater – Gas Primary Bedroom: First Bedroom: First Cooling: Ceiling Fan(s); Electric Heating: Geothermal Exterior: Patio Open Financing: Cash; Conventional; FHA; VA Furnished: Unfurnished Interior: Floor – Concrete Kitchen: First Living Room: First Lot Features: Landscaped; Near Public Boat Ramp; Storm Sewer; Survey Available Lot Access: City Street Parking Features: Driveway Other Structures: Shed(s) Rooms: Bedroom; Kitchen; Living Room; Primary Bedroom Sale Type: As Is Utilities: TV Cable; Electricity – Availabile; Natural Gas – Connected; Public Sewer – Connected; Public Water – Connected Present Zoning: Resid Single Family

Room Information

Room Name	Level	Dimensions	Length	Width
Primary Bedroom	First	11 x 11	11.00	11.00
Bedroom	First	11 x 10	11.00	10.00
Kitchen	First	9 x 7	9.00	7.00
Living Room	First	12 x 11	12.00	11.00

Listing Office: EXP Realty LLC

Last Updated: October – 04 – 2026

Information deemed reliable but not guaranteed.