, Panama City, FL 32401 (MLS# 791536)

Panama City, FL 32401

$695,000

Property features a total of four buildings, including the main residence and three additional detached homes. Units 1, 2, and 3 are located within the main house, while three separate single-family homes are situated elsewhere on the property, offering added flexibility and potential.

Units 1, 2, and 3 are all in Main Building.

Units 1 and 2 are visible from the front view

Property Type: Commercial for Sale Square Footage: 5,222 Lot Size (sq. ft.): 17,860 Status: Active

Current Price: $695,000 List Date: 6/18/2026 Last Modified: 8/13/2026

Overview

Description

Welcome to 119 College Avenue, an exceptional income-producing property featuring six rental units in a well-maintained, recently remodeled setting, currently generating approximately $83,460 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, all with newer 30-year dimensional shingle roofs installed in 2019. The primary residence 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 $1,4 … (Read more)

Listing Details MLS# 791536

Contract Info

List Price/SqFt: 133.09
Sub-Type: Multi-Family

Location

Area: 02 – Bay County – Central
State: FL
Zip Code: 32401
County: Bay
Sub Area: 0202 – Bay – Central SE
Subdivision: [No Recorded Subdiv]
Community/Resort: None
Waterfront: No
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

General Property Info

List Class: Commercial
Construction Status: Construction Complete
Site Dimensions: 179 x 120 x 179 x 120
Acreage: 0.41
SqFt Tot Bldg: 5222
Year Built: 1936

Multi-Family

Building SqFt: 5222
# of Units: 6

Listing Info, Tax and Legal

HOA Fee: No

More Information

Remarks & Misc

Remarks: Welcome to 119 College Avenue, an exceptional income-producing property featuring six rental units in a well-maintained, recently remodeled setting, currently generating approximately $83,460 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, all with newer 30-year dimensional shingle roofs installed in 2019. The primary residence 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 rented for $1,100/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.

Office/Member Info

Seller Concessioins: Yes

Construction/Siding

Roof – Dimensional Shg: Yes
Siding – Vinyl: Yes

Energy

AC – 2 or More: Yes
AC – Central Elect: Yes
Heat – Central Electric: Yes

Financing

Cash: Yes
Conventional: Yes

Present Zoning

Resid Multi-Family: Yes

Utilities

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

Sale Type

As Is: Yes

Floors in Unit/Home

Two: Yes

Heating/Cooling

AC – Central: Yes
Heat – HVAC: Yes

Pricing Type

Sale Price: Yes

Property Features

Energy: AC – 2 or More; AC – Central Elect; Heat – Central Electric Financing: Cash; Conventional Pricing Type: Sale Price Present Zoning: Resid Multi-Family Sale Type: As Is Utilities: Electricity – Connected; Electricity – Availabile; Public Sewer – Connected; Water Connected

Listing Office: ERA Neubauer Real Estate, Inc

Last Updated: August – 13 – 2026

Information deemed reliable but not guaranteed.