119 College Avenue, Panama City, FL 32401
- $724,000
- 15
- BD
- 9
- BA
- List Price
- $724,000
- MLS#
- 789830
- Status
- ACTIVE
- Type
- Multifamily
- Subtype
- Multi Family
- Bedrooms
- 15
- Bathrooms
- 9
- Lot Size
- 17,860
- Neighborhood
- Bay - Central SE
Property 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 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.
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Additional Information
- Acres
- 0.41
- Appliances
- Electric Cooktop, Electric Oven, Electric Water Heater
- Elementary School
- Cherry Street
- Exterior Features
- Covered Patio
- High School
- Bay
- Interior Features
- Main Level Primary, Tub Shower
- Lot Dimensions
- 179x120x179x120
- Lot Features
- Paved
- Middle School
- Jinks
- Neighborhood
- Bay - Central SE
- Project Facilities
- Short Term Rental Allowed
- Subdivision
- [No Recorded Subdiv]
- Utilities
- Electricity Available, Sewer Available
- Year Built
- 1936
- Zoning
- Resid Multi-Family
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Listing courtesy of ERA Neubauer Real Estate, Inc.