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119 College Avenue, Panama City, FL 32401 Active 1 / 94
$695,000

119 College Avenue, Panama City, FL 32401

Panama City, FL 32401
  • 15 Beds
  • 9 Baths
  • 5,222 Sq Ft
  • 1936 Built
  • MLS 789830

About this home

Welcοme tο 119 Cοllеge Αvenuе, an exceptional incomе-produсing 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.

Property details

Property typeMultiFamily
StatusActive
Area02 - Bay County - Central
Subdivision[No Recorded Subdiv]
CityPanama City
CountyBay
Zip32401
Taxes$5,039
Tax year2025
Special conditionsListedAsIs

Interior

Total rooms15
Full baths9
AppliancesElectricCooktop,ElectricOven,ElectricWaterHeater
CoolingCentralAir,MultiUnits
HeatingElectric
Interior featuresMainLevelPrimary,TubShower

Exterior & lot

Lot size0.41 acres
Lot dimensions179x120x179x120
RoofShingle
Road frontageCity Street
Exterior featuresCovered Patio

Schools

ElementaryCherry Street
MiddleJinks
HighBay

Community

Community featuresShort Term Rental Allowed
DirectionsFrom 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.

Data source: Central Panhandle Association of REALTORS®

Location

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