Map
Link Copied
Listed price in listed location currency (USD).
$550,000

971

MLS® 787457

  • Key Facts
  • Description
  • Map

Key Facts

Type Multi Family
Levels Residential
Size -
Garage Yes
Taxes $3,810
Days Active 0
Lot Size 0.48 acres
Approx. Age 1930
MLS® Number 787457

Property Address: 507 N Gray Ave, Panama City, FL, 32401-5203

Average square foot calculated using Size range provided by listing agent.

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: 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!!
MLS® Number787457
Laundry Level
Central VacNo
FireplaceNo
Acreage0.48
Exterior
GarageYes
Approx. Age1930
Basement
Driveway
Garage Spaces1
Heat
A/C
Heating Fuel

Extras

Price History

-End Date
Not Sold YetSold Price

For Sale

Mar 27, 2026List Date
$550,000List Price
  • Commute

Commute

Starting Address
Destination Address
507 N Gray Ave, Panama City, FL

Like what you see?

Complete the form and we'll be in touch. No login necessary.

Add a Comment
Loading...

Similar Listings

Comparable Properties