Features & Amenities

Interior

  • Total Bedrooms

    9

  • Bathrooms

    7

  • Cooling YN

    YES

  • Cooling

    Wall Unit(s)

  • Pet friendly

    N/A

Exterior

  • Garage

    Yes

  • Garage spaces

    1

  • Pool

    No

  • Waterfront YN

    NO

Area & Lot

  • Lot Features

    Paved

  • Lot Size(acres)

    0.48

  • Lot Size(square feet)

    20,996

  • Property Type

    Residential

  • Property Sub Type

    MultiFamily

Price

  • Sales Price

    $499,900

  • Tax Amount

    $3,810

  • Zoning

    Resid Multi-Family

  • Sq. Footage

    2,652

  • Price/SqFt

    $188

HOA

  • Association

    No

School District

  • Elementary School

    Cherry Street

  • Middle School

    Jinks

  • High School

    Bay

Property Features

  • New Construction

    NO

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Location

County

Bay

Elementary School

Cherry Street

Middle School

Jinks

High School

Bay

Listing Courtesy of Regina M Kukla , Counts Real Estate Group Inc

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Dee Anderson

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CURRENTLY UNDER CONTRACT, SELLER ACCEPTING BACKUP OFFERS.

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!!

507 N Gray Avenue

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Gulf-Front Primary Suite
Strong Rental Income
See Walk-through Video

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See Documents section for additional details. Buyer to verify all information deemed important.
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MAJOR BONUS FOR QUALIFIED BUYERS: ASSUMABLE VA LOAN AT 4.25%!
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The kitchen is the heart of the home, showcasing a large center island, granite countertops, and stylish painted cabinetry. The primary suite provides a serene retreat, while the second master suite offers added privacy for guests or extended family, complete with its own custom-tiled, glass-enclosed shower and private bathroom.
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100 Bridge Harbor Drive

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$440,000

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