119 College Avenue, Panama City, FL 32401 (MLS# 789830)

List Price/SqFt: 138.64

Status: Coming Soon - No Showings

List Date: 2026-05-13

List Price: $724,000

Current Price: $724,000

Sub Area: 0202 - Bay - Central SE

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.

Area: 02 - Bay County - Central

Street #: 119

Street Name: College

Street Suffix: Avenue

State: FL

Zip Code: 32401

County: Bay

Subdivision: [No Recorded Subdiv]

Parcel ID: 22946-000-000

Legal Description: HOLMES ADD N 120' OF LOT 1 BLK 19 LESS 20' FOR RD ORB 4353 P 2306 (See Warranty Deed for full legal description)

Acreage: 0.41

Design: N/A

Lot Size (SqFt): 17860

Apx SqFt(Htd/Cooled): 5222

Construction Status: Construction Complete

SqFt Source: Prop App Site

Lot Dimensions: 179x120x179x120

New Construction: No

Garage Y/N: No

Pool: No

Sub-Type: Multi Family

Bedrooms: 15

Full Baths: 9

Total Baths: 9

Year Built: 1936

Homestead: No

HOA Fee: No

Is Subject Leased: Yes

Rent/Mo: 6855

New Buyer Fee: No

Last Taxes: 5039

Last Tax Year: 2025

Brokerage Interest: No Interest

Remarks: COMING SOON LISTING, NO SHOWINGS 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.

Cooktop - Electric: 1

Dishwasher: 1

Disposal: 1

Microwave: 1

Oven - Electric: 1

Refrigerator: 1

Water Heater - Electric: 1

Ceiling - Vaulted: 1

Floor - Vinyl Plank: 1

Foundation - Off Grade: 1

Roof - Dimensional Shg: 1

Siding - Vinyl: 1

Other - See Remarks: 1

Balcony: 1

Deck Covered: 1

Porch Covered: 1

Cash: 1

Conventional: 1

Unfurnished: 1

Corner Lot: 1

Within 1/2 Mile to Water: 1

City Street: 1

Paved Road: 1

MBath Shower/Tub Combo: 1

Resid Multi-Family: 1

Bedroom: 1

Master Bedroom: 1

Electricity - Connected: 1

Electricity - Availabile: 1

Public Sewer - Connected: 1

Sewer Available: 1

As Is: 1

First: 1

Second: 1

First: 1

Second: 1

Central Air: 1

Electric: 1

Multi Units: 1

Electric: 1