507 N Gray Avenue, Panama City, FL 32401 (MLS# 787457)

List Price/SqFt: 188.5

Status: Under Contract - Taking Backups

List Date: 2026-03-26

List Price: $499,900

Current Price: $499,900

Sub Area: 0202 - Bay - Central SE

Community/Resort: None

Waterfront: No

Elementary School: Cherry Street

Middle School: Jinks

High School: Bay

Directions: From downtown, head east on business 98. Turn left on Gray Ave. House is on the left. Apartment building is directly behind the house.

Area: 02 - Bay County - Central

Street #: 507

Street Direction: N

Street Name: Gray

Street Suffix: Avenue

State: FL

Zip Code: 32401

County: Bay

Subdivision: Pinecrest Add.

Parcel ID: 22631-000-000

Legal Description: PINECREST ADD LOTS 15,16,17 LESS N 10' LOT 17 & N 15.85' LOT 14 BLK E ORB 4594 P 900 MAP 105D1

Acreage: 0.48

Design: N/A

Lot Size (SqFt): 20996

Apx SqFt(Htd/Cooled): 2652

Construction Status: Construction Complete

SqFt Source: Prop App Site

Lot Dimensions: 143 X 148 X 143 X 148

New Construction: No

Garage Y/N: Yes

Garage Spaces: 1

Covered Spaces: 2

Pool: No

Sub-Type: Multi Family

Bedrooms: 9

Full Baths: 7

Total Baths: 7

Year Built: 1930

HOA Fee: No

New Buyer Fee: No

Last Taxes: 3810

Last Tax Year: 2025

Brokerage Interest: No Interest

As Is: Yes

Remarks: 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!!

First: 1

Dryer: 1

Oven - Electric: 1

Range - Electric: 1

Refrigerator: 1

Washer: 1

Cash: 1

Conventional: 1

Furnished: 1

Second: 1

City Street: 1

Paved Road: 1

Resid Multi-Family: 1

Bedroom: 1

Florida Room: 1

Kitchen: 1

Electricity - Connected: 1

Garbage: 1

Public Water - Available: 1

First: 1

Second: 1

Wall Unit(s): 1

Under Contract Date: 2026-05-29