605 Elm Avenue, Panama City, FL 32401 (MLS# 796246)

Acreage: 0.15

Design: Bungalow

Lot Size (SqFt): 6534

Apx SqFt(Htd/Cooled): 609

Construction Status: Construction Complete

SqFt Source: An Appraiser

# of Stories in Building: 1

# of Units in Bldg: 1

Units Above Ground: 1

Accessory Dwelling Unit: No

Pre-Const Flip: No

Lot Dimensions: 45.0 ft x 145.0 ft

New Construction: No

Garage Y/N: No

Covered Spaces: 0

Driveway Spaces: 4

Pool: No

Sub-Type: Detached Single Family

Bedrooms: 2

Full Baths: 1

Total Baths: 1

Year Built: 1950

List Price/SqFt: 262.73

Status: Active

List Date: 2026-10-06

List Price: $160,000

Current Price: $160,000

Sub Area: 0202 - Bay - Central SE

Community/Resort: None

Waterfront: No

Elementary School: Cherry Street

Middle School: Jinks

High School: Bay

Directions: From Downtown Panama City, travel east on Business Hwy 98, cross the Watson Bayou Bridge, turn left onto Elm Ave, cross E 6th Street, and the property will be on the left.

Area: 02 - Bay County - Central

Street #: 605

Street Name: Elm

Street Suffix: Avenue

State: FL

Zip Code: 32401

County: Bay

Subdivision: Emmons Add-Millville

Parcel ID: 22729-000-000

Legal Description: EMMONS ADD MAP 105D2 BEG 5' S OF NE COR LOT 7 TH W 145' S 45' E 145' N 45' TO POB BLK 2 ORB 4819 P 2093

Homestead: No

HOA Fee: No

New Buyer Fee: No

Last Taxes: 1141.69

Last Tax Year: 2025

Brokerage Interest: No Interest

Remarks: Turnkey income-producing opportunity in Panama City's historic Millville neighborhood! Offered at $160,000 with a long-term tenant in place at $1,650 per month, 605 Elm Avenue generates $19,800 in scheduled annual gross rent, representing an impressive approximately 12.4% gross rent yield at the asking price before expenses. For investors looking for immediate income without taking on another major renovation project, this property offers a compelling combination of existing cash flow, substantial improvements already completed, durable construction and long-term location potential. This 2-bedroom, 1-bath concrete-block home has been extensively improved while maintaining a manageable and efficient rental footprint. Updates include a newer roof, windows and flooring, updated plumbing and sewer components, renovated kitchen and bathroom, newer fixtures and lighting, appliances, attic ductwork and gas lines. The home features central air and gas heat, while the updated kitchen offers modern cabinetry, stainless-steel appliances and gas cooking. Wood-plank ceilings, recessed lighting, updated flooring and thoughtful interior finishes give the home character that stands apart from the typical rental property in this price range. The property offers approximately 609 heated square feet and a lot large enough for ones creative mind to run wild. This home currently has mature landscaping, a gravel driveway, side access and a rear patio and yard area. Location is another major component of the investment. Positioned in Millville near Watson Bayou, the property is only a few blocks from Millville Waterfront Park, its public boat ramp, fishing and waterfront recreation, and approximately 5 minutes from Downtown Panama City. Everyday employment and services are equally accessible, with Ascension Sacred Heart Bay approximately 2 miles away, while the 23rd Street employment and retail corridor--including HCA Florida Gulf Coast Hospital and Walmart--is approximately 4-5 miles away, with Target roughly 5 miles away. Tyndall Air Force Base is approximately 8-10 miles to the east, providing access to one of the area's largest employment centers, while the white-sand beaches of Panama City Beach are approximately 12-15 miles away. US-98 provides convenient east-west access throughout Bay County and is right around the corner from this investment opportunity. For investors, the numbers and fundamentals are straightforward: $160,000 asking price, $1,650 monthly rent, $19,800 scheduled annual gross rent and approximately 12.4% gross rent yield before expenses, combined with concrete-block construction, significant improvements already completed and a tenant in place. Whether adding another property to an established rental portfolio or looking for an approachable entry into the Panama City long-term rental market, 605 Elm Avenue offers immediate income today with exposure to the continued growth and redevelopment of the surrounding area.

Dishwasher: 1

Dryer: 1

Microwave: 1

Oven - Gas: 1

Range - Electric: 1

Refrigerator: 1

Washer: 1

Washer/Dryer Stacked: 1

Water Heater - Gas: 1

Ceiling - Crwn Molding: 1

Window - Treatment Some: 1

Block: 1

Foundation - Slab on Grade: 1

Roof - Metal: 1

Patio Open: 1

Shed(s): 1

Cash: 1

Conventional: 1

FHA: 1

VA: 1

Unfurnished: 1

Floor - Concrete: 1

First: 1

First: 1

Landscaped: 1

Near Public Boat Ramp: 1

Storm Sewer: 1

Survey Available: 1

City Street: 1

Driveway: 1

Resid Single Family: 1

Bedroom: 1

Kitchen: 1

Living Room: 1

Primary Bedroom: 1

TV Cable: 1

Electricity - Availabile: 1

Natural Gas - Connected: 1

Public Sewer - Connected: 1

Public Water - Connected: 1

As Is: 1

First: 1

First: 1

Ceiling Fan(s): 1

Electric: 1

Geothermal: 1

MBed First Floor: 1

MBath Shower/Tub Combo: 1