Stacy Lamon
Office: 850-837-3935
Cell: 850-685-7020
119 College Avenue, Panama City
$695,000
0 Bed
0 Bath
.41 Acre
0 Garage
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.
Essential Information
MLS® #1005725
Price$695,000
Acres0.41
TypeCommercial Sale
StatusActive
Community Information
Address119 College Avenue
Area27 - Bay County
CityPanama City
CountyBay
StateFL
Zip Code32401
Listing Details
OfficeERA Neubauer Commercial
Property History
Price Reduced from $724,000 to $695,000
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DISCLAIMER: Information Deemed Reliable but not guaranteed. The information being provided is for consumers' personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing.
All listings are provided courtesy of the Emerald Coast Association of Realtors, Copyright2026, All rights reserved.
Vendors Member Number : 28325
Listing information last updated on October 14th, 2026 at 5:07pm CDT.
