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119 College Avenue
Panama City, FL 32401

Residential Multi Family (N/A)

0.41 Acres
5222 Sqft Living Area

15 Bedrooms

9 Bathrooms (9 Full, 0 Half)

Year Built: 1925

$779,000

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Property Description

Welcome to 119 College Ave., a property that presents an incredible investment opportunity with stable income generation from 6 rental units in a well-maintained and newly remodeled setting. All 6 units generate approximately $85,800 in gross annual income. This property is nestled on a large corner lot (.4 acres) and does not require flood insurance as it is in 'X'' flood zone. All buildings have newer 30-year dimensional shingle roofs that were installed in 2019. The primary rental house, consisting of 3 rental units (8 bedrooms and 5 bathrooms), has undergone a comprehensive remodel and was taken down to the studs and built back up with the finest attention to detail. It boasts a large front porch, three new HVAC units, and new kitchens equipped with brand-new appliances. On the lower level of the property, you will find a 3-bedroom, 2-bathroom split floor plan unit (Unit 2) with new luxury vinyl plank (LVP) flooring throughout and a large living room, perfect for comfortable living and entertaining. Unit 2 is rented currently for $1450 per month. Head upstairs and you will find another spacious 3-bedroom, 2-bathroom unit (Unit 1, $1325/month). This unit includes a separate entrance for the master bedroom and ensuite bath, an oversized laundry room, new LVP flooring, new kitchen and bathrooms, and two living areas. The primary house also has an attached apartment towards the back consisting of another rental unit with 2 bedrooms and 1 bathroom (Unit 3, $1000/month). Additionally, the building to the south of the primary house (Unit 7) is another rental unit consisting of 3 bedrooms, 2 bathrooms, and a utility/storage area ($1300/month). The two detached properties towards the west of this multi-family estate are both 2-bedroom and 1-bath rental units (Unit 5, $1100/month and Unit 6, $975/month). Unit 6 has also been extensively remodeled.This is your opportunity to expand your rental portfolio and add 6 income producing units for a total of 15 bedrooms and 9 bathrooms. This property has a great return on investment, and all rental units are professionally managed by ERA Property Management. Make sure you check out the unit floor plans in the 'Documents' tab and under photos and schedule your private viewing today!

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Contact Details

Name: Kaci A Hawes

Email: kacihawes.era@gmail.com

MLS Listing Id: 758986

Agent Phone: (850) 872-3434

List Agent License:

Office Name: ERA Neubauer Real Estate, Inc

Office Phone: (850) 872-3434

Office MLS Id: BEN2

Listing Status: Active

Listing URL: https://www.realtor.com/realestateandhomes-detail/119-College-Ave_Panama-City_FL_32401_M51236-13614?f=listhub&s=BCARFL&m=758986&c=openhousinc

Copyright © 2024 Central Panhandle Association of REALTORS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.