507 N Gray AVE Panama City, FL 32401
9 Beds
7 Baths
2,652 SqFt
UPDATED:
Key Details
Property Type Multi-Family
Sub Type Multi Family
Listing Status Active
Purchase Type For Sale
Square Footage 2,652 sqft
Price per Sqft $188
Subdivision Pinecrest Add.
MLS Listing ID 787457
Bedrooms 9
Full Baths 7
HOA Y/N No
Year Built 1930
Annual Tax Amount $3,810
Tax Year 2025
Lot Size 0.480 Acres
Acres 0.48
Property Sub-Type Multi Family
Property Description
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!!
Location
State FL
County Bay
Community Short Term Rental Allowed
Area 02 - Bay County - Central
Interior
Cooling Wall Unit(s)
Fireplace No
Appliance Electric Oven, Electric Range
Exterior
Garage Spaces 1.0
Garage Description 1.0
Community Features Short Term Rental Allowed
Private Pool No
Building
Lot Description Paved
New Construction No
Schools
Elementary Schools Cherry Street
Middle Schools Jinks
High Schools Bay
Others
Restrictions Short Term Rentals Allowed
Tax ID 22631-000-000
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