- Price$779,000
- Beds15
- Baths9
- SQ. Feet5,222
- Acres0.41
- Built1925
119 College Ave, PANAMA CITY
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!
Essential Information
- MLS® #954778
- Price$779,000
- Bedrooms15
- Bathrooms9.00
- Full Baths9
- Square Footage5,222
- Acres0.41
- Year Built1925
- TypeResidential
- Sub-TypeAttached Single Unit
- StyleTraditional
- StatusActive
Amenities
- UtilitiesElectric Available, Public Sewer Available, Public Water Available
Exterior
- ExteriorRoof Dimensional Shingle, Siding Vinyl
- Exterior FeaturesPatio Covered, Porch Covered, Renovated
- Lot DescriptionCleared, Corner
- RoofRoof Dimensional Shingle
- FoundationSiding Vinyl
Additional Information
- Days on Website12
- ZoningResidential Multi-Family
- HOA Fees0.00
Community Information
- Address119 College Ave
- AreaBay County
- SubdivisionNO RECORDED SUBDIVISION
- CityPANAMA CITY
- CountyBAY
- StateFL
- Zip Code32401
Interior
- Interior FeaturesNewly Painted, Renovated, Washer/Dryer Hookup
- AppliancesCooktop, Refrigerator, Stove/Oven Electric
- HeatingHeat: Central Electric
- CoolingA/C: Two Or More, A/C: Central Electric, Ceiling Fans
- # of Stories2
School Information
- ElementaryCHERRY STREET
- MiddleJinks
- HighBAY
Listing Details
- Listing OfficeERA Neubauer Commercial
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, Copyright2024, All rights reserved.