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Harrison Lilly Team

Owner/Operator | Harrison Lilly Emerald Coast | Harrison Lilly Realty | PLACE

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119 College Ave , Panama City, FL 32401
$695,000
Est. Payment: $3,839.77/mo
0.41 Acres
Status: Active | Days on site: 55
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ERAN - E33182,E32564
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Harrison Lilly Team
Owner/Operator

House Description

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.

Highlights

Listed by Kaci A Hawes , 850-628-4537 and Heather H Neubauer , 850-774-2832 ERA Neubauer Commercial , 850-872-3434. Emerald Coast Multiple Listing Services

Property Type

Commercial Sale

Lot/Acreage
0.41

County

Bay

Area

27 - Bay County

Listing ID

1005725

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Interior Features

Exterior Features

Lot Dimensions:179 x 120 x 179 x 120
Principal Interest
$3,840
Taxes
$443

Home Price

$695,000

Loan Details

30 yrs
7.374%

Down Payment

20%
$139,000
All calculations are estimates and provided by Blueroof360. Today’s Rates provided by Blueroof360. Information and interactive calculators are made available to you only as self-help tools for your independent use and are not intended to provide investment or tax advice. We cannot and do not guarantee their applicability or accuracy in regards to your individual circumstances. All examples are hypothetical and are for illustrative purposes. We encourage you to seek personalized advice from qualified professionals regarding all personal finance issues.
Monthly Price:
$3,839.77

Principal

Taxes

Principal Taxes HOA Total
Monthly $3,839.77 $443.06 $0.00 $4,282.84
Yearly $46,077.30 $5,316.75 $0.00 $51,394.05
Total $1,382,318.96 $159,502.50 $0.00 $1,541,821.46

Today's Rates

30 Year

7.37%

20 Year

7.27%

15 Year

6.8%

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Market insight data is pulled from the same city as the listing being viewed (Panama City, FL).

The schools listed are within a 2-mile radius of the property; however, attendance is not guaranteed. Please contact the local school district to confirm zoning and enrollment options.

Information provided by Emerald Coast Multiple Listing Services, and is deemed reliable but not guaranteed accurate.

IDX service by Blueroof 360

Data last updated: 2026-10-07T06:31:40.000Z

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