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Harrison Lilly

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: $3,524.91/mo
0 Bed
9 Bath
5222 Sqft
Status: active | Days on site: 72
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VCR-C15903466 - VCR-C159091383,VCR-C159052275

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Harrison Lilly
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 Real Estate, Inc , 850-872-3434. Bay County Association of REALTORS

Property Type

Multi-Family

Lot/Acreage
0.41

Year Built

1936

County

Bay

Area

02 - Bay County - Central

Neighborhood

[No Recorded Subdiv]

Listing ID

789830

Questions about this listing?

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Interior Features

Bedrooms and Bathrooms
  • Bedrooms:0
  • Bathrooms:9
  • Full Bathrooms:9
Appliances:Electric Cooktop, Electric Oven, Electric Water Heater
Air Cond:Central Air,Multi Units
Fireplaces:
Other:
  • Additional:Main Level Primary, Tub Shower

Exterior Features

Lot:Paved
Lot Dimensions:179x120x179x120
Zoning:Resid Multi-Family
Roof:Shingle
Others:
  • Additional:Covered Patio
Sewer:Public Sewer
Principal Interest
$3,525
Taxes
$420

Home Price

$695,000

Loan Details

30 yrs
6.529%

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:
$3,524.91

Principal

Taxes

Principal Taxes HOA Total
Monthly $3,524.91 $419.92 $0.00 $3,944.83
Yearly $42,298.91 $5,039.00 $0.00 $47,337.91
Total $1,268,967.19 $151,170.00 $0.00 $1,420,137.19

Today's Rates

30 Year

6.53%

20 Year

6.33%

15 Year

5.93%

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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 Bay County Association of REALTORS, and is deemed reliable but not guaranteed accurate.

IDX service by Blueroof 360

Data last updated: 2026-08-20T06:33:19.000Z

© 2026 Bay County Association of REALTORS