507 N Gray Avenue, Panama City, FL 32401

Panama City
Local realty services provided by:ERA Neubauer Real Estate, Inc.
507 N Gray Avenue,Panama City, FL 32401
$499,900
  • 9 Beds
  • 7 Baths
  • 2,652 sq. ft.
  • Multi-family
  • Active
Listed by: regina m kukla, jennifer h cole
Office: counts real estate group inc
MLS#:787457
Source:FL_BCMLS

Price summary

  • Price:$499,900
  • Price per sq. ft.:$188.5

About this home

FULLY OCCUPIED | INCOME PRODUCING MULTI-FAMILY | PRIME PANAMA CITY LOCATION 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...

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Home facts

  • Year built:1930
  • Listing ID #:787457
  • Added:41 day(s) ago
  • Updated:May 05, 2026 at 02:25 PM

Rooms and interior

  • Bedrooms:9
  • Total bathrooms:7
  • Full bathrooms:7
  • Rooms Total:9
  • Kitchen Description:Electric Oven, Electric Range
  • Living area:2,652 sq. ft.

Heating and cooling

  • Cooling:WallUnits

Structure and exterior

  • Year built:1930
  • Building area:2,652 sq. ft.
  • Lot area:0.48 Acres

Schools

  • High school:Bay
  • Middle school:Jinks
  • Elementary school:Cherry Street

Finances and disclosures

  • Price:$499,900
  • Price per sq. ft.:$188.5
  • Tax amount:$3,810 (2025)

Features and amenities

  • Amenities:ElectricOven, ElectricRange

Parking

  • Garage:Yes
  • Garage spaces:1
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