507 N Gray Avenue, Panama City, FL 32401

• 9 beds |
• 7 baths |
• 2,652 sqft

Property Description

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 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!!

Listing Status:

Active

Date Added:

March 27, 2026

Data Last Updated:

April 2, 2026 at 11:18PM

Listing Office:

Counts Real Estate Group Inc : 850-249-1414

MLS ID:

787457

Interior

• Appliances: Electric OvenElectric Range
• A/C: Wall Unit(s)

Location

• Road/Access: City Street
• Originating MLS: CPAR_CPAR
• County: Bay

Lot

• Zoning: PINECREST ADD LOTS 151617 LESS N 10' LOT 17 & N 15.85' LOT 14 BLK E ORB 4594 P 900 MAP 105D122631-000-000

Financial

• Source: CPAR_CPAR