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PROPERTY 507 Gray Avenue, Panama City, FL 32401, MLS#787457 - Residential
Call Now:

Hardeep Kumar Yh

HR Moon Homes
We are the World
Active
Property Photos
507 Gray Avenue
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PRICED AT ONLY: $550,000

Address: 507 Gray Avenue, Panama City, FL 32401

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!!
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  •   Principal & Interest -
  •   Property Tax $
  •   Home Insurance $
  •   HOA Fees $
  •   Mortgage Insurance-

  •   Monthly -
  • MLS#: 787457 ( Residential )
  • Street Address: 507 Gray Avenue
  • Viewed: 22
  • Price: $550,000
  • Price sqft: $207
  • Waterfront: No
  • Year Built: 1930
  • Bldg sqft: 2652
  • Bedrooms: 9
  • Total Baths: 7
  • Full Baths: 7
  • Garage / Parking Spaces: 1
  • Days On Market: 23
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Features
Building and Construction
  • Covered Spaces: 2.00
  • Living Area: 0.00
Land Information
  • Lot Features: Paved
School Information
  • High School: Bay
  • Middle School: Jinks
  • School Elementary: Cherry Street
Garage and Parking
  • Garage Spaces: 1.00
  • Open Parking Spaces: 0.00
Utilities
  • Carport Spaces: 0.00
  • Cooling: WallUnits
  • Road Frontage Type: CityStreet
Finance and Tax Information
  • Home Owners Association Fee: 0.00
  • Insurance Expense: 0.00
  • Net Operating Income: 0.00
  • Other Expense: 0.00
  • Pet Deposit: 0.00
  • Security Deposit: 0.00
  • Tax Year: 2025
  • Trash Expense: 0.00
Other Features
  • Appliances: ElectricOven, ElectricRange
  • Legal Description: PINECREST ADD LOTS 15, 16, 17 LESS N 10' LOT 17 & N 15.85' LOT 14 BLK E ORB 4594 P 900 MAP 105D1
  • Area Major: 02 - Bay County - Central
  • Occupant Type: Occupied
  • Parcel Number: 22631-000-000
  • The Range: 0.00
  • Views: 22

Contact Info

  1. We are the World
Hardeep Kumar Yh