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Candi & Brad

[email protected] +1(850) 919-2299

$ 779,000

Est. payment -/mo

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Active

119 College AVE Panama City, FL 32401

15 Beds

9 Baths

5,222 SqFt

UPDATED:

10/31/2024 03:27 PM

Key Details

Property Type Multi-Family

Sub Type Multi Family

Listing Status Active

Purchase Type For Sale

Square Footage 5,222 sqft

Price per Sqft $149

Subdivision [No Recorded Subdiv]

MLS Listing ID 758986

Bedrooms 15

Full Baths 9

HOA Y/N No

Year Built 1925

Annual Tax Amount $2,910

Tax Year 2023

Lot Size 0.410 Acres

Acres 0.41

Property Description

Welcome to 119 College Ave., a property that presents an incredible investment opportunity with stable income generation from 6 rental units in a well-maintained and newly remodeled setting. All 6 units generate approximately $85,800 in gross annual income. This property is nestled on a large corner lot (.4 acres) and does not require flood insurance as it is in 'X'' flood zone. All buildings have newer 30-year dimensional shingle roofs that were installed in 2019. The primary rental house, consisting of 3 rental units (8 bedrooms and 5 bathrooms), has undergone a comprehensive remodel and was taken down to the studs and built back up with the finest attention to detail. It boasts a large front porch, three new HVAC units, and new kitchens equipped with brand-new appliances. On the lower level of the property, you will find a 3-bedroom, 2-bathroom split floor plan unit (Unit 2) with new luxury vinyl plank (LVP) flooring throughout and a large living room, perfect for comfortable living and entertaining. Unit 2 is rented currently for $1450 per month. Head upstairs and you will find another spacious 3-bedroom, 2-bathroom unit (Unit 1, $1325/month). This unit includes a separate entrance for the master bedroom and ensuite bath, an oversized laundry room, new LVP flooring, new kitchen and bathrooms, and two living areas. The primary house also has an attached apartment towards the back consisting of another rental unit with 2 bedrooms and 1 bathroom (Unit 3, $1000/month). Additionally, the building to the south of the primary house (Unit 7) is another rental unit consisting of 3 bedrooms, 2 bathrooms, and a utility/storage area ($1300/month). The two detached properties towards the west of this multi-family estate are both 2-bedroom and 1-bath rental units (Unit 5, $1100/month and Unit 6, $975/month). Unit 6 has also been extensively remodeled.This is your opportunity to expand your rental portfolio and add 6 income producing units for a total of 15 bedrooms and 9 bathrooms. This property has a great return on investment, and all rental units are professionally managed by ERA Property Management. Make sure you check out the unit floor plans in the 'Documents' tab and under photos and schedule your private viewing today!

Location

State FL

County Bay

Community Short Term Rental Allowed

Area 02 - Bay County - Central

Interior

Interior Features High Ceilings, Vaulted Ceiling(s)

Heating Electric

Cooling Central Air, Electric, Multi Units

Furnishings Unfurnished

Fireplace No

Appliance Dishwasher, Electric Cooktop, Electric Oven, Electric Water Heater, Disposal, Microwave, Refrigerator

Exterior

Exterior Feature Balcony, Deck

Community Features Short Term Rental Allowed

Utilities Available Electricity Connected, Water Connected

Waterfront No

Roof Type Shingle

Porch Balcony, Covered, Deck, Porch

Building

Lot Description Corner Lot

Schools

Elementary Schools Cherry Street

Middle Schools Jinks

High Schools Bay

Others

Tax ID 22946-000-000

Acceptable Financing Cash, Conventional

Listing Terms Cash, Conventional

Special Listing Condition Listed As-Is

Listed by ERA Neubauer Real Estate, Inc

Candi & Brad

Real Estate Advisors | License ID: SL3434249 & SL3156311

+1(850) 919-2299

Candi & Brad

119 College AVE Panama City, FL 32401

Key Details

Location

Interior

Exterior

Building

Schools

Others

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119 College AVE