507 N Gray Avenue, Panama City, FL 32401

Panama City
Local realty services provided by:Better Homes and Gardens Real Estate Historic
507 N Gray Avenue,Panama City, FL 32401
$499,900
  • 9 Beds
  • 7 Baths
  • 2,652 sq. ft.
  • Multi-family
  • Pending
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

CURRENTLY UNDER CONTRACT, SELLER ACCEPTING BACKUP OFFERS. 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...

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Home facts

  • Year built:1930
  • Listing ID #:787457
  • Added:93 day(s) ago
  • Updated:June 28, 2026 at 03:14 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
The information being provided by Central Panhandle Association Of REALTORS® is for the consumer's personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumer may be interested in purchasing. Any information relating to real estate for sale referenced on this web site comes from the Internet Data Exchange (IDX) program of the Central Panhandle Association Of REALTORS®. Better Homes and Gardens Real Estate Historic is not a Multiple Listing Service (MLS), nor does it offer MLS access. This website is a service of Better Homes and Gardens Real Estate Historic, a broker participant of Central Panhandle Association Of REALTORS®. This web site may reference real estate listing(s) held by a brokerage firm other than the broker and/or agent who owns this web site. The accuracy of all information, regardless of source, including but not limited to open house information, square footages and lot sizes, is deemed reliable but not guaranteed and should be personally verified through personal inspection by and/or with the appropriate professionals. The data contained herein is copyrighted by Central Panhandle Association Of REALTORS® and is protected by all applicable copyright laws. Any unauthorized dissemination of this information is in violation of copyright laws and is strictly prohibited. Properties in listings may have been sold or may no longer be available. Copyright 2026 Central Panhandle Association Of REALTORS®. All rights reserved.

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