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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

Counts Real Estate Group Inc

Last updated:

May 31, 2026, 07:12 AM

MLS#

787457

Source:

FL BCMLS

About This Home

507 N Gray Avenue

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!!

Home Facts

Multi-Family

7 Baths

9 Bedrooms

Built in 1930

Price Summary

499,900

$188 per Sq. Ft.

MLS #:

787457

Last Updated:

May 31, 2026, 07:12 AM

Added:

2 month(s) ago

Rooms & Interior

Bedrooms

Total Bedrooms:

9

Bathrooms

Total Bathrooms:

7

Full Bathrooms:

7

Interior

Living Area:

2,652 Sq. Ft.

Structure

Structure

Building Area:

2,652 Sq. Ft.

Year Built:

1930

Lot

Lot Size (Sq. Ft):

20,908

Finances & Disclosures

Finances

Price:

$499,900

Price per Sq. Ft:

$188 per Sq. Ft.

Source:FL BCMLS
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®. Counts Real Estate Group Inc is not a Multiple Listing Service (MLS), nor does it offer MLS access. This website is a service of Counts Real Estate Group Inc, 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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Contact an Agent

Yes, I would like more information. Please use and/or share my information with a Coldwell Banker ® affiliated agent to contact me about my real estate needs. By clicking Contact, I request to be contacted by phone or text message and consent to being contacted by automated means. I understand that my consent to receive calls or texts is not a condition of purchasing any property, goods, or services. Alternatively, I understand that I can access real estate services by email or I can contact the agent myself.

If a Coldwell Banker affiliated agent is not available in the area where I need assistance, I agree to be contacted by a real estate agent affiliated with another brand owned or licensed by Anywhere Real Estate (BHGRE®, CENTURY 21®, Corcoran®, ERA®, or Sotheby's International Realty®). I acknowledge that I have read and agree to the terms of use and privacy notice.