507 N Gray Avenue
Panama City, FL 32401
9
Bed
7
Bath
0.48Acre(Lot)
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 Potent
Property Details
Map
Map
What's Nearby
Nearby Areas
Features
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Bedroom Information
Total beds: 9Bathroom Information
Total Baths: 7 Full Baths: 7Room Information
Rooms Total: 9 -
Interior Features
Appliances: ElectricOven, ElectricRange -
Heating & Cooling
Has Cooling: Yes Cooling: WallUnits
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Building Information
Year Built: 1930Building Area Total: 2652Private Pool: No
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Lot Information
Lot Dimensions: 143 X 148 X 143 X 148 Main Square Feet: 0.48 Lot Size Acres: 0.48 Lot Size Square Feet: 20,996 Lot Description: PavedProperty Information
Subdivision: Pinecrest Add. Source Property Type: Residential MLS Area Minor: 0202 - Bay - Central SE Zoning Description: Resid Multi-Family Property SubType: Multi Family Property Age: 96
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Listing Price Information
Listing Price: $499900Original Price: $550000
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Tax Information
Parcel Number: 22631-000-000 Tax Year: 2025 Annual Tax: $3810 Tax Legal Desc: PINECREST ADD LOTS 15,16,17 LESS N 10' LOT 17 & N 15.85' LOT 14 BLK E ORB 4594 P 900 MAP 105D1
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Garage Information
Has Garage: Yes Garage Space: 1
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School Information
Elementary School: Cherry Street Junior High School: Jinks Senior High School: Bay -
Location Information
Direction: From downtown, head east on business 98. Turn left on Gray Ave. House is on the left. Apartment building is directly behind the house.
How much is this property worth?
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Nearby Home Value
| Address | Estimate | Bed | Bath | Sq. Ft | Lot Size |
|---|---|---|---|---|---|
| 6701 Yacht Club Drive, Panama City, FL, 32401 | $1,995,000 | 4 | 5 | -- | |
| 112 Bayou Avenue, Panama City, FL, 32401 | $35,000 | -- | -- | -- | |
| 148 Bayou Avenue, Panama City, FL, 32401 | $306,997 | 3 | 3 | -- | |
| Bayou Avenue, Panama City, FL, 32401 | $19,999 | -- | -- | -- | |
| 150 Bayou Avenue, Panama City, FL, 32401 | $304,900 | 3 | 2 | -- | |
| 403 Transmitter Road, Panama City, FL, 32401 | $199,900 | 3 | 2 | -- | |
| 301 Detroit Avenue, Panama City, FL, 32401 | $267,500 | 3 | 2 | -- | |
| 305 Detroit Avenue, Panama City, FL, 32401 | $299,900 | 3 | 2 | -- | |
| 3808 E 9th Street, Panama City, FL, 32401 | $189,900 | 3 | 2 | -- | |
| 136 Harlem Avenue, Panama City, FL, 32401 | $225,000 | 3 | 2 | -- |
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ByOwner last updated this listing 06/16/2026 @ 08:24
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