507 N Gray Ave, Panama City, FL, 32401
About This Home
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!!
Getting Around
Somewhat Walkable
Minimal Transit
Somewhat BikeableSchools
Construction
Condition
- Year built: 1930
Type & Style
- Home type: MultiFamily
- Property subType: Multi Family
Interior
Appliances
- Appliances included: Electric Oven,Electric Range
Bedroom
- Level: First
- Dimensions: 12 x 14
Bedroom
- Level: First
- Dimensions: 12 x 12
Bedroom
- Level: Second
- Dimensions: 16 x 14
Bedroom
- Level: First
- Dimensions: 12 x 14
Bedroom
- Level: Second
- Dimensions: 12 x 16
Bedroom
- Level: Second
- Dimensions: 12 x 16
Bedroom
- Level: Second
- Dimensions: 12 x 16
Bedrooms & Bathrooms
- Bedrooms: 9
- Bathrooms: 7
- Full bathrooms: 7
Cooling
- Cooling features: Wall Unit(s)
Florida Room
- Level: First
- Dimensions: 12 x 14
Interior Area
- Total structure area: 2,652
- Total interior livable area: 2,652 sqft
Kitchen
- Level: Second
- Dimensions: 12 x 14
Property
Details
- Parcel number: 22631000000
- Zoning description: Resid Multi-Family
Lot
- Lot size: 0.48 Acres
- Features: Paved
- Lot size dimensions: 143 x 148 x 143 x 148
Parking
- Total spaces: 2
- Parking features: Garage
- Has garage: Yes
- Attached garage spaces: 1
- Covered spaces: 2
Climate Risk is Financial Risk
Every home has a financial story beyond the listing price. Below, you’ll see the climate risks that could affect this property — and in Bills & Affordability, how those risks may influence repairs, insurance, utilities, and long-term value.
Biggest Threats for This Home
- Hurricane
- Lightning
- Cold Wave
- Tornado
- Tsunami
How This Home’s Risks Compare
FEMA Declared Disasters in Bay County and Florida
Understanding the Costs
Financial advisors generally recommend spending no more than 30% of your gross household income on housing costs. In practice, many households stretch to 35% or beyond — especially in high-cost markets.
Estimated Costs Today
| Monthly | Annual | |
|---|---|---|
| Mortgage | $2,527 | $30,324 |
| Home Insurance * | $339 | $4,068 |
| Property Taxes | $957 | $11,484 |
| Electricity | $266 | $3,202 |
| Total | $4,089 | $49,068 |
Income You'd Need if You Spent...
Florida FAIR Plan Programs
How Costs Could Change Over Time
Climate risk is quickly impacting all of the major home ownership costs. Adjust the growth rates and percentage of income spent on housing below to see how your housing costs could change over the next 10 years — and what income you'd need to keep up.
Comparing Against the Market
Price Per Sq Ft
vs Other Active Listings
Avg $/sqft
vs Homes Sold Last Month
Median $/sqft
Current Market Trends
Median Price Per Square Foot
The median price per square foot of homes sold in this area each month. Compare this to this listing's price per square foot to gauge whether the home is priced in line with recent sales.
Historicals for This Listing
Zestimate History ($/sqft)
Price History
| Date | Event | Price |
|---|---|---|
| 2026-04-20 | Price change | $499,900 |
| 2026-03-27 | Listed for sale | $550,000 |
| 2020-03-13 | Sold | $190,000 |
| 2020-01-28 | Price change | $200,000 |
| 2020-01-06 | Price change | $210,000 |
| 2019-11-04 | Price change | $215,000 |
| 2019-09-30 | Price change | $220,000 |
| 2019-09-09 | Price change | $225,000 |
| 2019-08-26 | Price change | $235,000 |
| 2019-08-16 | Price change | $240,000 |
| 2019-07-31 | Listed for sale | $245,000 |
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