507 N Gray Avenue Panama City, FL 32401

PRICED AT $499,900

Listing Details

  • $499,900
  • MLS# 787457
  • Type Multi Unit - Multiple
  • Status Active Under Contract
  • 9 Bedrooms
  • 7 full Bathrooms
  • 2,652 Square Feet
  • 0.480 acres Lot Size
  • 1930 Year Built

Description

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:...read more

Features

  • Electric Oven
  • Electric Range
  • Wall Unit(s)
  • $3,810 Taxes
  • Built in 1930
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Gallery

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Disclaimer: All information deemed reliable but not guaranteed. All properties are subject to prior sale, change or withdrawal. Neither listing broker(s) or information provider(s) shall be responsible for any typographical errors, misinformation, misprints and shall be held totally harmless. Listing(s) information is provided for consumers personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. Information on this site was last updated 06/13/2026. The listing information on this page last changed on 06/13/2026. The data relating to real estate for sale on this website comes in part from the Internet Data Exchange program of Delta Media Group MLS (last updated Sat 06/13/2026 7:22:27 AM EST) or Emerald Coast MLS (last updated Sat 06/13/2026 7:15:22 AM EST) or Central Panhandle Association of Realtors (last updated Fri 06/12/2026 10:41:31 PM EST). Real estate listings held by brokerage firms other than Beachy Beach Real Estate may be marked with the Internet Data Exchange logo and detailed information about those properties will include the name of the listing broker(s) when required by the MLS. All rights reserved.
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All Property Features

  • Property Type: Multi Unit - Multiple
  • Appliances: Electric Oven, Electric Range
  • Community Features: Short Term Rental Allowed
  • Cooling: Wall Unit(s)
  • Days on Site: 78
  • Garage: 1
  • Lot Description: Paved
  • Lot Dimensions: 143 X 148 X 143 X 148
  • Lot Size: 0.48 Acres
  • Parcel#: 22631-000-000
  • Taxes: $3,810
  • Year Built: 1930

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