605 Elm AVE, Panama City, FL 32401
605 Elm AVE, Panama City, FL 32401
605 Elm AVE, Panama City, FL 32401
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$160,000
Est. payment /mo
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2 Beds
1 Bath
609 SqFt
Active

605 Elm AVE Panama City, FL 32401

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Soni Sanders

Soni Sanders

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Key Details

Property Type Single Family Home

Sub Type Detached Single Family

Listing Status Active

Purchase Type For Sale

Square Footage 609 sqft

Price per Sqft $262

Subdivision Emmons Add-Millville

MLS Listing ID 1013682

Style Other

Bedrooms 2

Full Baths 1

HOA Y/N No

Year Built 1950

Annual Tax Amount $1,141

Tax Year 2025

Lot Size 6,534 Sqft

Acres 0.15

Lot Dimensions 45x145

Property Sub-Type Detached Single Family

Source Emerald Coast Association of REALTORS®

Land Area 609

Property Description

Turnkey income-producing opportunity in Panama City's historic Millville neighborhood! Offered at $160,000 with a long-term tenant in place at $1,650 per month, 605 Elm Avenue generates $19,800 in scheduled annual gross rent, representing an impressive approximately 12.4% gross rent yield at the asking price before expenses. For investors looking for immediate income without taking on another major renovation project, this property offers a compelling combination of existing cash flow, substantial improvements already completed, durable construction and long-term location potential. This 2-bedroom, 1-bath concrete-block home has been extensively improved while maintaining a manageable and efficient rental footprint. Updates include a newer roof, windows and flooring, updated plumbing and sewer components, renovated kitchen and bathroom, newer fixtures and lighting, appliances, attic ductwork and gas lines. The home features central air and gas heat, while the updated kitchen offers modern cabinetry, stainless-steel appliances and gas cooking. Wood-plank ceilings, recessed lighting, updated flooring and thoughtful interior finishes give the home character that stands apart from the typical rental property in this price range. The property offers approximately 609 heated square feet and a lot large enough for ones creative mind to run wild. This home currently has mature landscaping, a gravel driveway, side access and a rear patio and yard area. Location is another major component of the investment. Positioned in Millville near Watson Bayou, the property is only a few blocks from Millville Waterfront Park, its public boat ramp, fishing and waterfront recreation, and approximately 5 minutes from Downtown Panama City. Everyday employment and services are equally accessible, with Ascension Sacred Heart Bay approximately 2 miles away, while the 23rd Street employment and retail corridor--including HCA Florida Gulf Coast Hospital and Walmart--is approximately 4-5 miles away, with Target roughly 5 miles away. Tyndall Air Force Base is approximately 8-10 miles to the east, providing access to one of the area's largest employment centers, while the white-sand beaches of Panama City Beach are approximately 12-15 miles away. US-98 provides convenient east-west access throughout Bay County and is right around the corner from this investment opportunity.

For investors, the numbers and fundamentals are straightforward: $160,000 asking price, $1,650 monthly rent, $19,800 scheduled annual gross rent and approximately 12.4% gross rent yield before expenses, combined with concrete-block construction, significant improvements already completed and a tenant in place.

Whether adding another property to an established rental portfolio or looking for an approachable entry into the Panama City long-term rental market, 605 Elm Avenue offers immediate income today with exposure to the continued growth and redevelopment of the surrounding area.

Location

State FL

County Bay

Area 27 - Bay County

Zoning Resid Single Family

Direction From Downtown Panama City, travel east on Business Hwy 98, cross the Watson Bayou Bridge, turn left onto Elm Ave, cross E 6th Street, and the property will be on the left.

Rooms

Primary Bedroom Level Main

Master Bedroom true

Kitchen true

Interior

Interior Features Ceiling Crwn Molding

Heating Geothermal

Cooling Ceiling Fans, Central Air

Furnishings Furnished - None

Window Features Window Treatmnt Some

Appliance Dishwasher, Dryer, Microwave, Refrigerator, Stove/Oven Gas, Washer, Water Heater - Gas

Exterior

Exterior Feature Open Patio

Utilities Available Electric, Gas - Natural, Public Water, TV Cable

Roof Type Metal

Porch Patio Open

Road Frontage City Street

Garage No

Building

Lot Description Storm Sewer, Survey Available

Faces From Downtown Panama City, travel east on Business Hwy 98, cross the Watson Bayou Bridge, turn left onto Elm Ave, cross E 6th Street, and the property will be on the left.

Story 1

Foundation Slab

Sewer Public Sewer

Architectural Style Other

New Construction No

Schools

Elementary Schools Cherry Street

Middle Schools Jinks

High Schools Bay

Others

Pets Allowed No

Tax ID 22729-000-000

Emerald Coast MLS - IDX
Listed by Abbott Martin Group EXP Realty LLC

NEARBY SCHOOL & BUSINESS

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605 Elm AVE