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!!