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$608,000 Just Listed

  • For Sale
  • Active
  • Multi-Family
  • 0.31 Acres
  • Updated 3 hours ago
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Welcome to a turnkey income-producing investment opportunity designed for ease, efficiency, and long-term value. Remodeled in 2021, this unique property features six detached single-family units, each offering one bedroom, one spacious bathroom, a comfortable living area, with a functional kitchen. Fully occupied and currently generating $63,900 in annual gross rental income, this property offers immediate cash flow with rent rolls available for review. Each unit was thoughtfully updated in 2021 with major improvements including 30-year dimensional shingle roofs, energy-efficient windows, updated electrical wiring, fresh sheetrock, interior paint, luxury vinyl plank flooring, new kitchen cabinetry, and updated countertops. For streamlined management, each unit is individually metered for both water and electricity, helping simplify operations and reduce owner responsibility. With six separate dwellings, modernized systems, and established rental income already in place, this property is a strong addition to any investment portfolio. Whether you are looking to expand your rental holdings, secure consistent income, or invest in a low-maintenance multi-unit property, this turnkey opportunity is ready to perform from day one. Buyer to confirm measurements. Some photos edited and staged

Full Property Details for 116 Springfield Ave

General

  • Price: $608,000
  • Taxes: $8,434 (2025)
  • Status: Active
  • Type: Multi-Family
  • Source: Bay_County
  • MLS ID: 790574
  • Updated: Today (5/30/2026)
  • Added to Site: Today

Interior

  • Number of Rooms: 6
  • Appliances: Electric Cooktop, Electric Oven

Rooms

Bathrooms

  • Total Bathrooms: 6
  • Full Bathrooms: 6

Bedrooms

  • Total Bedrooms: 6

Additional Information

  • Pool: Yes
  • Pool Description: Other, See Remarks

Exterior

  • Porch/Patio/Deck: Covered, Porch

Location

  • County: Bay
  • Subdivision: No Named Subdivision
  • Driving Directions: From Bay Medical Center, head south on North Bonita Ave. Turn left on Bus-US 98. Take a right onto Everitt Ave., left on E First Court. Proceed to Second Street and take a left onto Springfield Ave. The property will be on the corner lot on the right.

School Information

  • Elementary School: Cherry Street
  • Middle School: Rutherford Middle
  • High School: Rutherford

Community

  • Community Name: 02 - Bay County - Central

Heating & Cooling

  • Air Conditioning: Yes
  • Cooling Type: Window Unit(s)

Utilities

  • Sewer: Public Sewer

Structural Information

  • Construction: Block
  • Roof: Shingle
  • Sq. Ft. Source: Appraiser
  • Year Built: 1952

Lot Features

  • Lot Size (Acres): 0.31
  • Lot Size (Sq. Ft.): 13,504
  • Lot Size: .31
  • Lot Dimensions: 154 x 100 x 154 x 101
  • Frontage: City Street
  • Land Lease Avail: Yes
  • Zoning: Resid Multi-Family

Financial Considerations

  • Tax Amount: $8,434
  • Tax Year: 2025

Disclosures and Reports

  • Legal Description: N MOORETOWN (1.15) LOTS 1, 2 BLK 9 ORB 4686 P 914
  • Property ID: 24226-000-000

Listed by Beachy Beach Real Estate

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Listing agent

— 116 Springfield Ave —

  • Beachy Beach Real Estate

Get Pre-Approved Today

Be ready to buy your new home!

with our affiliated lender
NMLS#: 1598647

Get Pre-Approved

Be ready to buy your new home!

with our affiliated lender
NMLS#: 1598647

Get Pre-Approved

Schools serving 116 Springfield Ave

School District:Bay County School District
NameGradesDistance
Merriam Cherry Street Elementary School
1125 Cherry Street, Panama City, FL 32401
PK-51.6 mi
Rutherford High School
1000 School Avenue, Panama City, FL 32401
6-81.3 mi
Disclaimer: School attendance boundaries provided by ATTOM Data Solutions and are for reference only. Contact the school directly to verify enrollment eligibility.

Price & Sales History for 116 Springfield Ave Get Price Alerts and Save Property

Date
Details
Price
Change
Source
5/30/2026
Listed
$608,000
8.57%
MLS
4/24/2023
Sold
$560,000
—
Public Record
Get Price Alerts and Save Property
Disclaimer: Historical sales information is derived from public records provided by the county offices. Information is not guaranteed and should be independently verified.

Tax History for 116 Springfield Ave

Year
Property Taxes
Change
Tax Assessment
Change
2024
$7,823
—
$498,235
4%
2024
$7,823
405%
$480,549
376%
2023
$1,550
25%
$101,048
43%
2021
$1,242
-6%
$70,757
-19%
2022
$1,320
6%
$86,835
22%
2021
$1,242
-22%
$71,048
-30%
2019
$1,599
-3%
$101,683
-2%
2018
$1,648
-2%
$103,848
-1%
2017
$1,676
-3%
$104,403
-1%
2016
$1,723
-3%
$105,055
-1%
2015
$1,773
-7%
$105,762
-1%
2014
$1,911
66%
$106,523
-2%
2013
$1,153
—
$108,738
—
View All
Disclaimer: Historical tax information is derived from public records provided by the county offices. Information is not guaranteed and should be independently verified.

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Listed by Beachy Beach Real Estate

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116 Springfield Avenue, Panama City, FL 32401 (MLS# 790574) is a Multi-Family property with units containing 6 bedrooms and 6 full bathrooms. 116 Springfield Avenue is currently listed for $608,000 and was received on May 30, 2026. Want to learn more about 116 Springfield Avenue? Do you have questions about finding other Multi-Family real estate for sale in Panama City? You can browse all Panama City real estate or contact a Coldwell Banker agent to request more information.

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