Income-Producing Office
For Sale
$315,000
1148 Jenks Avenue, Panama City, FL 32401
CommercialSale, Panama City, FL
Property Size1,868 SF
Lot Size0.16 Acres
Price / SF$168.63
Days on Market690
Property Features for 1148 Jenks Avenue
General Information
Property type
Commercial Sale
Property subtype
Office
Zoning description
Commercial, Business, General Commercial, Office/Prof
Subdivision
No Named Subdivision
Elementary school
Cherry Street
Middle school
Jinks
High school
Bay
Directions
From 23rd, South on Jenks Ave one Block North of 11th Street on Left.
Standard status
Active
APN
18510-010-000
Size
1,868 SF
Lot size
0.16 Acres
Taxes and HOA fees
Tax Description
MAGNOLIA TERRACE LOTS 31,32 & S 2' LOT 30 BLK 2 ORB 4358 P 1676 MAP 92A1
Legal Description
MAGNOLIA TERRACE LOTS 31,32 & S 2' LOT 30 BLK 2 ORB 4358 P 1676 MAP 92A1
Building Details
Year built
1940
Listing Agency:
Hitchcock Real Estate LLC
(850) 481-0095
Listed By:
Brenton Hitchcock
(850) 738-5002
Added: Oct 22, 2024
Changed: Sep 10
Last Checked: Sep 11 at 2:06PM
MLS# 764111
Copyright © 2026 Central Panhandle Association of REALTORS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This commercial office building at 1148 Jenks Avenue includes six offices and two bathrooms within a practical layout for professional occupancy. The property is income-producing, with established tenants already in place, and includes on-site parking for occupants and visitors. Built in 1940, the building has a maintained exterior and professional presentation.
The property is positioned in Panama City, near downtown and major roads. It carries commercial zoning and occupies a 0.16-acre lot in ZIP Code 32401. The existing office configuration and current tenancy provide a straightforward commercial ownership profile.
The property is positioned in Panama City, near downtown and major roads. It carries commercial zoning and occupies a 0.16-acre lot in ZIP Code 32401. The existing office configuration and current tenancy provide a straightforward commercial ownership profile.
Key Highlights
- Income‑producing office property with established tenants
- Six offices and two bathrooms
- 0.16‑acre lot in Panama City, FL 32401
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$23,537
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
7.47%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$470,740
$470.7K
Cap Rate 7%
$336,243
$336.2K
Cap Rate 9%
$261,522
$261.5K
Market Conditions
NOI Build-Up for 1,868 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$39.2K $21.00/SF
− Vacancy
−$7.8K −$4.20/SF
EGI
$31.4K $16.80/SF
− OpEx
−$7.8K −$4.20/SF
NOI
$23.5K $12.60/SF
Area
Walton County, FL
Vacancy
20.00%
Lease Rate
$21.00 /SF/Yr
Expense Ratio
25.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$470,740
Cap Rate 7%
$336,243
Cap Rate 9%
$261,522
Alternative Uses
Best Use
Office B
$336.2K
$294.2K – $392.3K
NOI $23,537 @ 7.0% cap · market cap 7.47%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$469.8K
$411.1K – $548.1K
NOI $32,884 @ 7.0% cap · market cap 10.44%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Location Intelligence
Trade Area within ½ mile
1,287
Businesses Nearby
Explore this area
Business Placement
Demographics for 32401, FL
20,487
Population
10,239
Households
2
Avg Household Size
42
Median Age
20%
College-Educated
86%
High-School Grad
12.5 sq mi
ZIP Area
1,639
Density / Sq Mi
$49,901
Median Household Income
$35,885
Median Earnings
$1,194
Median Rent
$207,000
Median Home Value
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Office in South region
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Frequently Asked Questions
What type of property is this?
Office building - Established tenants occupy a six-office commercial property with on-site parking and access to major roads.
Where is this office building located?
The property is located at 1148 Jenks Avenue Panama City, FL.
What is the asking price?
The asking price for this property is $315,000.
What are key features of this property?
This property features: Income‑producing office property with established tenants; Six offices and two bathrooms; 0.16‑acre lot in Panama City, FL 32401
