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    1709 Cincinnati Ave Panama City, FL 32401

    View on Map
    Sponsored
    Pending
    $229,900

    SINGLE_FAMILY - Panama City, FL

    Type:Office
    Property size:
    1,056 SF
    Lot size:
    0.21 Acres
    Days on Market:
    19
    Last Refresh:
    Mar 15 at 12:06 pm

    Property Features for 1709 Cincinnati Ave

    General Information

    Property type
    Residential
    Property subtype
    Office
    Standard status
    Pending
    APN
    29126-000-000
    Size
    1,056 SF
    Lot size
    0.21 Acres

    Utilities

    Sewer type
    Public Sewer
    Heating system
    Electric (Heating), Central

    Building Details

    Year built
    1948
    Flooring type
    Hardwood
    Building materials
    Asbestos, HardiplankType
    Roof type
    Composition, Shingle

    We can help!

    Listing Contact
    Cindy J Hamre
    Cindy J Hamre

    Coastal Choice Realty, LLC (850) 215-4160

    Listing agent Cindy J Hamre (850) 215-4160 License #3025569

    Listing date Feb 24, 2026

    MLS# 781030

    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.

    Learn more

    Property Insight Report

    Overview

    Updated Cottage with Commercial Potential

    Located in historic St. Andrews, this property presents a prime commercial opportunity with excellent visibility on Hwy 98, which sees over 42,000 vehicles daily (for 2024). Zoned Neighborhood General, the property offers flexibility for residential and light commercial use, suitable for a professional office, small business, Airbnb, or live/work setup. Neighboring businesses include a law office and a health facility. This updated 1941 Florida cottage features 2 bedrooms and 2 bathrooms. Renovated in 2019 with a new roof and HVAC, the property includes original hardwood floors, an updated kitchen and baths, and an enclosed entertaining area filled with natural light. The layout provides two flexible living spaces that can be used as a lobby or client area, while the bedrooms offer private office options with a guest bath off the main room and a private bath down the hall. Situated just two blocks from Lake Huntington with public boat access to St. Andrews Bay and the Gulf, it is also a short walk to the shops and restaurants of Historic St. Andrews. It is located 15 minutes from the Gulf's white-sand beaches, 8 minutes from the Naval Base, and 26 minutes from Tyndall AFB. The fenced backyard provides space for parking, outdoor use, or a second structure, suitable for business expansion or additional residential space. The property has a lot size of 0.21 acres and a property size of 1056 square feet.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Office Units

    Suggested Use

    Real Estate Agency Law Firm Restaurant Spa & Massage Center Dental Office Hair Salon Nail Salon Building Supply Gym & Fitness Center Pharmacy

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Panama City
    County
    Walton
    State
    Florida
    Longitude
    -85.703856
    Latitude
    30.179808

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    FAQs

    What type of property is this?
    Office units - Updated 2BR, 2BA cottage in historic St. Andrews.
    Where is this office units located?
    The property is located at 1709 Cincinnati Ave Panama City, FL.
    What is the asking price?
    The asking price for this property is $229,900.
    What are key features of this property?
    This property features: - Prime commercial location in historic St. Andrews with high visibility on Hwy 98 (42,000+ daily traffic count).; - Flexible Neighborhood General zoning allows for residential, light commercial, Airbnb, or live/work use.; - Updated 2BR/2BA 1941 Florida cottage with modern renovations (2019 roof and HVAC) and original hardwood floors.
    (850) 258-7930
    Request Owner's contact information
    1709 Cincinnati Ave Panama City, FL 32401
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    Panama City, FL 32401
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    1709 Cincinnati Ave Panama City, FL 32401
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    We can help!
    Listing Contact
    Cindy J Hamre
    Cindy J Hamre
    Real Estate License ID: 3025569
    (850) 258-7930 (850) 215-4160
    Learn more
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