Three-Building Flex Office
For Sale
$1,375,000
2901 W 17th Street, Panama City, FL 32405
COMMERCIAL - Panama City, FL
Property Size9,050 SF
Lot Size0.92 Acres
Price / SF$151.93
Days on Market131
Property Features for 2901 W 17th Street
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning description
General Commercial
Accessibility
Accessible Approach with Ramp
Subdivision
[No Recorded Subdiv]
View
Lake
Elementary school
Lucille Moore
Middle school
Jinks
High school
Bay
Directions
Property located near the interesection of Beck Ave, and Hwy 98. Hwy 98 west, turn right on Beck ave. property on your left.
Standard status
Active
APN
28951-000-000
Size
9,050 SF
Lot size
0.92 Acres
Taxes and HOA fees
Tax Description
36 3S 15W E1/2 OF SW1/4 LOTS 17,18 & LOTS 1,2 & 3 MAP79D4 BLK 17 ORB 4206 P 157
Legal Description
36 3S 15W E1/2 OF SW1/4 LOTS 17,18 & LOTS 1,2 & 3 MAP79D4 BLK 17 ORB 4206 P 157
Utilities
Sewer type
Public Sewer
Building Details
Year built
1950
Floors in Building
1
Listing Agency:
Keller Williams Success Realty · Keller Williams Realty
(850) 249-0313
Listed By:
Will Pender · License #sl3381749
(850) 358-3610
Added: Apr 18
Changed: Aug 4
Last Checked: Aug 26 at 11:06PM
MLS# 788783
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 three-building flex property totals over 9,000 square feet of heated and cooled space, with an office-focused layout that includes multiple private offices and conference rooms. The campus configuration supports a range of operational needs, with room to run more than one functional area under one footprint. A detached outbuilding adds flexibility for additional storage or support use.
The property also includes abundant on-site parking and a gated storage yard designed for secure equipment, materials, or vehicles. Located in the St. Andrews area of Panama City, the site is described as being only minutes from the heart of St. Andrews.
With a three-building setup plus dedicated storage options, this property is well-suited for operators looking for a consolidated campus in a single location.
The property also includes abundant on-site parking and a gated storage yard designed for secure equipment, materials, or vehicles. Located in the St. Andrews area of Panama City, the site is described as being only minutes from the heart of St. Andrews.
With a three-building setup plus dedicated storage options, this property is well-suited for operators looking for a consolidated campus in a single location.
Key Highlights
- Over 9,000 sq ft of heated and cooled space across three buildings
- Three‑building setup allows for multiple divisions or potential rental income
- Multiple private offices, conference rooms, and adaptable workspace
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
$114,030
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
8.29%
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%
$2,280,600
$2.3M
Cap Rate 7%
$1,629,000
$1.6M
Cap Rate 9%
$1,267,000
$1.3M
Market Conditions
NOI Build-Up for 9,050 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
$190.1K $21.00/SF
− Vacancy
−$38.0K −$4.20/SF
EGI
$152.0K $16.80/SF
− OpEx
−$38.0K −$4.20/SF
NOI
$114.0K $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%
$2,280,600
Cap Rate 7%
$1,629,000
Cap Rate 9%
$1,267,000
Alternative Uses
Best Use
Office B
$1.63M
$1.43M – $1.90M
NOI $114,030 @ 7.0% cap · market cap 8.29%
Second Best
Flex RnD
$1.21M
$1.06M – $1.41M
NOI $84,426 @ 7.0% cap · market cap 6.14%
Theoretical Best
Office A
$2.28M
$1.99M – $2.66M
NOI $159,316 @ 7.0% cap · market cap 11.59%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Fenced yard
Location Intelligence
Trade Area within ½ mile
486
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 32405, FL
28,158
Population
13,585
Households
2.1
Avg Household Size
40
Median Age
29%
College-Educated
92%
High-School Grad
18.8 sq mi
ZIP Area
1,498
Density / Sq Mi
$71,002
Median Household Income
$41,867
Median Earnings
$1,418
Median Rent
$255,100
Median Home Value
Market
Vacancy Rate% for Office in South region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Similar Off Market Nearby
- The Shrimp Boat — 1201 Beck Ave, Panama City, FL 32401
Frequently Asked Questions
What type of property is this?
Flex space - Heated and cooled flex setup totaling over 9,000 square feet across three buildings with parking and secured yard.
Where is this flex space located?
The property is located at 2901 W 17th Street Panama City, FL.
What is the asking price?
The asking price for this property is $1,375,000.
What are key features of this property?
This property features: Over 9,000 sq ft of heated and cooled space across three buildings; Three‑building setup allows for multiple divisions or potential rental income; Multiple private offices, conference rooms, and adaptable workspace
