Mixed-Use Property with Flexible
For Sale
$650,000
722 N Martin Luther King Junior Boulevard, Panama City, FL 32401
CommercialSale, Panama City, FL
Property Size3,100 SF
Lot Size0.27 Acres
Price / SF$209.68
Days on Market168
Property Features for 722 N Martin Luther King Junior Boulevard
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning description
General Commercial, Resid Multi-Family
Subdivision
[No Recorded Subdiv]
Elementary school
Cherry Street
Middle school
Jinks
High school
Bay
Directions
From Hwy 98 or e 11th st, head south towards Sacred Hospital. turn left on 7th st., property located on the left.
Standard status
Active
APN
17288-000-000
Size
3,100 SF
Lot size
0.27 Acres
Taxes and HOA fees
Tax Description
Parcel 1 - Tax ID Number: 17288-000-000: Lots 7, 8 and 9 and Less North 60 feet of the Lot 7 and Less East 1/2 of North 60 feet of Lot 8, of Block 21, of GLENWOOD ADDITION, according to the Plat thereof as recorded in Plat Book 4, Page 13, in the Office of the Clerk of the Circuit Court of Bay County, Florida. Less and Except that portion shown in the Order of Taking recorded in Official Recor
Legal Description
Parcel 1 - Tax ID Number: 17288-000-000: Lots 7, 8 and 9 and Less North 60 feet of the Lot 7 and Less East 1/2 of North 60 feet of Lot 8, of Block 21, of GLENWOOD ADDITION, according to the Plat thereof as recorded in Plat Book 4, Page 13, in the Office of the Clerk of the Circuit Court of Bay County, Florida. Less and Except that portion shown in the Order of Taking recorded in Official Recor
Utilities
Cooling system
Ceiling Fan(s)
Building Details
Year built
1998
Building materials
Brick, Block
Roof type
Asphalt, Shingle
Listing Agency:
Keller Williams Success Realty · Keller Williams Realty
(850) 249-0313
Listed By:
Will Pender · License #sl3381749
(850) 358-3610
Added: Mar 25
Changed: Sep 4
Last Checked: Sep 8 at 3:06PM
MLS# 787447
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 mixed-use offering includes two properties at 722 N Martin Luther King Junior Boulevard and 722 1/2 MLK in Panama City. Combined property size is 3,100 square feet on a 0.27-acre lot, with an interior configuration that includes 10 bedrooms and 8 bathrooms. The buildings were constructed in 1998 with brick and block materials, shingle and asphalt roofing, and ceiling fan cooling.
The property is located near Downtown Panama City, major shopping centers, and the hospital. The room count and existing layout can support office, medical, hospitality, or other mixed-use applications, subject to applicable requirements. The offering provides a substantial existing structure together with surrounding land that may accommodate parking or future expansion.
The property is located near Downtown Panama City, major shopping centers, and the hospital. The room count and existing layout can support office, medical, hospitality, or other mixed-use applications, subject to applicable requirements. The offering provides a substantial existing structure together with surrounding land that may accommodate parking or future expansion.
Key Highlights
- 3,100 square feet across two properties at 722 N Martin Luther King Junior Boulevard and 722 1/2 MLK
- Interior configuration includes 10 bedrooms and 8 bathrooms
- 0.27‑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
$39,060
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
6.01%
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%
$781,200
$781.2K
Cap Rate 7%
$558,000
$558.0K
Cap Rate 9%
$434,000
$434.0K
Market Conditions
NOI Build-Up for 3,100 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
$65.1K $21.00/SF
− Vacancy
−$13.0K −$4.20/SF
EGI
$52.1K $16.80/SF
− OpEx
−$13.0K −$4.20/SF
NOI
$39.1K $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%
$781,200
Cap Rate 7%
$558,000
Cap Rate 9%
$434,000
Alternative Uses
Best Use
Office B
$558.0K
$488.3K – $651.0K
NOI $39,060 @ 7.0% cap · market cap 6.01%
Second Best
Mixed Use
$410.3K
$359.0K – $478.7K
NOI $28,720 @ 7.0% cap · market cap 4.42%
Theoretical Best
Office A
$779.6K
$682.2K – $909.5K
NOI $54,572 @ 7.0% cap · market cap 8.40%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,709
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
Market
Vacancy Rate% for Office in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Mixed-use property - Brick-and-block property with adaptable rooms and convenient access to downtown, shopping centers, and the hospital.
Where is this mixed-use property located?
The property is located at 722 N Martin Luther King Junior Boulevard Panama City, FL.
What is the asking price?
The asking price for this property is $650,000.
What are key features of this property?
This property features: 3,100 square feet across two properties at 722 N Martin Luther King Junior Boulevard and 722 1/2 MLK; Interior configuration includes 10 bedrooms and 8 bathrooms; 0.27‑acre lot in Panama City, FL 32401
