For Sale
$435,000
922 N East Avenue, Panama City, FL 32401
CommercialSale, Panama City, FL
Property Size2,337 SF
Lot Size1.00 Acre
Price / SF$186.14
Days on Market393
Property Features for 922 N East Avenue
General Information
Property type
Commercial Sale
Property subtype
Retail
Zoning description
Commercial
Subdivision
No Named Subdivision
Elementary school
Parker
Middle school
Everitt
High school
Rutherford
Directions
Head east on 15th Street then make a right onto East Ave going South for 1/2 mile. Property will be on the left.
Standard status
Active
APN
15278-000-000
Size
2,337 SF
Lot size
1.00 Acre
Taxes and HOA fees
Tax Description
2 4S 14W-91- 118B3 N132' OF W1/2 OF SW1/4 OF NW1/4 OF SW1/4 ORB 1244 P 1325 ORB 1633 P 474
Legal Description
2 4S 14W-91- 118B3 N132' OF W1/2 OF SW1/4 OF NW1/4 OF SW1/4 ORB 1244 P 1325 ORB 1633 P 474
Utilities
Sewer type
Public Sewer
Heating system
Electric (Heating), Central
Cooling system
Central Air, Ceiling Fan(s)
Building Details
Year built
1954
Flooring type
Tile
Building materials
Block, Stucco, VinylSiding
Roof type
Metal
Additional Structures
Residence
Listing Agency:
Coldwell Banker Realty · Coldwell Banker Real Estate
(850) 234-6696
Listed By:
Tiffany M Davies
(850) 866-6549
Added: Jul 28, 2025
Changed: Aug 19
Last Checked: Aug 24 at 6:06AM
MLS# 777145
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.
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
$25,882
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
5.95%
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%
$517,640
$517.6K
Cap Rate 7%
$369,743
$369.7K
Cap Rate 9%
$287,578
$287.6K
Market Conditions
NOI Build-Up for 2,337 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
$56.1K $24.00/SF
− Vacancy
−$9.0K −$3.86/SF
EGI
$47.1K $20.14/SF
− OpEx
−$21.2K −$9.06/SF
NOI
$25.9K $11.07/SF
Area
Walton County, FL
Vacancy
16.10%
Lease Rate
$24.00 /SF/Yr
Expense Ratio
45.00%
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%
$517,640
Cap Rate 7%
$369,743
Cap Rate 9%
$287,578
Alternative Uses
Best Use
Apartment 5plus
$369.7K
$323.5K – $431.4K
NOI $25,882 @ 7.0% cap · market cap 5.95%
Second Best
Flex RnD
$311.4K
$272.5K – $363.4K
NOI $21,801 @ 7.0% cap · market cap 5.01%
Theoretical Best
Office A
$587.7K
$514.3K – $685.7K
NOI $41,141 @ 7.0% cap · market cap 9.46%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
210
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 Industrial in South region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
Where is this commercial land located?
The property is located at 922 N East Avenue Panama City, FL.
What is the asking price?
The asking price for this property is $435,000.
