Remodeled Office Space in
1108 School Avenue, Panama City, FL 32401
Centrally located office space remodeled in 2022 with vacant land.
Property size:
7,574 SFLot size:
2.63 AcresPrice / SF:
$155/SF- Added:
- Mar 10, 2026
- Days on Market:
- 75
- Last Refresh:
- Mar 16 at 11:01 am
Property Features for 1108 School Avenue
General Information
- Standard status
- Active
- Size
- 7,574 SF
- Lot size
- 2.63 Acres
Building Details
- Year Built
- 1989
Listing agent CINDY M SCHWARTZ License #SL3538698
Listing office BLUE CORAL R E GROUP LLC (850) 778-2583
Listing date Mar 10, 2026
Source Corcoran
Displayed information is deemed reliable but is not guaranteed and should be independently verified.
All listing content including descriptions, pricing, images are the copyrighted material of BLUE CORAL R E GROUP LLC
HighLights
- Centrally located in Bay County with easy access to major highways.
- Office space remodeled and updated in 2022.
- Cleared and filled vacant land adjacent to the fenced yard with a separate driveway.
- Vacant land can be divided and sold back to the owner.
- Current layout includes 5 individual offices and 2 open work areas.
- Includes kitchen, storage closet, and men's and women's restrooms.
Overview
This property is centrally located in Bay County, offering convenient access to Tyndall Parkway, Highway 98, and Highway 231. The office space was remodeled and updated in 2022. The current layout features 5 individual offices, 2 open work areas, a kitchen, a storage closet, and 2 restrooms (men's and women's). Adjacent to the fenced-in yard, there is vacant land that has been cleared and filled, with a separate driveway installed. The vacant area can be divided and sold back to the owner. The property size is approximately 7574 square feet.
Financial Insights
Value Estimation Calculated for Office B
Conservative
$1.06M
NOI $95,432 @ 9.00% cap · cautious / downside scenario
Moderate
$1.36M
NOI $95,432 @ 7.00% cap · market / base-case scenario
Aggressive
$1.91M
NOI $95,432 @ 5.00% cap · optimistic / upside scenario
NOI & Cap Rate Calculator
NOI Build-Up
- 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.
Calculated for Office B
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $159.1k | $21.00 |
| − Vacancy | −$31.8k | −$4.20 |
| EGI | $127.2k | $16.80 |
| − OpEx | −$31.8k | −$4.20 |
| NOI | $95.4k | $12.60 |
7,574 SF · lease $21.00/SF/yr · vacancy 20.00% · expense 25.00%
Alternative Use Scenarios
Best Use
Office B
$1.36M
$1.19M – $1.59M
NOI $95,432 @ 7.0% cap · market cap 8.12%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.90M
$1.67M – $2.22M
NOI $133,333 @ 7.0% cap · market cap 11.35%
Zoning and permitted uses should be independently verified with local authorities.
Property Profile
Location Intelligence
Current Use by Public Records
Whittaker Electric Inc
Electrical Service
Mr. Trash
Waste Management Facility
Location Insight
- Map
- Local Demand
- City
- Panama City
- County
- Walton
- State
- Florida
- Longitude
- -85.6159881
- Latitude
- 30.1686904
Nearby Similar for Sale
FAQs
What type of property is this?
Office units - Centrally located office space remodeled in 2022 with vacant land.
Where is this office units located?
The property is located at 1108 School Avenue Panama City, FL.
What is the asking price?
The asking price for this property is $1,175,000.
What are key features of this property?
This property features: Centrally located in Bay County with easy access to major highways.; Office space remodeled and updated in 2022.; Cleared and filled vacant land adjacent to the fenced yard with a separate driveway.
