Building Details

Year built 1975

Floors in Building 1

Building materials Stucco, WoodFrame

Listing Agency: ERA Neubauer Real Estate, Inc · ERA Real Estate t**@panamacityera.com Show Phone

Listed By: Brian Hinton · License #3066285 Show Phone

Added: May 13 Changed: Aug 19 Last Checked: Sep 28 at 9:06AM

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MLS# 789838

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 6419-square-foot flex property combines a substantial open office area with a warehouse component and an on-site kitchen. The building was constructed in 1975 and uses stucco and wood-frame construction. Its adaptable configuration supports office, distribution, and assembly-oriented operations, as well as church use, based on the stated property layout and intended applications.

The property is located in Lynn Haven, one parcel from Hwy 77 along Ohio St. The 0.34-acre site places the office and warehouse improvements within the city’s established commercial area.

Key Highlights

• 6419 square feet of flex space
• Open office area with kitchen
• Warehouse component with large ceiling height

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

$55,534

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

6.73%

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%

$1,110,680 $1.1M

Cap Rate 7%

$793,343 $793.3K

Cap Rate 9%

$617,044 $617.0K

Market Conditions

NOI Build-Up for 6,419 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

$90.1K $14.04/SF

− Vacancy

−$4.7K −$0.73/SF

EGI

$85.4K $13.31/SF

− OpEx

−$29.9K −$4.66/SF

NOI

$55.5K $8.65/SF

Area

Bay County, FL

Vacancy

5.20%

Lease Rate

$14.04 /SF/Yr

Expense Ratio

35.00%

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%

$1,110,680

Cap Rate 7%

$793,343

Cap Rate 9%

$617,044

Alternative Uses

Best Use

Office B

$1.54M

$1.35M – $1.80M (±1% cap)

NOI $107,931 @ 7.0% cap · market cap 13.08%

Second Best

Flex RnD

$793.3K

$694.2K – $925.6K (±1% cap)

NOI $55,534 @ 7.0% cap · market cap 6.73%

Theoretical Best

Office A

$1.87M

$1.64M – $2.18M (±1% cap)

NOI $130,919 @ 7.0% cap · market cap 15.87%

Zoning and permitted uses should be independently verified with authorities.

Property Analytics

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Current Use

Leitz Office Products Furniture & Home Goods

Suggested Use

Top Pick Law Firm Real Estate Agency Dental Office Bakery Spa & Massage Center Computer & Electronic Repair

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Lease Details

Yes

Highway access

Location Intelligence

Trade Area within ½ mile

493

Businesses Nearby

Under-served

Demand for This Use

Explore this area Business Placement

Demographics for 32444, FL

19,913

Population

8,632

Households

2.3

Avg Household Size

41

Median Age

32%

College-Educated

92%

High-School Grad

9.8 sq mi

ZIP Area

2,032

Density / Sq Mi

$89,508

Median Household Income

$42,348

Median Earnings

$1,494

Median Rent

$292,700

Median Home Value

Market

Vacancy Rate% for Office in South region

14.4% 2019

16.4% 2020

17.3% 2021

18% 2022

18.6% 2023

20.3% 2024

20.2% 2025

Questions? Ask Rey

Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.

What type of property is this? Where is this flex space located? What is the asking price? Find similar properties What are key features of this property?

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Frequently Asked Questions

What type of property is this?

Flex space - Combined office and warehouse configuration with an open office area and kitchen.

Where is this flex space located?

The property is located at 1119 Florida Avenue Lynn Haven, FL.

What is the asking price?

The asking price for this property is $825,000.

What are key features of this property?

This property features: 6419 square feet of flex space; Open office area with kitchen; Warehouse component with large ceiling height