Multi-Office Office
For Sale
$325,000
1148 Jenks Avenue, Panama City, FL 32401
CommercialSale, Panama City, FL
Property Size1,868 SF
Lot Size0.16 Acres
Price / SF$173.98
Days on Market673
Property Features for 1148 Jenks Avenue
General Information
Property type
Commercial Sale
Property subtype
Office
Zoning description
Commercial, Business, General Commercial, Office/Prof
Subdivision
No Named Subdivision
Elementary school
Cherry Street
Middle school
Jinks
High school
Bay
Directions
From 23rd, South on Jenks Ave one Block North of 11th Street on Left.
Standard status
Active
APN
18510-010-000
Size
1,868 SF
Lot size
0.16 Acres
Taxes and HOA fees
Tax Description
MAGNOLIA TERRACE LOTS 31,32 & S 2' LOT 30 BLK 2 ORB 4358 P 1676 MAP 92A1
Legal Description
MAGNOLIA TERRACE LOTS 31,32 & S 2' LOT 30 BLK 2 ORB 4358 P 1676 MAP 92A1
Building Details
Year built
1940
Listing Agency:
Hitchcock Real Estate LLC
(850) 481-0095
Listed By:
Brenton Hitchcock
(850) 738-5002
Added: Oct 22, 2024
Changed: Aug 19
Last Checked: Aug 25 at 8:06PM
MLS# 764111
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 multi-office office building at 1148 Jenks Avenue in Panama City, Florida offers an income-producing setup with an established tenant base. The property includes a spacious office layout designed for professional use, with six offices and two bathrooms. Built in 1940, the exterior is described as well-maintained, supporting a polished curb presence. The building also benefits from ample on-site parking for both tenants and clients.
Zoned for commercial use, the property totals 0.16 acres and approximately 1,868 square feet. It is positioned in the heart of Panama City’s business district, with convenient access to major roads and downtown.
The current leased structure provides immediate occupancy, and the central location is positioned to serve both today’s and future office tenants as the area continues to develop.
Zoned for commercial use, the property totals 0.16 acres and approximately 1,868 square feet. It is positioned in the heart of Panama City’s business district, with convenient access to major roads and downtown.
The current leased structure provides immediate occupancy, and the central location is positioned to serve both today’s and future office tenants as the area continues to develop.
Key Highlights
- Income‑producing office building at 1148 Jenks Avenue in Panama City
- Approximately 1,868 SF with six offices and two bathrooms
- Zoned commercial use
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
$23,537
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
7.24%
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%
$470,740
$470.7K
Cap Rate 7%
$336,243
$336.2K
Cap Rate 9%
$261,522
$261.5K
Market Conditions
NOI Build-Up for 1,868 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
$39.2K $21.00/SF
− Vacancy
−$7.8K −$4.20/SF
EGI
$31.4K $16.80/SF
− OpEx
−$7.8K −$4.20/SF
NOI
$23.5K $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%
$470,740
Cap Rate 7%
$336,243
Cap Rate 9%
$261,522
Alternative Uses
Best Use
Office B
$336.2K
$294.2K – $392.3K
NOI $23,537 @ 7.0% cap · market cap 7.24%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$469.8K
$411.1K – $548.1K
NOI $32,884 @ 7.0% cap · market cap 10.12%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
6
Office units
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
1,287
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?
Office building - Income-producing office building with six offices, two bathrooms, and convenient access in Panama City, Florida.
Where is this office building located?
The property is located at 1148 Jenks Avenue Panama City, FL.
What is the asking price?
The asking price for this property is $325,000.
What are key features of this property?
This property features: Income‑producing office building at 1148 Jenks Avenue in Panama City; Approximately 1,868 SF with six offices and two bathrooms; Zoned commercial use
