Flex Property With
For Sale
$849,000
Pending
1219 Transmitter Road, Panama City, FL 32401
CommercialSale, Panama City, FL
Property Size4,162 SF
Lot Size1.49 Acres
Days on Market366
Property Features for 1219 Transmitter Road
General Information
Property type
Commercial Sale
Property subtype
Office
Subdivision
[No Recorded Subdiv]
Elementary school
Cedar Grove
Middle school
Everitt
High school
Rutherford
Directions
Property is 800+/- feet north of the intersection of Hwy. 98 and Transmitter Road on the west side.
Standard status
Pending
APN
15291-060-000
Size
4,162 SF
Lot size
1.49 Acres
Taxes and HOA fees
Tax Description
2 4S 14W -103.6- 118B1 COM AT SE COR OF SE1/4 OF NE1/4 OF SEC TH W 39.74' N 50.84' TO INTERSECT OF N R/W OF 11TH & W R/W OF TRANSMITTER RD TH CONT TH CONT N 799.02' FOR POB TH W 324.94' N 200.85' E 324.97' S 201.19' TO POB ORB 4663 P 1618
Legal Description
2 4S 14W -103.6- 118B1 COM AT SE COR OF SE1/4 OF NE1/4 OF SEC TH W 39.74' N 50.84' TO INTERSECT OF N R/W OF 11TH & W R/W OF TRANSMITTER RD TH CONT TH CONT N 799.02' FOR POB TH W 324.94' N 200.85' E 324.97' S 201.19' TO POB ORB 4663 P 1618
Amenities
reception area
conference room
full kitchen
restrooms with showers
Building Details
Year built
1964
Listing Agency:
Counts Real Estate Group
(850) 248-3615
Listed By:
Charlie B Haas · License #3021473
(850) 896-2240
Added: Aug 29, 2025
Changed: Aug 19
Last Checked: Aug 29 at 3:06PM
MLS# 778343
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 flex property combines a professionally configured office building with a separate shop and substantial exterior work area. The 4,162-square-foot office includes a reception area, conference room, eight offices, a full kitchen, and 2.5 restrooms, including two with showers. The detached 1,152-square-foot shop is partially heated and cooled, while the site also provides a large parking area and lay-down yard.
The property is adjacent to the City of Springfield government complex and offers access to U.S. Highway 98, Business 98, and Highway 231 through Transmitter Road. Built in 1964, the existing improvements provide a combination of administrative, storage, and shop functionality within a single commercial site.
The property is adjacent to the City of Springfield government complex and offers access to U.S. Highway 98, Business 98, and Highway 231 through Transmitter Road. Built in 1964, the existing improvements provide a combination of administrative, storage, and shop functionality within a single commercial site.
Key Highlights
- 4,162+/- s.f. office building with reception area, conference room, and eight offices
- Detached 1,152+/- s.f. shop, partially heated and cooled
- Full kitchen and 2.5 restrooms, including two with showers
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
$52,441
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
6.18%
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%
$1,048,820
$1.0M
Cap Rate 7%
$749,157
$749.2K
Cap Rate 9%
$582,678
$582.7K
Market Conditions
NOI Build-Up for 4,162 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
$87.4K $21.00/SF
− Vacancy
−$17.5K −$4.20/SF
EGI
$69.9K $16.80/SF
− OpEx
−$17.5K −$4.20/SF
NOI
$52.4K $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%
$1,048,820
Cap Rate 7%
$749,157
Cap Rate 9%
$582,678
Alternative Uses
Best Use
Office B
$749.2K
$655.5K – $874.0K
NOI $52,441 @ 7.0% cap · market cap 6.18%
Second Best
Flex RnD
$554.7K
$485.3K – $647.1K
NOI $38,826 @ 7.0% cap · market cap 4.57%
Theoretical Best
Office A
$1.05M
$915.9K – $1.22M
NOI $73,268 @ 7.0% cap · market cap 8.63%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Highway access
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
187
Businesses Nearby
Under-served
Demand for This Use
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
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Flex space - Office, conference, kitchen, and detached shop space support contractor-oriented operations.
Where is this flex space located?
The property is located at 1219 Transmitter Road Panama City, FL.
What is the asking price?
The asking price for this property is $849,000.
What are key features of this property?
This property features: 4,162+/- s.f. office building with reception area, conference room, and eight offices; Detached 1,152+/- s.f. shop, partially heated and cooled; Full kitchen and 2.5 restrooms, including two with showers
