C-3 Strip Center with
For Sale
$2,855,000
12216 Panama City Beach Parkway, Panama City Beach, FL 32407
CommercialSale, Panama City Beach, FL
Property Size13,125 SF
Lot Size1.54 Acres
Price / SF$217.52
Days on Market334
Property Features for 12216 Panama City Beach Parkway
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning description
Commercial
Subdivision
No Named Subdivision
Lot features
Pond On Lot
Elementary school
Hutchison Beach
Middle school
Surfside
High school
Arnold
Directions
West on Back Beach on your right.
Standard status
Active
APN
33998-000-000
Size
13,125 SF
Lot size
1.54 Acres
Taxes and HOA fees
Tax Description
22 3S 16W -4- 37D BEG AT SE COR TH N 336.60' W 209.97' S 346.34' TO NLY R/W OF HWY 98 TH SELY 212.27' TH N 40.60' TO POB ORB 2830 P 1061
Legal Description
22 3S 16W -4- 37D BEG AT SE COR TH N 336.60' W 209.97' S 346.34' TO NLY R/W OF HWY 98 TH SELY 212.27' TH N 40.60' TO POB ORB 2830 P 1061
Utilities
Sewer type
Public Sewer
Building Details
Year built
1996
Building materials
MetalSiding, Stucco
Roof type
Metal
Listing Agency:
EXP Realty LLC
(888) 883-8509
Listed By:
Justin Cater LLC · License #3337543
(850) 819-7445
Added: Sep 24, 2025
Changed: Aug 19
Last Checked: Aug 23 at 3:06PM
MLS# 779594
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 13,125-square-foot strip center occupies 1.54 acres and contains six rental spaces in varying sizes. Five suites are leased, while one is vacant for a new occupant. Built in 1996, the property features metal and stucco exterior materials, a metal roof, public sewer, and on-site parking. C-3 commercial zoning supports a broad range of business uses.
The center fronts Panama City Beach Parkway and is positioned on a corridor reporting more than 100,000 cars per day. It is located in Panama City Beach near Pier Park and the area’s major commercial activity. The combination of established occupancy, a vacant suite, and a sizable multi-tenant layout provides a clear view of the property’s current configuration.
The center fronts Panama City Beach Parkway and is positioned on a corridor reporting more than 100,000 cars per day. It is located in Panama City Beach near Pier Park and the area’s major commercial activity. The combination of established occupancy, a vacant suite, and a sizable multi-tenant layout provides a clear view of the property’s current configuration.
Key Highlights
- 13,125‑square‑foot strip center on 1.54 acres
- Six rental spaces; five are leased and one is vacant
- C‑3 commercial zoning
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
$143,717
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
5.03%
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%
$2,874,340
$2.9M
Cap Rate 7%
$2,053,100
$2.1M
Cap Rate 9%
$1,596,856
$1.6M
Market Conditions
NOI Build-Up for 13,125 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
$223.7K $17.04/SF
− Vacancy
−$18.3K −$1.40/SF
EGI
$205.3K $15.64/SF
− OpEx
−$61.6K −$4.69/SF
NOI
$143.7K $10.95/SF
Area
Bay County, FL
Vacancy
8.20%
Lease Rate
$17.04 /SF/Yr
Expense Ratio
30.00%
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%
$2,874,340
Cap Rate 7%
$2,053,100
Cap Rate 9%
$1,596,856
Alternative Uses
Best Use
Retail
$2.05M
$1.80M – $2.40M
NOI $143,717 @ 7.0% cap · market cap 5.03%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$3.82M
$3.35M – $4.46M
NOI $267,692 @ 7.0% cap · market cap 9.38%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
306
Businesses Nearby
Explore this area
Business Placement
Demographics for 32407, FL
14,366
Population
12,163
Households
1.2
Avg Household Size
41
Median Age
40%
College-Educated
96%
High-School Grad
14.9 sq mi
ZIP Area
964
Density / Sq Mi
$79,052
Median Household Income
$44,027
Median Earnings
$1,792
Median Rent
$403,500
Median Home Value
Market
Vacancy Rate% for Retail 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?
Strip mall - Metal construction, multiple suites, and on-site parking support a multi-occupant commercial property.
Where is this strip mall located?
The property is located at 12216 Panama City Beach Parkway Panama City Beach, FL.
What is the asking price?
The asking price for this property is $2,855,000.
What are key features of this property?
This property features: 13,125‑square‑foot strip center on 1.54 acres; Six rental spaces; five are leased and one is vacant; C‑3 commercial zoning
