Six-Space Strip Mall with
For Sale
$2,855,000
12216 Panama City Beach Pkwy, Panama City Beach, FL 32407
C-3 commercial zoning, on-site parking, and one available suite support varied business occupancy.
Property Size13,125 SF
Price / SF$217.52
Days on Market37
Property Features for 12216 Panama City Beach Pkwy
General Information
Standard status
Active
Size
13,125 SF
Building Details
Year Built
1996
Listing Agency:
EXP Realty LLC
(888) 883-8509
Listed By:
Justin Cater LLC
Source:
Dardengroupusa
Added: Jul 25
Changed: Aug 30
Last Checked: Aug 30 at 12:46AM
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 EXP Realty LLC
Investment Insights
Based on property information with market context.
This 13,125 sq. ft. metal strip mall, built in 1996, contains six rental spaces in varied configurations across 1.54 acres. Five spaces are leased, while the remaining suite is vacant and available for occupancy. C-3 commercial zoning supports a broad range of business uses, and on-site parking serves the center.
The property fronts Panama City Beach Parkway at 12216 Panama City Beach Pkwy in Panama City Beach, Florida. Reported traffic exceeds 100,000 cars per day, placing the center along a heavily traveled commercial corridor. Pier Park is located minutes away, and the property is positioned near the area’s busiest commercial activity.
The property fronts Panama City Beach Parkway at 12216 Panama City Beach Pkwy in Panama City Beach, Florida. Reported traffic exceeds 100,000 cars per day, placing the center along a heavily traveled commercial corridor. Pier Park is located minutes away, and the property is positioned near the area’s busiest commercial activity.
Key Highlights
- 13,125 sq. ft. metal strip center on 1.54 acres
- Six rental spaces with five leased and one 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
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
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Frequently Asked Questions
What type of property is this?
Strip mall - C-3 commercial zoning, on-site parking, and one available suite support varied business occupancy.
Where is this strip mall located?
The property is located at 12216 Panama City Beach Pkwy 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 sq. ft. metal strip center on 1.54 acres; Six rental spaces with five leased and one vacant; C‑3 commercial zoning
