Panama City Commercial Office
For Sale
$325,000
1148 Jenks Avenue, Panama City, FL 32401
Income-producing commercial office space in a prime Panama City location.
Property Size1,868 SF
Lot Size0.16 Acres
Price / SF$173.98
Days on Market673
Property Features for 1148 Jenks Avenue
General Information
Standard status
Active
Size
1,868 SF
Lot size
0.16 Acres
Property subtype
Commercial
Building Details
Year Built
1940
Listing Agency:
HITCHCOCK REAL ESTATE LLC
(850) 481-0095
Listed By:
BRENTON HITCHCOCK
Source:
Corcoran
Added: Oct 22, 2024
Changed: Aug 24
Last Checked: Aug 25 at 8:59AM
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 HITCHCOCK REAL ESTATE LLC
Investment Insights
Based on property information with market context.
This commercial office space is located at 1148 Jenks Ave in Panama City, FL. The property, with a total area of 1868 square feet, is zoned for commercial use and is currently income-producing. The building features a layout designed for a variety of professional uses, with 6 offices and 2 bathrooms. Ample on-site parking is available for tenants and clients. The property benefits from convenient access to major roads and downtown Panama City. The exterior is well-maintained, contributing to its professional curb appeal. Leased by reliable tenants, this property offers an immediate revenue stream. Its central location in Panama City's business district makes it desirable for current and future tenants. The property's value is poised for appreciation, offering long-term investment potential.
Key Highlights
- Income‑Producing: Leased to reliable tenants, providing immediate and consistent revenue stream.
- Prime Location: Centrally located in Panama City's business district with convenient access to major roads and downtown.
- Commercial Zoning: Suitable for a variety of professional uses.
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
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 commercial office space in a prime Panama City location.
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: Leased to reliable tenants, providing immediate and consistent revenue stream.; Prime Location: Centrally located in Panama City's business district with convenient access to major roads and downtown.; Commercial Zoning: Suitable for a variety of professional uses.
