Multi-Use Professional Office
For Sale
$4,000,000
2420 Jenks Ave, Panama City, FL 32405
Multi-tenant office center suited for professional uses with convenient access near 23rd Street and Jenks Avenue.
Property Size23,120 SF
Price / SF$173.01
Days on Market496
Property Features for 2420 Jenks Ave
General Information
Standard status
Active
Size
23,120 SF
Listing Agency:
Nai Talcor
(601) 405-9820
Listed By:
Wendy Partie · License #SL3580252
(601) 405-9820
Source:
Exprealty
Added: Apr 4, 2025
Changed: Aug 8
Last Checked: Aug 12 at 11:38AM
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 Nai Talcor
Investment Insights
Based on property information with market context.
This multi-use professional office center offers a flexible setup for office tenants, buyers, and operators seeking a shared commercial environment. The property is presented as a professional center designed to accommodate more than one type of office use, with multiple office spaces within the overall building.
The center is conveniently located just off the intersection of 23rd Street and Jenks Avenue, providing straightforward access to the surrounding area. Its placement near a key intersection supports practical day-to-day connectivity for employees, clients, and deliveries.
For prospective tenants, the property’s multi-use professional configuration can support organizations looking for office space within a single coordinated center rather than a standalone facility. For buyers and investors, the asset’s office-focused, multi-tenant nature may align with those seeking an ownership structure that can house multiple professional users. The location’s access to major cross-streets is a helpful factor for maintaining convenience for business operations.
The center is conveniently located just off the intersection of 23rd Street and Jenks Avenue, providing straightforward access to the surrounding area. Its placement near a key intersection supports practical day-to-day connectivity for employees, clients, and deliveries.
For prospective tenants, the property’s multi-use professional configuration can support organizations looking for office space within a single coordinated center rather than a standalone facility. For buyers and investors, the asset’s office-focused, multi-tenant nature may align with those seeking an ownership structure that can house multiple professional users. The location’s access to major cross-streets is a helpful factor for maintaining convenience for business operations.
Key Highlights
- Multi‑use professional center designed for professional use
- Multi‑tenant office center
- Convenient access just off the 23rd Street and Jenks Avenue intersection
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
$291,312
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
7.28%
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%
$5,826,240
$5.8M
Cap Rate 7%
$4,161,600
$4.2M
Cap Rate 9%
$3,236,800
$3.2M
Market Conditions
NOI Build-Up for 23,120 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
$485.5K $21.00/SF
− Vacancy
−$97.1K −$4.20/SF
EGI
$388.4K $16.80/SF
− OpEx
−$97.1K −$4.20/SF
NOI
$291.3K $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%
$5,826,240
Cap Rate 7%
$4,161,600
Cap Rate 9%
$3,236,800
Alternative Uses
Best Use
Office B
$4.16M
$3.64M – $4.86M
NOI $291,312 @ 7.0% cap · market cap 7.28%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$5.81M
$5.09M – $6.78M
NOI $407,004 @ 7.0% cap · market cap 10.18%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,041
Businesses Nearby
Explore this area
Business Placement
Demographics for 32405, FL
28,158
Population
13,585
Households
2.1
Avg Household Size
40
Median Age
29%
College-Educated
92%
High-School Grad
18.8 sq mi
ZIP Area
1,498
Density / Sq Mi
$71,002
Median Household Income
$41,867
Median Earnings
$1,418
Median Rent
$255,100
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 - Multi-tenant office center suited for professional uses with convenient access near 23rd Street and Jenks Avenue.
Where is this office building located?
The property is located at 2420 Jenks Ave Panama City, FL.
What is the asking price?
The asking price for this property is $4,000,000.
What are key features of this property?
This property features: Multi‑use professional center designed for professional use; Multi‑tenant office center; Convenient access just off the 23rd Street and Jenks Avenue intersection
