Multi-Building Office and Flex
For Sale
$1,375,000
2901 W 17th St, Panama City, FL 32405
Three-building commercial property offers heated and cooled space with offices, conference rooms, and adaptable workspace plus on-site parking.
Property Size9,050 SF
Price / SF$151.93
Days on Market124
Property Features for 2901 W 17th St
General Information
Standard status
Active
Size
9,050 SF
Site & Location
Fenced Yard
Yes
Outdoor Storage
Yes
Building Details
Year Built
1950
Listing Agency:
Keller Williams Success Realty
Listed By:
Will Pender · License #sl3381749
(850) 358-3610
Source:
Bemajorteam
Added: May 8
Changed: Sep 8
Last Checked: Sep 8 at 7:27AM
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 Keller Williams Success Realty
Investment Insights
Based on property information with market context.
This for-sale commercial property includes 9,000+ square feet of heated and cooled space across three buildings, providing a flexible layout with multiple private offices, conference rooms, and adaptable work areas. The configuration also includes a detached outbuilding and features gated storage yard space intended for secure storage of equipment, materials, or vehicles.
The property is located in the St. Andrews area of Panama City, Florida, just minutes from St. Andrews and within 7 miles of Panama City Beach. The setting references proximity to established businesses, marinas, parks, and dining.
On-site parking is described as abundant, intended to accommodate staff, clients, and fleet vehicles, supporting a range of office and flex-oriented operational needs.
The property is located in the St. Andrews area of Panama City, Florida, just minutes from St. Andrews and within 7 miles of Panama City Beach. The setting references proximity to established businesses, marinas, parks, and dining.
On-site parking is described as abundant, intended to accommodate staff, clients, and fleet vehicles, supporting a range of office and flex-oriented operational needs.
Key Highlights
- Three‑building commercial property with over 9,000 sq ft of heated and cooled space
- Includes multiple private offices, conference rooms, and adaptable workspace
- Gated storage yard for securing equipment, materials, or vehicles
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
$114,030
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
8.29%
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%
$2,280,600
$2.3M
Cap Rate 7%
$1,629,000
$1.6M
Cap Rate 9%
$1,267,000
$1.3M
Market Conditions
NOI Build-Up for 9,050 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
$190.1K $21.00/SF
− Vacancy
−$38.0K −$4.20/SF
EGI
$152.0K $16.80/SF
− OpEx
−$38.0K −$4.20/SF
NOI
$114.0K $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%
$2,280,600
Cap Rate 7%
$1,629,000
Cap Rate 9%
$1,267,000
Alternative Uses
Best Use
Office B
$1.63M
$1.43M – $1.90M
NOI $114,030 @ 7.0% cap · market cap 8.29%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$2.28M
$1.99M – $2.66M
NOI $159,316 @ 7.0% cap · market cap 11.59%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Fenced yard
Location Intelligence
Trade Area within ½ mile
486
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 - Three-building commercial property offers heated and cooled space with offices, conference rooms, and adaptable workspace plus on-site parking.
Where is this office building located?
The property is located at 2901 W 17th St Panama City, FL.
What is the asking price?
The asking price for this property is $1,375,000.
What are key features of this property?
This property features: Three‑building commercial property with over 9,000 sq ft of heated and cooled space; Includes multiple private offices, conference rooms, and adaptable workspace; Gated storage yard for securing equipment, materials, or vehicles
