Multi-Building Professional Office
For Sale
Contact for pricing
2420 Jenks Ave, Panama City, FL 32405
Multi-use professional center with three office buildings totaling about 22,000 sf and newly installed 2022 roofs.
Property Size22,000 SF
Price / SF$181.82
Days on Market40
Property Features for 2420 Jenks Ave
General Information
Standard status
Active
Size
22,000 SF
Property subtype
OFFICE
Occupancy
100%
Additional Details
Cap Rate
7.45%
Listing Agency:
NAI TALCOR | Tallahassee
(850) 224-2300
Listed By:
Brent Faison · License #3027940
(850) 814-4490
Source:
Moodyscre
Added: Jul 26
Changed: Aug 11
Last Checked: Sep 1 at 8:55PM
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 | Tallahassee
Investment Insights
Based on property information with market context.
This multi-use professional office center includes two buildings of approximately 8,000 RSF and one building of approximately 6,000 RSF, for a total of about 22,000 SF. The property is reported as 100% leased. New roofs were installed in 2022, supporting continued exterior durability.
The center is conveniently located just off the intersection of 23rd Street and Jenks Avenue. Bay County Parcel IDs are 13016-122-000 and 13016-122-070.
For buyers considering purchase structure, owner financing is available. The property is listed with a stated cap rate of 7.45%.
The center is conveniently located just off the intersection of 23rd Street and Jenks Avenue. Bay County Parcel IDs are 13016-122-000 and 13016-122-070.
For buyers considering purchase structure, owner financing is available. The property is listed with a stated cap rate of 7.45%.
Key Highlights
- Multi‑use professional center with about 22,000 SF across three office buildings
- Two buildings with 8,000 RSF plus one building with 6,000 RSF
- 100% leased
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
$277,200
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
6.93%
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%
$5,544,000
$5.5M
Cap Rate 7%
$3,960,000
$4.0M
Cap Rate 9%
$3,080,000
$3.1M
Market Conditions
NOI Build-Up for 22,000 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
$462.0K $21.00/SF
− Vacancy
−$92.4K −$4.20/SF
EGI
$369.6K $16.80/SF
− OpEx
−$92.4K −$4.20/SF
NOI
$277.2K $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%
$5,544,000
Cap Rate 7%
$3,960,000
Cap Rate 9%
$3,080,000
Alternative Uses
Best Use
Office B
$3.96M
$3.47M – $4.62M
NOI $277,200 @ 7.0% cap · market cap 6.93%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$5.53M
$4.84M – $6.45M
NOI $387,288 @ 7.0% cap · market cap 9.68%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
100%
Occupancy
Location Intelligence
Trade Area within ½ mile
1,499
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-use professional center with three office buildings totaling about 22,000 sf and newly installed 2022 roofs.
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 with about 22,000 SF across three office buildings; Two buildings with 8,000 RSF plus one building with 6,000 RSF; 100% leased
