Medical Office & Surgery
For Sale
Contact for pricing
1600 Jenks Ave, Panama City, FL 32405
Medical office and ambulatory surgery center for sale in Panama City.
Property Size13,132 SF
Price / SF$300.79
Days on Market143
Property Features for 1600 Jenks Ave
General Information
Standard status
Active
Size
13,132 SF
Class
B
Property subtype
Office
Zoning
GC-2
Lease Type
NNN
Investment Type
Owner/User
Building Details
Year Renovated
2019
Listing Agency:
Wattenbarger Commercial
Listed By:
Kevin Wattenbarger, CCIM · License #FLBK3137983
Source:
Crexi
Added: Mar 23
Changed: Aug 8
Last Checked: Aug 11 at 2:56PM
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 Wattenbarger Commercial
Investment Insights
Based on property information with market context.
This 13,132 square foot property is a medical office and ambulatory surgery center located in Panama City, Florida, near HCA Gulf Coast Medical Center. It is suitable for medical office and commercial real estate use.
Key Highlights
- Medical office & ambulatory surgery center (ASC) for sale
- Panama City, FL location
- Near HCA Gulf Coast Medi
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
$177,707
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
4.50%
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%
$3,554,140
$3.6M
Cap Rate 7%
$2,538,671
$2.5M
Cap Rate 9%
$1,974,522
$2.0M
Market Conditions
NOI Build-Up for 13,132 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
$330.9K $25.20/SF
− Vacancy
−$34.7K −$2.65/SF
EGI
$296.2K $22.55/SF
− OpEx
−$118.5K −$9.02/SF
NOI
$177.7K $13.53/SF
Area
Walton County, FL
Vacancy
10.50%
Lease Rate
$25.20 /SF/Yr
Expense Ratio
40.00%
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%
$3,554,140
Cap Rate 7%
$2,538,671
Cap Rate 9%
$1,974,522
Alternative Uses
Best Use
Healthcare Medical
$2.54M
$2.22M – $2.96M
NOI $177,707 @ 7.0% cap · market cap 4.50%
Second Best
Office B
$2.36M
$2.07M – $2.76M
NOI $165,463 @ 7.0% cap · market cap 4.19%
Theoretical Best
Office A
$3.30M
$2.89M – $3.85M
NOI $231,176 @ 7.0% cap · market cap 5.85%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,013
Businesses Nearby
Well-served
Demand for This Use
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
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
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Frequently Asked Questions
What type of property is this?
Medical Office Space - Medical office and ambulatory surgery center for sale in Panama City.
Where is this medical office space located?
The property is located at 1600 Jenks Ave Panama City, FL.
What is the asking price?
The asking price for this property is $3,950,000.
What are key features of this property?
This property features: Medical office & ambulatory surgery center (ASC) for sale; Panama City, FL location; Near HCA Gulf Coast Medi
