Medical Center with Operating
For Sale
$3,950,000
1600 Jenks Avenue Panama, Panama City, FL 32405
AHCA-approved ambulatory surgery facility with adaptable medical office space and access to established healthcare institutions.
Property Size13,132 SF
Price / SF$300.79
Days on Market205
Property Features for 1600 Jenks Avenue Panama
General Information
Standard status
Active
Size
13,132 SF
Class
B
Property subtype
Medical/Healthcare
Site & Location
Highway Access
Yes
Road Access
Yes
Amenities
fully equipped operating rooms
AHCA-approved Ambulatory Surgery Center
existing medical infrastructure
Building Details
Building Size
13,132 SF
Buildings
1
Tenancy
Multi
Properties For Sale
at 1600 Jenks Avenue Panama Contact us- Size
- 1,532 SF
- Lease Type
- Modified Net
1600 Jenks Avenue
- Size
- 3,982 SF
- Lease Type
- NNN
1600 Jenks Ave
- Size
- 6,398 SF
- Lease Type
- NNN
Medical Clinic & ASC Suites #1 & 2
Listing Agency:
Five Bridges Real Estate Services Co.
Listed By:
Kevin Wattenbarger, CCIM · License ##BK3424407
(850) 532-5454
Source:
Thebrokerlist
Added: Feb 18
Changed: Sep 10
Last Checked: Sep 10 at 5:15AM
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 Five Bridges Real Estate Services Co.
Investment Insights
Based on property information with market context.
This 13,132 +/- SF medical center in Panama City includes two operating rooms and approval from AHCA as a Florida Ambulatory Surgery Center. The facility contains established medical infrastructure and can support either a single-user operation or a multi-tenant configuration. Its layout is suited to surgical services and other healthcare practices, subject to applicable requirements.
The property occupies the signalized intersection of Jenks Avenue and Airport Road, with connections to 23rd Street, U.S. Highway 98, U.S. Highway 231, and Highway 77. HCA Florida Gulf Coast Hospital and Ascension Sacred Heart Bay are nearby, along with a concentration of medical offices, retail, and professional services. On-site parking supports patient and staff access.
The property occupies the signalized intersection of Jenks Avenue and Airport Road, with connections to 23rd Street, U.S. Highway 98, U.S. Highway 231, and Highway 77. HCA Florida Gulf Coast Hospital and Ascension Sacred Heart Bay are nearby, along with a concentration of medical offices, retail, and professional services. On-site parking supports patient and staff access.
Key Highlights
- 13,132 +/- SF medical center in Panama City
- Two operating rooms included
- Approved by AHCA as a Florida Ambulatory Surgery Center
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
Unlock full access to Insights
Subscribe to Realmo Intelligence
Open Analytics
Current Use
Lease Details
Multi-tenant
Tenancy
Yes
Highway access
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
1,013
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Office in South region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Medical center - AHCA-approved ambulatory surgery facility with adaptable medical office space and access to established healthcare institutions.
Where is this medical center located?
The property is located at 1600 Jenks Avenue Panama 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: 13,132 +/- SF medical center in Panama City; Two operating rooms included; Approved by AHCA as a Florida Ambulatory Surgery Center
