End-Unit Flex
For Sale
$475,000
169 Griffin Boulevard, Panama City Beach, FL 32413
Commercial for Sale, Panama City Beach, FL
Property Size2,000 SF
Price / SF$237.50
Days on Market39
Property Features for 169 Griffin Boulevard
General Information
Property type
Commercial Sale
Property subtype
Other
Directions
Property is situated in Beach Commerce Park just off Panama City Beach Parkway, offering easy access to Hwy 79 and just a 15-minute drive to the Airport.
Subdivision
27 - Bay County
Standard status
Active
APN
40001-450-014
Taxes and HOA fees
Tax Description
GRIFFIN COMMERCE PLAZABLDG B UNIT 114ORB 3602 P 1254
Legal Description
GRIFFIN COMMERCE PLAZABLDG B UNIT 114ORB 3602 P 1254
Listing Agency:
30A Local Real Estate
(850) 213-3048
Listed By:
Kim J Shelton · License #3435982
(850) 758-7536
Added: Aug 10
Changed: Sep 11
Last Checked: Sep 17 at 3:06PM
MLS# 1009598
Copyright © 2026 Emerald Coast Association of Realtors. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This approximately 2,000-square-foot flex-space condo at 169 Griffin Boulevard, Unit B-114, combines office, warehouse, shop, and storage areas in an efficient end-unit layout. The space includes two private offices, an entry lounge, two bathrooms, and a dedicated storage room. Air conditioning extends throughout the warehouse, while large windows bring natural light into the unit.
Interior improvements include built-in cabinetry, desks with granite tops, an upgraded office kitchen, and wood-look luxury vinyl flooring. The property is located in Panama City Beach, Florida, within Bay County and ZIP Code 32413. Its combination of work, storage, and finished office areas supports a range of commercial configurations without sacrificing a professional interior environment.
Interior improvements include built-in cabinetry, desks with granite tops, an upgraded office kitchen, and wood-look luxury vinyl flooring. The property is located in Panama City Beach, Florida, within Bay County and ZIP Code 32413. Its combination of work, storage, and finished office areas supports a range of commercial configurations without sacrificing a professional interior environment.
Key Highlights
- Approximately 2,000 SF of office, warehouse, shop, and storage space
- End‑unit configuration with large windows and natural light
- Air conditioning throughout the warehouse
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
$33,629
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
7.08%
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%
$672,580
$672.6K
Cap Rate 7%
$480,414
$480.4K
Cap Rate 9%
$373,656
$373.7K
Market Conditions
NOI Build-Up for 2,000 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
$56.4K $28.20/SF
− Vacancy
−$11.6K −$5.78/SF
EGI
$44.8K $22.42/SF
− OpEx
−$11.2K −$5.60/SF
NOI
$33.6K $16.81/SF
Area
Bay County, FL
Vacancy
20.50%
Lease Rate
$28.20 /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%
$672,580
Cap Rate 7%
$480,414
Cap Rate 9%
$373,656
Alternative Uses
Best Use
Office B
$480.4K
$420.4K – $560.5K
NOI $33,629 @ 7.0% cap · market cap 7.08%
Second Best
Flex RnD
$247.2K
$216.3K – $288.4K
NOI $17,303 @ 7.0% cap · market cap 3.64%
Theoretical Best
Office A
$582.7K
$509.9K – $679.9K
NOI $40,791 @ 7.0% cap · market cap 8.59%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
409
Businesses Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Demographics for 32413, FL
15,217
Population
16,334
Households
0.9
Avg Household Size
50
Median Age
34%
College-Educated
94%
High-School Grad
108.2 sq mi
ZIP Area
141
Density / Sq Mi
$76,010
Median Household Income
$41,282
Median Earnings
$1,629
Median Rent
$384,000
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Office in South region
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Frequently Asked Questions
What type of property is this?
Flex space - Air-conditioned commercial unit with offices, warehouse area, storage, and two bathrooms.
Where is this flex space located?
The property is located at 169 Griffin Boulevard Panama City Beach, FL.
What is the asking price?
The asking price for this property is $475,000.
What are key features of this property?
This property features: Approximately 2,000 SF of office, warehouse, shop, and storage space; End‑unit configuration with large windows and natural light; Air conditioning throughout the warehouse
