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 Market85
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: Oct 1
Last Checked: Nov 2 at 1:06AM
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.
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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 / Yr
$33,629
Cap Rate
7.08%
Suggested Prices Based on Cap Rates
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
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 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.
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Current Use
Location Intelligence
Trade Area within ½ mile
409
Businesses Nearby
Balanced
Demand for This Use
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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
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Market
Vacancy Rate% for Office in South region
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
