End-Unit Flex
For Sale
$475,000
169 Griffin Blvd Unit 114b, Panama City Beach, FL 32413
Air-conditioned commercial space combines private offices, warehouse capacity, and storage in a two-bath configuration.
Property Size2,000 SF
Price / SF$237.50
Days on Market61
Property Features for 169 Griffin Blvd Unit 114b
General Information
Standard status
Active
Size
2,000 SF
Property subtype
Commercial
Additional Details
Conditioned Warehouse
Yes
Listing Agency:
30A Local Real Estate
Listed By:
Kim J Shelton · License #3435982
(850) 213-3048
Source:
Emeraldcoasthomefinder
Added: Jul 26
Changed: Sep 19
Last Checked: Sep 24 at 10:22AM
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 30A Local Real Estate
Investment Insights
Based on property information with market context.
This 2,000 SF flex-space condominium at 169 Griffin Blvd, Unit 114B, provides a balanced office and warehouse configuration. The interior includes two private offices, an entry lounge, two bathrooms, a storage room, shop area, and warehouse space. Air conditioning extends throughout the warehouse, while built-in cabinetry, granite-topped desks, an upgraded office kitchen, and wood-look luxury vinyl flooring add practical workplace improvements.
Positioned as an end unit, the property has large windows that bring natural light into the space. The layout accommodates office, showroom, storage, light industrial, contractor, and related commercial functions, with a combination of finished administrative areas and service-oriented space. The property is located in Panama City Beach, Florida.
Positioned as an end unit, the property has large windows that bring natural light into the space. The layout accommodates office, showroom, storage, light industrial, contractor, and related commercial functions, with a combination of finished administrative areas and service-oriented space. The property is located in Panama City Beach, Florida.
Key Highlights
- 2,000 SF flex‑space condominium at 169 Griffin Blvd, Unit 114B
- End‑unit position with large windows and natural light
- Entire warehouse is air‑conditioned
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
$17,303
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
3.64%
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%
$346,060
$346.1K
Cap Rate 7%
$247,186
$247.2K
Cap Rate 9%
$192,256
$192.3K
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
$28.1K $14.04/SF
− Vacancy
−$1.5K −$0.73/SF
EGI
$26.6K $13.31/SF
− OpEx
−$9.3K −$4.66/SF
NOI
$17.3K $8.65/SF
Area
Bay County, FL
Vacancy
5.20%
Lease Rate
$14.04 /SF/Yr
Expense Ratio
35.00%
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%
$346,060
Cap Rate 7%
$247,186
Cap Rate 9%
$192,256
Alternative Uses
Best Use
Flex RnD
$247.2K
$216.3K – $288.4K
NOI $17,303 @ 7.0% cap · market cap 3.64%
Second Best
Warehouse
$216.4K
$189.4K – $252.5K
NOI $15,149 @ 7.0% cap · market cap 3.19%
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
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Market
Vacancy Rate% for Industrial in South region
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Frequently Asked Questions
What type of property is this?
Flex space - Air-conditioned commercial space combines private offices, warehouse capacity, and storage in a two-bath configuration.
Where is this flex space located?
The property is located at 169 Griffin Blvd Unit 114b 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: 2,000 SF flex‑space condominium at 169 Griffin Blvd, Unit 114B; End‑unit position with large windows and natural light; Entire warehouse is air‑conditioned
