Add Listing
    For Sale
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    Back to Search
    Office/Warehouse Condo with Car Lift Title is generated by Realmo AI

    169 Griffin Boulevard #B116, Panama City Beach, FL 32413

    View on Map
    Claim this Listing
    For Sale
    $469,900

    2,000 SF flex space with AC and upgrades.

    Type:Commercial
    Property size:
    2,000 SF
    Price / SF:
    $234/SF
    Added:
    Dec 18, 2025
    Days on Market:
    168
    Last Refresh:
    Apr 5 at 9:16 pm

    Property Features for 169 Griffin Boulevard #B116

    General Information

    Standard status
    Active
    Size
    2,000 SF
    Property subtype
    Commercial

    We can help!

    Listing Contact
    KIM J SHELTON

    Listing agent KIM J SHELTON

    Listing office 30A LOCAL REAL ESTATE

    Listing date Dec 18, 2025

    Source Corcoran

    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

    HighLights

    • 2,000 SF Office/Warehouse Condo ('Flex Space') ideal for car enthusiasts or small business owners.
    • Entire warehouse is air‑conditioned.
    • Includes an asymmetric car lift.
    • Features +/-700 Sq. Ft. of office space and 1,300 Sq. Ft. of warehouse/shop/storage space.
    • Extra large grade level 12x12 door.
    • Shared dock‑height truck well.

    Overview

    A 2,000 SF office/warehouse condo, also described as flex space, is available for sale at 169 Griffin Boulevard, Unit B-116, in Panama City Beach, Florida. The property features upgrades, including air conditioning throughout the warehouse. The unit includes an extra-large grade-level 12x12 door, an asymmetric car lift, built-in cabinets and workbench, shared dock-height truck well, and vinyl flooring. The layout consists of approximately 700 SF of office space and 1,300 SF of warehouse/shop/storage space. It is suitable as a 'man cave' for a car enthusiast or for use by a small business owner.

    Local Financial Insights For Office B

    Simulate Cap Rate and NOI

    NOI Build-Up
    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.

    Component $ $/SF
    Gross rent $56.4k $28.20
    − Vacancy −$11.6k −$5.78
    EGI $44.8k $22.42
    − OpEx −$11.2k −$5.60
    NOI $33.6k $16.81
    2,000 SF · lease $28.20/SF/yr · vacancy 20.50% · expense 25.00%

    Alternative Uses

    Best Use
    Office B
    $480.4K
    $420.4K – $560.5K (±1% cap)
    NOI $33,629 @ 7.0% cap · market cap 7.16%
    Second Best
    Flex RnD
    $247.2K
    $216.3K – $288.4K (±1% cap)
    NOI $17,303 @ 7.0% cap · market cap 3.68%
    Theoretical Best
    Office A
    $582.7K
    $509.9K – $679.9K (±1% cap)
    NOI $40,791 @ 7.0% cap · market cap 8.68%
    Zoning and permitted uses should be independently verified with local authorities.
    Property Profile Location Intelligence

    Current Use by Public Records

    Flex space

    Suggested Use

    Restaurant Real Estate Agency Law Firm Spa & Massage Center Dental Office Building Supply Big Box & Wholesale Store Auto Repair Shop Hair Salon Nail Salon

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Panama City Beach
    County
    Bay
    State
    Florida
    Longitude
    -85.9031392
    Latitude
    30.2416882

    Nearby Similar for Sale

    • $650,000
      2,556 SF

      Panama City Beach Income Property

      Versatile income property near the heart of Panama City Beach.
      604 Fernwood Street, Panama City Beach, FL 32407
      View Details
    • $999,000
      2,320 SF

      Duplex in Coveted Beach Neighborhood

      Two residential units in Panama City Beach with short-term rental potential.
      13801 Bay Avenue, Panama City Beach, FL 32413
      View Details
    • $650,000
      2,556 SF

      Panama City Beach Multifamily Opportunity

      Versatile property near the beach with redevelopment potential.
      604 Fernwood Street, Panama City Beach, FL 32407
      View Details
    • $6,590,000
      28,010 SF

      Unique Industrial Warehouse in Panama

      Exceptional warehouse with unmatched clear height in Panama City Beach.
      109 Estes Place, Panama City Beach, FL 32413
      View Details
    • $1,299,000
      3,200 SF

      Panama City Beach Cottages Investment

      Four cottages and nine buildable lots near Panama City Beach.
      2907 Sarah Jean Court, Panama City Beach, FL 32408
      View Details
    • $850,000
      4,432 SF

      Turnkey Income Property in Panama

      Stabilized, fully leased duplex with renovated units and recent upgrades.
      2605 Redwood Street, Panama City Beach, FL 32408
      View Details
    • $850,000
      4,432 SF

      Turnkey Income Property in Panama

      Stabilized, fully leased duplex with strong income and recent upgrades.
      2605 Redwood Street, Panama City Beach, FL 32408
      View Details
    • $1,575,000
      4,000 SF

      New Duplex with Rental History

      Newly built, fully furnished duplex with strong rental potential.
      108 San Vincente Street, Panama City Beach, FL 32413
      View Details
    • $1,350,000
      6,728 SF

      Panama City Beach Retail Opportunity

      Versatile commercial property with retail and warehouse space in Florida.
      13201 Hutchison Boulevard, Panama City Beach, FL 32407
      View Details
    • $548,000
      1,150 SF

      Beachfront Townhome with Gulf Views

      Updated townhome across from the Gulf, ideal for rental.
      8706 Surf Drive, Panama City Beach, FL 32408
      View Details
    • $520,000
      1,664 SF

      Renovated Duplex Near Gulf Coast

      Updated duplex in Panama City Beach, near beaches and amenities.
      116 Lakeside Circle, Panama City Beach, FL 32413
      View Details
    • $645,000
      2,088 SF

      Adorable Duplex with Multiple Possibilities

      Duplex with short-term rental potential near beach and lagoon.
      3707 Mystic Street, Panama City Beach, FL 32408
      View Details

    FAQs

    What type of property is this?
    Flex space - 2,000 SF flex space with AC and upgrades.
    Where is this flex space located?
    The property is located at 169 Griffin Boulevard #B116 Panama City Beach, FL.
    What is the asking price?
    The asking price for this property is $469,900.
    What are key features of this property?
    This property features: 2,000 SF Office/Warehouse Condo ('Flex Space') ideal for car enthusiasts or small business owners.; Entire warehouse is air‑conditioned.; Includes an asymmetric car lift.
    (850) 213-3048
    We can help!
    Listing Contact
    KIM J SHELTON
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Thank You for Inquiry
    169 Griffin Boulevard #B116, Panama City Beach, FL 32413
    letter with green check mark
    Check your email
    We sent you the
    agent's contact details. yellow underline
    Can't find it?
    Please check your junk/spam folder.
    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!