Three-Story Office
For Sale
$3,200,000
16901 Pc Bch Parkway, Panama City Beach, FL 32413
Commercial for Sale, Panama City Beach, FL
Property Size11,310 SF
Lot Size1.20 Acres
Price / SF$282.94
Days on Market73
Property Features for 16901 Pc Bch Parkway
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning
Commercial
Directions
Traveling East on Panama City Beach Parkway cross over Hwy 79 and property will be on your right.
Subdivision
27 - Bay County
Standard status
Active
APN
33478-050-000
Lot size
1.20 Acres
Taxes and HOA fees
Tax Description
El Centro Beachlots 6, 7, 8, 9 & N 20' Lots10 & 11
Legal Description
El Centro Beachlots 6, 7, 8, 9 & N 20' Lots10 & 11
Listing Agency:
Counts Real Estate Group Inc
(850) 231-1483
Listed By:
Andy G Gonsalves · License #409063
(850) 527-2639
Added: Jul 1
Changed: Sep 11
Last Checked: Sep 11 at 5:06PM
MLS# 1009340
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 three-story office property contains 3,770 square feet on each floor, creating 11,310 square feet across the building. The first level was previously used as a bank, while the second and third floors provide additional office space. The first-floor layout may be returned to operation within a 45-day period, as stated in the property information.
The offering also includes an additional parcel identified as parcel ID #33478-010-000. The 1.2-acre property is positioned near Hwy 79 and Hwy 98, with Pier Park and City Hall in the surrounding area. The additional land is described as suitable for parking or development of a 3,000-square-foot building. Zoning is Commercial.
The offering also includes an additional parcel identified as parcel ID #33478-010-000. The 1.2-acre property is positioned near Hwy 79 and Hwy 98, with Pier Park and City Hall in the surrounding area. The additional land is described as suitable for parking or development of a 3,000-square-foot building. Zoning is Commercial.
Key Highlights
- 11,310 square feet across three floors, with 3,770 square feet on each floor
- First floor previously occupied as a bank
- Second and third floors contain additional office spaces
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
$190,169
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
5.94%
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%
$3,803,380
$3.8M
Cap Rate 7%
$2,716,700
$2.7M
Cap Rate 9%
$2,112,989
$2.1M
Market Conditions
NOI Build-Up for 11,310 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
$318.9K $28.20/SF
− Vacancy
−$65.4K −$5.78/SF
EGI
$253.6K $22.42/SF
− OpEx
−$63.4K −$5.60/SF
NOI
$190.2K $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%
$3,803,380
Cap Rate 7%
$2,716,700
Cap Rate 9%
$2,112,989
Alternative Uses
Best Use
Office B
$2.72M
$2.38M – $3.17M
NOI $190,169 @ 7.0% cap · market cap 5.94%
Second Best
Specialty Retail
$2.03M
$1.78M – $2.37M
NOI $142,302 @ 7.0% cap · market cap 4.45%
Theoretical Best
Office A
$3.30M
$2.88M – $3.84M
NOI $230,674 @ 7.0% cap · market cap 7.21%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
Yes
Highway access
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
475
Businesses Nearby
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
View Realmo Analytics
Market
Vacancy Rate% for Office in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Office building - Commercial-zoned office property with a former bank floor, upper-level office suites, and an included parcel for parking or expansion.
Where is this office building located?
The property is located at 16901 Pc Bch Parkway Panama City Beach, FL.
What is the asking price?
The asking price for this property is $3,200,000.
What are key features of this property?
This property features: 11,310 square feet across three floors, with 3,770 square feet on each floor; First floor previously occupied as a bank; Second and third floors contain additional office spaces
