Mixed-Use Property with Outdoor
For Sale
$350,000
2117 E 3rd Street, Panama City, FL 32401
CommercialSale, Panama City, FL
Property Size1,918 SF
Lot Size0.54 Acres
Price / SF$182.48
Days on Market78
Property Features for 2117 E 3rd Street
General Information
Property type
Commercial Sale
Property subtype
Other
Subdivision
Welch Add
Elementary school
Cherry Street
Middle school
Jinks
High school
Bay
Directions
Traveling south on county HWY 389 from Lynn haven, veer Right onto county HWY 2337, travel approximately 2.9 miles. Turn Left onto East 3rd Street at Gene's Oyster Bar, property is the third building on the left.
Standard status
Active
APN
22519-000-000
Size
1,918 SF
Lot size
0.54 Acres
Taxes and HOA fees
Tax Description
WELCH ADD BEG AT THE SE COR LOT 12 TH RUN W 60' N 104.5' W 24.5' TH S 4' W 24.5' N 20' E 5' N 2' E 10' N 86.5' E 94' S 209' TO POB BLK 5 ORB 4037 P 660 ORB 4687 P 1424
Legal Description
WELCH ADD BEG AT THE SE COR LOT 12 TH RUN W 60' N 104.5' W 24.5' TH S 4' W 24.5' N 20' E 5' N 2' E 10' N 86.5' E 94' S 209' TO POB BLK 5 ORB 4037 P 660 ORB 4687 P 1424
Building Details
Year built
1925
Listing Agency:
Keller Williams Success Realty · Keller Williams Realty
(850) 249-0313
Listed By:
Jimmy Dean · License #SL3531681
(850) 624-5819
Added: Jun 9
Changed: Aug 25
Last Checked: Aug 25 at 5:06PM
MLS# 793912
Copyright © 2026 Central Panhandle 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 mixed-use property includes two parcels and a 1,918-square-foot building constructed in 1925. The existing configuration supports restaurant and bar operations, with indoor seating, a commercial service area, and a separate outdoor gathering space. The property is currently operating in that capacity and offers a layout suited to continued food-and-beverage use or another compatible mixed-use concept.
Located at 2117 E 3rd Street in Panama City, Florida, the property occupies 0.54 acres within ZIP Code 32401. Its established building footprint and outdoor component provide a combination of indoor and exterior space for commercial operations, customer seating, or events. The mixed-use zoning also supports consideration of residential or other commercial objectives, subject to applicable approvals.
Located at 2117 E 3rd Street in Panama City, Florida, the property occupies 0.54 acres within ZIP Code 32401. Its established building footprint and outdoor component provide a combination of indoor and exterior space for commercial operations, customer seating, or events. The mixed-use zoning also supports consideration of residential or other commercial objectives, subject to applicable approvals.
Key Highlights
- Two parcels included in the sale
- 1,918‑square‑foot building constructed in 1925
- 0.54‑acre property at 2117 E 3rd Street, Panama City, FL 32401
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
$29,207
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
8.34%
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%
$584,140
$584.1K
Cap Rate 7%
$417,243
$417.2K
Cap Rate 9%
$324,522
$324.5K
Market Conditions
NOI Build-Up for 1,918 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
$41.4K $21.60/SF
− Vacancy
−$2.5K −$1.30/SF
EGI
$38.9K $20.30/SF
− OpEx
−$9.7K −$5.08/SF
NOI
$29.2K $15.23/SF
Area
Walton County, FL
Vacancy
6.00%
Lease Rate
$21.60 /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%
$584,140
Cap Rate 7%
$417,243
Cap Rate 9%
$324,522
Alternative Uses
Best Use
Specialty Retail
$417.2K
$365.1K – $486.8K
NOI $29,207 @ 7.0% cap · market cap 8.34%
Second Best
Mixed Use
$253.8K
$222.1K – $296.2K
NOI $17,769 @ 7.0% cap · market cap 5.08%
Theoretical Best
Office A
$482.3K
$422.1K – $562.7K
NOI $33,764 @ 7.0% cap · market cap 9.65%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
231
Businesses Nearby
5k
Monthly Visits Nearby
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 100%
Dollar General
Shops & Services
4,953 visits/mo
0.3 miles
Demographics for 32401, FL
20,487
Population
10,239
Households
2
Avg Household Size
42
Median Age
20%
College-Educated
86%
High-School Grad
12.5 sq mi
ZIP Area
1,639
Density / Sq Mi
$49,901
Median Household Income
$35,885
Median Earnings
$1,194
Median Rent
$207,000
Median Home Value
Market
Vacancy Rate% for Retail in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Mixed-use property - Restaurant and bar improvements include indoor seating, a commercial service area, and an outdoor gathering space.
Where is this mixed-use property located?
The property is located at 2117 E 3rd Street Panama City, FL.
What is the asking price?
The asking price for this property is $350,000.
What are key features of this property?
This property features: Two parcels included in the sale; 1,918‑square‑foot building constructed in 1925; 0.54‑acre property at 2117 E 3rd Street, Panama City, FL 32401
