Waterfront Office
For Sale
$2,950,000
Pending
220 Mckenzie Avenue, Panama City, FL 32401
CommercialSale, Panama City, FL
Property Size10,157 SF
Lot Size1.10 Acres
Days on Market289
Property Features for 220 Mckenzie Avenue
General Information
Property type
Commercial Sale
Property subtype
Office
Zoning description
City, General Commercial
Accessibility
Accessible Approach with Ramp
Subdivision
No Named Subdivision
Elementary school
Cherry Street
Middle school
Jinks
High school
Bay
Directions
From Harrison Avenue, take E. 4th Street toward the Bay County Courthouse, turn right (south) on McKenzie Avenue to the end. The Barron & Redding Law Office is on the left.
Standard status
Pending
APN
20156-000-000
Size
10,157 SF
Lot size
1.10 Acres
Taxes and HOA fees
Tax Description
9 4S 14W -3- 70A BEG 200' E, 10' S, 100' E, 60' S, 25' E OF NW COR OF NW1/4 OF SW1/4 OF SEC FOR POB TH S 118.75' SE 150' SE 105' TO WATERS EDGE TH ELY & NLY ALG WATERS EDGE 460' M/L TH W 215' M/L TO POB. ORB 1059 P 1296 ORB 1336 P 1588
Legal Description
9 4S 14W -3- 70A BEG 200' E, 10' S, 100' E, 60' S, 25' E OF NW COR OF NW1/4 OF SW1/4 OF SEC FOR POB TH S 118.75' SE 150' SE 105' TO WATERS EDGE TH ELY & NLY ALG WATERS EDGE 460' M/L TH W 215' M/L TO POB. ORB 1059 P 1296 ORB 1336 P 1588
Utilities
Sewer type
Public Sewer
Heating system
Electric (Heating), Central
Cooling system
Central Air
Water front features
Ocean Access
Water front
1
Amenities
dock and pier
landscaped grounds
waterfront views
Building Details
Year built
1986
Floors in Building
2
Building materials
Brick, BrickVeneer, Concrete
Roof type
Shingle
Listing Agency:
Counts Real Estate Group Inc
(850) 249-3615
Listed By:
Chris S McCall · License #0666647
(850) 814-9889
Added: Jan 1
Changed: Oct 17
Last Checked: Oct 17 at 9:06PM
MLS# 783267
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.
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Investment Insights
Based on property information with market context.
This 10,157-square-foot office building occupies 1.1 acres and provides a substantial professional layout across two stories. The property includes 18 private offices, two conference rooms, a law library, open administrative and paralegal work areas, workspace, a breakroom, and reception. Brick veneer and concrete construction, extensive interior woodwork, and large windows define the building. Constructed in 1986, the property was renovated in 2019 with storm-rated impact windows and doors, a new roof, new HVAC systems, and new flooring.
The site includes approximately 550 linear feet of waterfront along Massalina Bayou, with a submerged land lease in place for deep-water dock space. A large pier and wooden dock can accommodate several large boats. The Bay County Courthouse is less than 300 feet away on McKenzie Avenue. Mature oak trees and established landscaping surround the office, while public sewer, central air, electric heating, and an accessible ramp are also provided.
The site includes approximately 550 linear feet of waterfront along Massalina Bayou, with a submerged land lease in place for deep-water dock space. A large pier and wooden dock can accommodate several large boats. The Bay County Courthouse is less than 300 feet away on McKenzie Avenue. Mature oak trees and established landscaping surround the office, while public sewer, central air, electric heating, and an accessible ramp are also provided.
Key Highlights
- 10,157‑square‑foot, two‑story office building on 1.1 acres
- 18 private offices, 2 conference rooms, law library, reception, and administrative workspace
- Approximately 550 linear feet of waterfront on Massalina Bayou
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$170,782
Cap Rate
5.79%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$3,415,640
$3.4M
Cap Rate 7%
$2,439,743
$2.4M
Cap Rate 9%
$1,897,578
$1.9M
Market Conditions
NOI Build-Up for 10,157 SF
Gross rent
$286.4K $28.20/SF
− Vacancy
−$58.7K −$5.78/SF
EGI
$227.7K $22.42/SF
− OpEx
−$56.9K −$5.60/SF
NOI
$170.8K $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%
$3,415,640
Cap Rate 7%
$2,439,743
Cap Rate 9%
$1,897,578
Alternative Uses
Best Use
Office B
$2.44M
$2.13M – $2.85M
NOI $170,782 @ 7.0% cap · market cap 5.79%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$2.96M
$2.59M – $3.45M
NOI $207,158 @ 7.0% cap · market cap 7.02%
Zoning and permitted uses should be independently verified with authorities.
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Current Use
Lease Details
Single-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
1,638
Businesses Nearby
Explore this area
Business Placement
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
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Market
Vacancy Rate% for Office in South region
Frequently Asked Questions
What type of property is this?
Office building - Two-story professional office property with private offices, conference rooms, a law library, and direct water access.
Where is this office building located?
The property is located at 220 Mckenzie Avenue Panama City, FL.
What is the asking price?
The asking price for this property is $2,950,000.
What are key features of this property?
This property features: 10,157‑square‑foot, two‑story office building on 1.1 acres; 18 private offices, 2 conference rooms, law library, reception, and administrative workspace; Approximately 550 linear feet of waterfront on Massalina Bayou
