Waterfront Office
For Sale
$2,950,000
220 McKenzie Avenue, Panama City, FL 32401
The two-story layout combines private offices, conference rooms, a law library and shared administrative space.
Property Size10,157 SF
Lot Size1.10 Acres
Price / SF$290.44
Days on Market291
Property Features for 220 McKenzie Avenue
General Information
Standard status
Active
Size
10,157 SF
Class
A
Lot size
1.10 Acres
Property subtype
Commercial
Additional Details
Property Use
Law Office
Amenities
dock
Building Details
Year Built
1986
Year Renovated
2019
Buildings
1
Stories
2
Building Size
10,157 SF
Construction
masonry
Listing Agency:
Counts Real Estate Group Inc
(850) 249-3615
Listed By:
Christopher S McCall
(850) 249-3623
Source:
Emeraldgulfrealty
Added: Jan 6
Changed: Oct 23
Last Checked: Oct 23 at 5:26PM
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 Counts Real Estate Group Inc
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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 was built in 1986. Its two floors contain 18 private offices, two conference rooms, a law library, open administrative workspace, a breakroom and reception. Masonry construction with brick veneer is complemented by extensive wood detailing. Renovations completed in 2019 included a new roof, HVAC systems, flooring, and storm-rated impact windows and doors.
The property has approximately 550 linear feet of waterfront on Massalina Bayou. A submerged land lease is in place for deep-water dock space, including a pier and wooden dock designed to accommodate several large boats. The Bay County Courthouse is less than 300 feet up McKenzie Avenue.
The property has approximately 550 linear feet of waterfront on Massalina Bayou. A submerged land lease is in place for deep-water dock space, including a pier and wooden dock designed to accommodate several large boats. The Bay County Courthouse is less than 300 feet up McKenzie Avenue.
Key Highlights
- 10,157‑square‑foot, two‑story office building on 1.1 acres
- 18 private offices, two conference rooms, law library and open administrative workspace
- +/-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
Location Intelligence
Trade Area within ½ mile
1,466
Businesses Nearby
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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 - The two-story layout combines private offices, conference rooms, a law library and shared administrative space.
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, two conference rooms, law library and open administrative workspace; +/-550 linear feet of waterfront on Massalina Bayou
