2220 Saint Andrews Boulevard, Panama City, FL 32405

Building Details

Buildings 1 More

Building Size 2,867 SF More

Listing Agency: Centergate Realty LLC

Listed By: Ayesha Albibi · License FL SL3337069 Show Phone

Source: Crexi

Added: Oct 28 Changed: Nov 10 Last Checked: Nov 10 at 9:09AM

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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 Centergate Realty LLC

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Investment Insights

Based on property information with market context.

The 2,867-square-foot structure is currently arranged as a residence with three bedrooms, two bathrooms, and three additional oversized living areas. Potential conversion to professional office, medical or wellness offices, retail, or showroom space is subject to zoning, permitting, and applicable local approvals. The property occupies approximately 0.801 acres along Highway 390, also known as St. Andrews Boulevard, in Panama City. The surrounding area includes established businesses, shopping, dining, and major roadways.

Key Highlights

• 2,867‑square‑foot structure on approximately 0.801 acres
• Highway frontage along Highway 390 (St. Andrews Boulevard)
• Current layout includes 3 bedrooms, 2 bathrooms, and three additional oversized living areas

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$48,206

Cap Rate

8.04%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$964,120 $964.1K

Cap Rate 7%

$688,657 $688.7K

Cap Rate 9%

$535,622 $535.6K

Is this asking price fair?

Market Conditions

NOI Build-Up for 2,867 SF

Gross rent

$80.8K $28.20/SF

− Vacancy

−$16.6K −$5.78/SF

EGI

$64.3K $22.42/SF

− OpEx

−$16.1K −$5.60/SF

NOI

$48.2K $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 Rate 5%

$964,120

Cap Rate 7%

$688,657

Cap Rate 9%

$535,622

Alternative Uses

Best Use

Office B

$688.7K

$602.6K – $803.4K (±1% cap)

NOI $48,206 @ 7.0% cap · market cap 8.04%

Second Best

—

—

no second resolved use

Theoretical Best

Office A

$835.3K

$730.9K – $974.6K (±1% cap)

NOI $58,474 @ 7.0% cap · market cap 9.75%

Zoning and permitted uses should be independently verified with authorities. How Realmo checks its estimates

Property Analytics

Who owns this building? See the owner, sales and loan history

Open Analytics

Current Use

Office buildings

Suggested Use

Top Pick Restaurant Law Firm Real Estate Agency HVAC Service (Bike/Boat/Book/etc) Store Nail Salon

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Lease Details

Yes

Highway access

Yes

Paved road access

Location Intelligence

Trade Area within ½ mile

560

Businesses Nearby

Explore this area Business Placement

Demographics for 32405, FL

28,158

Population

13,585

Households

2.1

Avg Household Size

40

Median Age

29%

College-Educated

92%

High-School Grad

18.8 sq mi

ZIP Area

1,498

Density / Sq Mi

$71,002

Median Household Income

$41,867

Median Earnings

$1,418

Median Rent

$255,100

Median Home Value

Market

Average Price Trend$/SF for Office buildings in Panama City, FL

$236 Jul

$241 Aug

$205 Sep

$245 Oct

Properties on Market for Office buildings in Panama City

Jul

Aug

Sep

Oct

Vacancy Rate% for Office in South region

14.4% 2019

16.4% 2020

17.3% 2021

18% 2022

18.6% 2023

20.3% 2024

20.2% 2025

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Frequently Asked Questions

What type of property is this?

Office building - The existing residential layout may support office conversion, subject to zoning, permitting, and local approvals.

Where is this office building located?

The property is located at 2220 Saint Andrews Boulevard Panama City, FL.

What is the asking price?

The asking price for this property is $599,900.

What are key features of this property?

This property features: 2,867‑square‑foot structure on approximately 0.801 acres; Highway frontage along Highway 390 (St. Andrews Boulevard); Current layout includes 3 bedrooms, 2 bathrooms, and three additional oversized living areas