Two Panama City Office
2309 Frankford Avenue Panama City, FL 32405
For Sale
$1,199,000
Two office buildings for sale in Panama City, Florida.
Property Size3,555 SF
Lot Size0.35 Acres
Price / SF$337.27
Days on Market144
Property Features for 2309 Frankford Avenue
General Information
Standard status
Active
Size
3,555 SF
Lot size
0.35 Acres
Property subtype
Commercial
Building Details
Year Built
1996
Listing Agency:
SAVVY AVENUE LLC
(888) 490-1268
Listed By:
MOE MOSSA · License #3432985
Source:
Corcoran
Added: Mar 7
Changed: Jul 6
Last Checked: Jul 29 at 10:02AM
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 SAVVY AVENUE LLC
Investment Insights
Based on property information with market context.
Two office buildings totaling 3,555 square feet are available for purchase. One building, constructed in 1999 and located at 2309 Frankford Ave, Panama City, FL 32405, is a 1,871-square-foot brick structure currently under a 5-year lease to Pyne Law, generating a monthly income of $3,500 or $42,000 annually. The second brick building, located at 2104 W 23rd St. Panama City FL 32405, offers 1,684 square feet and features five offices, a lobby, a kitchen/break room, men's and women's bathrooms, a copier room, a stock room, and a storage room. It also includes covered parking and a rear entrance to a lockable rear office, making it suitable for a doctor or professional practice. The property benefits from a paved parking lot with ample parking and a high-traffic corner location at a lighted intersection on a main street thoroughfare. Additionally, the property generates $5,000 annually from a digital billboard. An 11.5 KW solar panel photovoltaic system reduces electrical costs to approximately $50 per month. Average property taxes are $421 per month ($5,056 per year), and the Business Owners Policy costs $884 per month ($10,603 per year). WiFi/Internet is included and paid for one year.
Key Highlights
- Two brick office buildings totaling 3,555 sq. ft. with diversified income streams.
- Existing lease to Pyne Law provides $42,000 annual income.
- Second building ideal for medical or professional practice with 5 offices, lobby, kitchen/break room, and private rear entrance.
Financial Insights For Office B
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $74.7k | $21.00 |
| − Vacancy | −$14.9k | −$4.20 |
| EGI | $59.7k | $16.80 |
| − OpEx | −$14.9k | −$4.20 |
| NOI | $44.8k | $12.60 |
3,555 SF · lease $21.00/SF/yr · vacancy 20.00% · expense 25.00%
Alternative Uses
Best Use
Office B
$639.9K
$559.9K – $746.6K
NOI $44,793 @ 7.0% cap · market cap 3.74%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$894.0K
$782.3K – $1.04M
NOI $62,582 @ 7.0% cap · market cap 5.22%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Location Intelligence
Current Use
Frequently Asked Questions
What type of property is this?
Office building - Two office buildings for sale in Panama City, Florida.
Where is this office building located?
The property is located at 2309 Frankford Avenue Panama City, FL.
What is the asking price?
The asking price for this property is $1,199,000.
What are key features of this property?
This property features: Two brick office buildings totaling 3,555 sq. ft. with diversified income streams.; Existing lease to Pyne Law provides $42,000 annual income.; Second building ideal for medical or professional practice with 5 offices, lobby, kitchen/break room, and private rear entrance.
