Corner-Lot Office
New
For Sale
$499,000
2356 Frankford Avenue, Panama City, FL 32405
Flexible professional office layout with private rooms, collaborative space, conference area, kitchen, storage, and garage.
Property Size1,875 SF
Price / SF$266.13
Days on Market5
Property Features for 2356 Frankford Avenue
General Information
Standard status
Active
Size
1,875 SF
Property subtype
Commercial
Amenities
Central air
CentralAir Cooling
Building Details
Year Built
1963
Listing Agency:
COLDWELL BANKER REALTY
(850) 234-6696
Listed By:
FRANK TRENHOLM
(850) 774-8944
Source:
Corcoran
Added: Sep 4
Changed: Sep 7
Last Checked: Sep 8 at 6:56AM
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 COLDWELL BANKER REALTY
Investment Insights
Based on property information with market context.
This 1,875-square-foot office property occupies a 1-acre corner parcel and was converted from a residence into professional workspace. The layout includes four private offices, reception, an open work area, conference space with a fireplace, kitchen and dining area, storage, and a garage that can support additional storage or work functions. Solar panels are installed, and the property includes an ADT alarm system.
The building dates to 1963 and received a 2018 update that included the roof, windows, doors, and interior paint. MU-3 zoning supports a range of commercial applications. Located at 2356 Frankford Avenue in Panama City, the property sits near 23rd Street and Frankford Avenue with access to Highway 390. The corner parcel provides parking for employees and visitors, along with outdoor area that can accommodate material staging.
The building dates to 1963 and received a 2018 update that included the roof, windows, doors, and interior paint. MU-3 zoning supports a range of commercial applications. Located at 2356 Frankford Avenue in Panama City, the property sits near 23rd Street and Frankford Avenue with access to Highway 390. The corner parcel provides parking for employees and visitors, along with outdoor area that can accommodate material staging.
Key Highlights
- 1,875 SF office building on a 1‑acre corner lot
- MU‑3 zoning with a flexible office configuration
- Four private offices, reception, open workspace, and conference area
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
$23,625
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
4.73%
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%
$472,500
$472.5K
Cap Rate 7%
$337,500
$337.5K
Cap Rate 9%
$262,500
$262.5K
Market Conditions
NOI Build-Up for 1,875 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
$39.4K $21.00/SF
− Vacancy
−$7.9K −$4.20/SF
EGI
$31.5K $16.80/SF
− OpEx
−$7.9K −$4.20/SF
NOI
$23.6K $12.60/SF
Area
Walton County, FL
Vacancy
20.00%
Lease Rate
$21.00 /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%
$472,500
Cap Rate 7%
$337,500
Cap Rate 9%
$262,500
Alternative Uses
Best Use
Office B
$337.5K
$295.3K – $393.8K
NOI $23,625 @ 7.0% cap · market cap 4.73%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$471.5K
$412.6K – $550.1K
NOI $33,008 @ 7.0% cap · market cap 6.61%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
630
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
Vacancy Rate% for Office in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Office building - Flexible professional office layout with private rooms, collaborative space, conference area, kitchen, storage, and garage.
Where is this office building located?
The property is located at 2356 Frankford Avenue Panama City, FL.
What is the asking price?
The asking price for this property is $499,000.
What are key features of this property?
This property features: 1,875 SF office building on a 1‑acre corner lot; MU‑3 zoning with a flexible office configuration; Four private offices, reception, open workspace, and conference area
