Office Building with Flexible
New
For Sale
$499,000
2356 Frankford Avenue, Panama City, FL 32405
CommercialSale, Panama City, FL
Property Size1,875 SF
Lot Size1.03 Acres
Price / SF$266.13
Days on Market2
Property Features for 2356 Frankford Avenue
General Information
Property type
Commercial Sale
Property subtype
Office
Zoning description
Office/Prof
Subdivision
[No Recorded Subdiv]
Elementary school
Northside
Middle school
Jinks
High school
Bay
Directions
On 23rd go to Frankford Avenue and head North. About two blocks on your left side.
Standard status
Active
APN
26739-000-000
Size
1,875 SF
Lot size
1.03 Acres
Taxes and HOA fees
Tax Description
25 3S 15W -9- BEG 780' N & 49.32' W OF SE COR OF SEC TH N 180' W 250' S 180' E 250' TO POB ORB 4527 P 81
Legal Description
25 3S 15W -9- BEG 780' N & 49.32' W OF SE COR OF SEC TH N 180' W 250' S 180' E 250' TO POB ORB 4527 P 81
Utilities
Cooling system
Central Air
Amenities
kitchen
reception area
conference room with fireplace
storage room
garage
solar panels
ADT alarm system
material staging area
Building Details
Year built
1963
Floors in Building
1
Building materials
Brick
Listing Agency:
Coldwell Banker Realty · Coldwell Banker Real Estate
(850) 234-6696
Listed By:
Frank Trenholm
(850) 774-8944
Added: Sep 4
Last Checked: Sep 5 at 5:06AM
MLS# 795043
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.
Investment Insights
Based on property information with market context.
This 1,875-square-foot office property occupies a 1.03-acre corner lot and was converted from a residence into professional workspace. The layout includes four private offices, reception, open work space, a conference area with fireplace, kitchen and dining or break area, storage, and a garage that can serve as additional storage or work space. The building has brick construction and central air conditioning.
Updates completed in 2018 included a roof, windows, doors, and interior paint. Solar panels were installed more recently, and the property also includes an ADT alarm system. The site provides parking for employees and clients, with additional outdoor area identified for possible material staging. MU-3 zoning, proximity to 23rd Street and Frankford Avenue, and access to Highway 390 support a range of professional, construction, and service-oriented business uses.
Updates completed in 2018 included a roof, windows, doors, and interior paint. Solar panels were installed more recently, and the property also includes an ADT alarm system. The site provides parking for employees and clients, with additional outdoor area identified for possible material staging. MU-3 zoning, proximity to 23rd Street and Frankford Avenue, and access to Highway 390 support a range of professional, construction, and service-oriented business uses.
Key Highlights
- 1.03‑acre corner parcel with parking and possible material staging area
- 1,875 SF office property with four private offices and open workspace
- Converted residence with reception, conference area, kitchen, storage, and garage
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
Lease Details
1
Office units
Yes
Highway access
Yes
Paved road access
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 units - Converted office property with private rooms, collaborative areas, a garage, and MU-3 zoning on a corner parcel.
Where is this office units 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: 1.03‑acre corner parcel with parking and possible material staging area; 1,875 SF office property with four private offices and open workspace; Converted residence with reception, conference area, kitchen, storage, and garage
