Multi-Use Professional Office
For Sale
$4,000,000
2420 Jenks Ave, Panama City, FL 32305
COMMERCIAL - Panama City, FL
Property Size23,120 SF
Lot Size2.68 Acres
Price / SF$173.01
Days on Market246
Property Features for 2420 Jenks Ave
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning description
Commercial
Subdivision
No Named Subdivision
Directions
Just off the northeast corner of Jenks Ave and 23rd St.
Standard status
Active
APN
13016122000
Size
23,120 SF
Lot size
2.68 Acres
Taxes and HOA fees
Tax Description
29 3S 14W -19.22- 91A ST AND BAY DEV CO PLAT BEG 210.3' S OF INTER OF E R/W JINKS AVE & N LINE LOT 111 FOR POB TH CONT S 124.99' E 225' S 105' W 225' S 25' E 250' SELY 141.71' NELY 76.24' NELY 48.88' SELY 0.81' N 231.51' W 513.58' TO POB BEING PART
Legal Description
29 3S 14W -19.22- 91A ST AND BAY DEV CO PLAT BEG 210.3' S OF INTER OF E R/W JINKS AVE & N LINE LOT 111 FOR POB TH CONT S 124.99' E 225' S 105' W 225' S 25' E 250' SELY 141.71' NELY 76.24' NELY 48.88' SELY 0.81' N 231.51' W 513.58' TO POB BEING PART
Utilities
Utilities
Water Available
Sewer type
Public Sewer
Water source
Public
Building Details
Year built
2000
Listing Agency:
Nai Talcor
(850) 249-2879
Listed By:
Wendy Partie · License #SL3580252
(601) 405-9820
Added: Dec 22, 2025
Changed: Aug 5
Last Checked: Aug 25 at 5:06PM
MLS# 321558
Copyright © 2026 Forgotten Coast Realtor Association. 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 professional office property provides 23,120 square feet across a 2.684-acre site. Built in 2000, the multi-use center is suited to a range of professional office functions supported by its existing commercial configuration.
The property is located at 2420 Jenks Ave in Panama City, Florida, just off the intersection of 23rd Street and Jenks Avenue. Public water and public sewer are available, with water availability also identified among the site utilities.
The property is located at 2420 Jenks Ave in Panama City, Florida, just off the intersection of 23rd Street and Jenks Avenue. Public water and public sewer are available, with water availability also identified among the site utilities.
Key Highlights
- 23,120 square feet of office property
- 2.684‑acre site
- Multi‑use professional center
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
$291,312
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
7.28%
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%
$5,826,240
$5.8M
Cap Rate 7%
$4,161,600
$4.2M
Cap Rate 9%
$3,236,800
$3.2M
Market Conditions
NOI Build-Up for 23,120 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
$485.5K $21.00/SF
− Vacancy
−$97.1K −$4.20/SF
EGI
$388.4K $16.80/SF
− OpEx
−$97.1K −$4.20/SF
NOI
$291.3K $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%
$5,826,240
Cap Rate 7%
$4,161,600
Cap Rate 9%
$3,236,800
Alternative Uses
Best Use
Office B
$4.16M
$3.64M – $4.86M
NOI $291,312 @ 7.0% cap · market cap 7.28%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$5.81M
$5.09M – $6.78M
NOI $407,004 @ 7.0% cap · market cap 10.18%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,499
Businesses Nearby
Explore this area
Business Placement
Demographics for 32305, FL
19,199
Population
8,517
Households
2.3
Avg Household Size
40
Median Age
20%
College-Educated
83%
High-School Grad
96.0 sq mi
ZIP Area
200
Density / Sq Mi
$47,694
Median Household Income
$32,166
Median Earnings
$923
Median Rent
$154,500
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 - The property offers substantial office space on a 2.684-acre site with public water and sewer service.
Where is this office building located?
The property is located at 2420 Jenks Ave Panama City, FL.
What is the asking price?
The asking price for this property is $4,000,000.
What are key features of this property?
This property features: 23,120 square feet of office property; 2.684‑acre site; Multi‑use professional center
