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    2428 Jenks Ave Unit, Unit B Panama City, FL 32405

    Sponsored
    Picture of Medical offices at Jenks Ave Unit 2428, Panama City, FL
    For Lease
    Pending
    $19 SF/Yr ($5,145 /Mo)

    COMMERCIAL - Panama City, FL

    Type:Office
    Property size:
    3,250 SF
    Days on Market:
    158
    Last Refresh:
    Jan 23 at 7:06 am

    Property Features for 2428 Jenks Ave Unit

    General Information

    Property type
    Commercial Lease
    Property subtype
    Office
    Standard status
    Pending
    APN
    13004-020-000
    Accessibility
    Accessible Approach with Ramp
    Size
    3,250 SF

    Utilities

    Cooling system
    Central Air, Electric

    Building Details

    Year built
    1991
    Floors in Building
    1
    Number of units
    1
    Building materials
    Stucco, VinylSiding, WoodFrame

    We can help!

    Listing Contact
    Brian Hinton

    Neubauer Real Estate, Inc. ERA (850) 785-1551 [email protected]

    Listing agent Brian Hinton (850) 872-3434 License #3066285

    Listing date Aug 19, 2025

    Copyright © 2025 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.

    Learn more

    Property Insight Report

    Overview

    Medical Office Space For Rent

    This commercial space, Suite B, offers 3,250 square feet and features a design suitable for medical applications. Located near 23rd Street on Jenks Avenue in Panama City, Florida, the property includes a covered canopy entrance and dedicated parking. The base rent is $19.00 per square foot, with NNN (triple net) expenses to be paid by the tenant.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Medical offices

    Similar Places Nearby

    Banfield Pet Hospital, Forest Park Animal Hospital PA, Forest Park Animal Hospital PA: Baker Ashley DVM

    Map

    City
    Panama City
    County
    Walton
    State
    Florida
    Longitude
    -85.662006
    Latitude
    30.193118

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    FAQs

    What type of property is this?
    Medical office - Spacious medical office buildout near 23rd St. on Jenks Ave.
    Where is this medical office located?
    The property is located at 2428 Jenks Ave Unit, Unit B Panama City, FL.
    What is the lease rate?
    The lease rate is $19 SF/Yr.
    What are key features of this property?
    This property features: - Medical buildout already in place, suitable for various medical applications.; - Spacious office suite with 3,250 SF.; - Convenient location near 23rd St. on Jenks Ave.
    (850) 527-6393
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    2428 Jenks Ave Unit, Unit B Panama City, FL 32405
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    We can help!
    Listing Contact
    Brian Hinton
    Real Estate License ID: 3066285
    (850) 527-6393
    Learn more
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