For Sale
$600,000
333 N Star Avenue, Panama City, FL 32404
CommercialSale, Panama City, FL
Property Size3,268 SF
Lot Size2.61 Acres
Price / SF$183.60
Days on Market78
Property Features for 333 N Star Avenue
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning description
County, Resid Multi-Family, Mobile Home
Subdivision
[No Recorded Subdiv]
Lot features
Cleared
Elementary school
Callaway
Middle school
Everitt
High school
Rutherford
Directions
From Hwy 22 and Star Ave, north on Star Ave, property on left
Standard status
Active
APN
06454-000-000
Size
3,268 SF
Lot size
2.61 Acres
Taxes and HOA fees
Tax Description
8 4S 13W-56- BEG 660' S OF NW COR OF SW1/4 OF NE1/4 TH W 408' S 45.9' E 408' N 45.9' TO BEG LESS SR RW ORB 4600 P 1792
Legal Description
8 4S 13W-56- BEG 660' S OF NW COR OF SW1/4 OF NE1/4 TH W 408' S 45.9' E 408' N 45.9' TO BEG LESS SR RW ORB 4600 P 1792
Building Details
Year built
2024
Listing Agency:
Coldwell Banker Realty · Coldwell Banker Real Estate
(850) 234-6696
Listed By:
Daryle Burkey · License #3053205
(850) 896-7755
Added: Jun 8
Changed: Aug 19
Last Checked: Aug 24 at 9:06AM
MLS# 790972
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.
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
$36,192
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
6.03%
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%
$723,840
$723.8K
Cap Rate 7%
$517,029
$517.0K
Cap Rate 9%
$402,133
$402.1K
Market Conditions
NOI Build-Up for 3,268 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
$78.4K $24.00/SF
− Vacancy
−$12.6K −$3.86/SF
EGI
$65.8K $20.14/SF
− OpEx
−$29.6K −$9.06/SF
NOI
$36.2K $11.07/SF
Area
Walton County, FL
Vacancy
16.10%
Lease Rate
$24.00 /SF/Yr
Expense Ratio
45.00%
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%
$723,840
Cap Rate 7%
$517,029
Cap Rate 9%
$402,133
Alternative Uses
Best Use
Apartment 5plus
$517.0K
$452.4K – $603.2K
NOI $36,192 @ 7.0% cap · market cap 6.03%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$821.9K
$719.1K – $958.8K
NOI $57,530 @ 7.0% cap · market cap 9.59%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
135
Businesses Nearby
Explore this area
Business Placement
Demographics for 32404, FL
38,186
Population
18,053
Households
2.1
Avg Household Size
40
Median Age
21%
College-Educated
87%
High-School Grad
135.1 sq mi
ZIP Area
283
Density / Sq Mi
$72,208
Median Household Income
$38,701
Median Earnings
$1,355
Median Rent
$239,700
Median Home Value
Questions? Ask Rey
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Frequently Asked Questions
Where is this residential land & home lot located?
The property is located at 333 N Star Avenue Panama City, FL.
What is the asking price?
The asking price for this property is $600,000.
