Waterfront Office
New
For Sale
$1,250,000
430&432 McKenzie Avenue, Panama City, FL 32401
CommercialSale, Panama City, FL
Property Size4,000 SF
Lot Size0.36 Acres
Price / SF$319.04
Days on Market2
Property Features for 430&432 McKenzie Avenue
General Information
Property type
Commercial Sale
Property subtype
Office
Accessibility
Accessible Approach with Ramp
Subdivision
No Named Subdivision
Elementary school
Cherry Street
Middle school
Jinks
High school
Bay
Directions
From the intersection of Beach Drive and W. 6th Street, follow 6th St East for .5mi. Turn right onto McKenzie Ave. Go .1mi, turn left onto E 5th St. Follow for 150 feet. Turn right onto McKenzie Ave. In 200 feet, property is on the left.
Standard status
Active
APN
19865-010-000, 19865-050-000, 19865-000-000
Size
3,918 SF
Lot size
0.36 Acres
Taxes and HOA fees
Tax Description
GCD PLAT LOT 11 & EXT OF LOT 11 TO BAYOU BLK 31 ORB 4481 P 1106, GCD PLAT LOT 10 BLK 31 ORB 4481 P 1106, GCD PLAT LOT 9 BLK 31 ORB 4481 P 1106
Legal Description
GCD PLAT LOT 11 & EXT OF LOT 11 TO BAYOU BLK 31 ORB 4481 P 1106, GCD PLAT LOT 10 BLK 31 ORB 4481 P 1106, GCD PLAT LOT 9 BLK 31 ORB 4481 P 1106
Utilities
Heating system
Central, Electric (Heating)
Cooling system
Central Air
Water front features
Seawall
Water front
1
Amenities
waterfront balconies
boathouse
wheelchair accessible
additional storage
hurricane shutters
Building Details
Year built
1990
Listing Agency:
World Impact Real Estate
(850) 225-7000
Listed By:
Alyssa Hakenewert · License #3215166
(850) 819-0310
Added: Oct 14
Last Checked: Oct 15 at 11:06AM
MLS# 796535
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.
The two-story professional office building dates to 1990 and includes reception areas, private offices, conference rooms, a law library, administrative space, and a kitchen area. Waterfront balconies on both floors add more than 1,000 square feet of outdoor space. The property also includes two adjoining vacant lots, currently maintained as green space, and a boathouse built in 2020. A paved parking area, storage, a ramped accessible approach, central heating, and central air conditioning are among the on-site features. The roof was replaced in 2018.
The property fronts Massalina Bayou, with approximately 200 feet of water frontage and a seawall. It is a short walk from the Bay County Courthouse and Panama City's Social District. The office and two additional lots together occupy 0.36 acres. The property is being sold as-is; furnishings may be negotiable at the seller's discretion.
The property fronts Massalina Bayou, with approximately 200 feet of water frontage and a seawall. It is a short walk from the Bay County Courthouse and Panama City's Social District. The office and two additional lots together occupy 0.36 acres. The property is being sold as-is; furnishings may be negotiable at the seller's discretion.
Key Highlights
- Two‑story professional office building with 0.36 acres across three lots
- Approximately 200 feet of frontage on Massalina Bayou with a seawall
- More than 1,000 square feet of waterfront balconies
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$65,878
Cap Rate
5.27%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,317,560
$1.3M
Cap Rate 7%
$941,114
$941.1K
Cap Rate 9%
$731,978
$732.0K
Market Conditions
NOI Build-Up for 3,918 SF
Gross rent
$110.5K $28.20/SF
− Vacancy
−$22.6K −$5.78/SF
EGI
$87.8K $22.42/SF
− OpEx
−$22.0K −$5.60/SF
NOI
$65.9K $16.81/SF
Area
Bay County, FL
Vacancy
20.50%
Lease Rate
$28.20 /SF/Yr
Expense Ratio
25.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,317,560
Cap Rate 7%
$941,114
Cap Rate 9%
$731,978
Alternative Uses
Best Use
Office B
$941.1K
$823.5K – $1.10M
NOI $65,878 @ 7.0% cap · market cap 5.27%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.14M
$998.9K – $1.33M
NOI $79,910 @ 7.0% cap · market cap 6.39%
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
1,862
Businesses Nearby
Explore this area
Business Placement
Demographics for 32401, FL
20,487
Population
10,239
Households
2
Avg Household Size
42
Median Age
20%
College-Educated
86%
High-School Grad
12.5 sq mi
ZIP Area
1,639
Density / Sq Mi
$49,901
Median Household Income
$35,885
Median Earnings
$1,194
Median Rent
$207,000
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 - Two adjoining vacant lots and a boathouse expand the property beyond its professional office space.
Where is this office building located?
The property is located at 430&432 McKenzie Avenue Panama City, FL.
What is the asking price?
The asking price for this property is $1,250,000.
What are key features of this property?
This property features: Two‑story professional office building with 0.36 acres across three lots; Approximately 200 feet of frontage on Massalina Bayou with a seawall; More than 1,000 square feet of waterfront balconies
