Retail Space with Attached
For Sale
$749,499
4792 E Highway 390, Panama City, FL 32404
C-1-zoned commercial property with adaptable interior space, outdoor areas, and access to public sewer along the roadside.
Property Size3,067 SF
Lot Size1.14 Acres
Price / SF$244.38
Days on Market17
Property Features for 4792 E Highway 390
General Information
Standard status
Active
Size
3,067 SF
Lot size
1.14 Acres
Zoning
C-1
Additional Details
Traffic Count
15,774 vehicles/day
Amenities
white vinyl privacy fencing
pond
attached three-car garage
oversized concrete parking
durable metal roof
private well
septic system
Building Details
Buildings
1
Listing Agency:
Think Real Estate
(850) 270-4200
Listed By:
Tina Lamonica · License #BK3432425
(850) 832-7162
Source:
Exprealty
Added: Sep 6
Changed: Sep 21
Last Checked: Sep 21 at 2:50PM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Think Real Estate
Investment Insights
Based on property information with market context.
This retail property includes approximately 3,067 square feet of heated and cooled space within approximately 4,930 total square feet. The interior layout can be adapted for commercial use, subject to applicable approvals. An attached three-car garage provides additional parking or storage, while existing concrete parking serves the property. The building also features a metal roof, private well, septic system, and public sewer available roadside.
Located at 4792 E Highway 390 in Panama City, the property occupies approximately 1.14 acres and has an estimated 2025 traffic count of approximately 15, 774. The site is zoned C-1 Neighborhood Commercial and carries a General Commercial Future Land Use designation. Exterior features include a fenced rear area, pond, and front area with potential for expanded parking. The property is in Flood Zone X. Buyers should verify zoning, permitted uses, utility availability, parking requirements, development standards, and measurements with Bay County and other appropriate authorities.
Located at 4792 E Highway 390 in Panama City, the property occupies approximately 1.14 acres and has an estimated 2025 traffic count of approximately 15, 774. The site is zoned C-1 Neighborhood Commercial and carries a General Commercial Future Land Use designation. Exterior features include a fenced rear area, pond, and front area with potential for expanded parking. The property is in Flood Zone X. Buyers should verify zoning, permitted uses, utility availability, parking requirements, development standards, and measurements with Bay County and other appropriate authorities.
Key Highlights
- Approximately 1.14 acres with an estimated 2025 traffic count of approximately 15, 774
- Approximately 3,067 square feet of heated and cooled space
- Approximately 4,930 total square feet, including an attached three‑car 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
$35,359
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
4.72%
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%
$707,180
$707.2K
Cap Rate 7%
$505,129
$505.1K
Cap Rate 9%
$392,878
$392.9K
Market Conditions
NOI Build-Up for 3,067 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
$55.2K $18.00/SF
− Vacancy
−$4.7K −$1.53/SF
EGI
$50.5K $16.47/SF
− OpEx
−$15.2K −$4.94/SF
NOI
$35.4K $11.53/SF
Area
Walton County, FL
Vacancy
8.50%
Lease Rate
$18.00 /SF/Yr
Expense Ratio
30.00%
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%
$707,180
Cap Rate 7%
$505,129
Cap Rate 9%
$392,878
Alternative Uses
Best Use
Retail
$505.1K
$442.0K – $589.3K
NOI $35,359 @ 7.0% cap · market cap 4.72%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$771.3K
$674.9K – $899.9K
NOI $53,991 @ 7.0% cap · market cap 7.20%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
15,774 VPD
Traffic count
Location Intelligence
Trade Area within ½ mile
56
Businesses Nearby
56k
Monthly Visits Nearby
Explore this area
Business Placement
Foot Traffic Nearby
Groceries 62%
Shops & Services 24%
Dining 15%
Publix
Groceries
34,474 visits/mo
0.4 miles
Tom Thumb Food Stores
Shops & Services
13,341 visits/mo
0.1 miles
Burger King
Dining
8,213 visits/mo
0.1 miles
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
Market
Vacancy Rate% for Retail in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Retail space - C-1-zoned commercial property with adaptable interior space, outdoor areas, and access to public sewer along the roadside.
Where is this retail space located?
The property is located at 4792 E Highway 390 Panama City, FL.
What is the asking price?
The asking price for this property is $749,499.
What are key features of this property?
This property features: Approximately 1.14 acres with an estimated 2025 traffic count of approximately 15, 774; Approximately 3,067 square feet of heated and cooled space; Approximately 4,930 total square feet, including an attached three‑car garage
