Remodeled Mixed-Use
For Sale
$625,000
5045 E Highway 98, Panama City, FL 32404
Remodeled mixed-use property with flexible office or live-work configuration, updated kitchen, covered porches, and fenced outdoor space.
Property Size1,800 SF
Days on Market173
Property Features for 5045 E Highway 98
General Information
Standard status
Active
Size
1,800 SF
Property subtype
Commercial
Site & Location
Highway Access
Yes
Road Access
Yes
Additional Details
Furnished
No
Amenities
brick dual sided fireplace
covered front porch
covered rear porch
fully fenced yard
Building Details
Building Size
1,800 SF
Year Built
1930
Buildings
1
Construction
brick
Listing Agency:
Keller Williams Success Realty
(850) 348-8262
Listed By:
Dennis Nelson · License #BK3379289
(850) 348-8262
Source:
Fullsailnwfl
Added: Mar 12
Changed: Aug 30
Last Checked: Jul 18 at 3:16AM
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 Keller Williams Success Realty
Investment Insights
Based on property information with market context.
This 1,800-square-foot mixed-use property combines a remodeled interior with flexible room arrangements suited to office or live-work use. The layout includes five bedrooms or offices, an open central area, a reception or waiting area, and a presentation or display space. A brick dual-sided fireplace, refinished wood flooring, high ceilings, granite countertops, stainless appliances, and newer HVAC and water heaters are among the notable improvements. The property was built in 1930 and retains select original details alongside updated finishes.
The site is positioned along Highway 98 in Panama City, with access to major highways and proximity to Tyndall Air Force Base. Downtown Panama City is nearby, along with restaurants, shops, parks, boating, fishing, and community events. Outside, the fully fenced yard includes front and rear covered porches, with room for additional structures, equipment, storage, or parking. Mixed-use zoning supports commercial and live-work possibilities.
The site is positioned along Highway 98 in Panama City, with access to major highways and proximity to Tyndall Air Force Base. Downtown Panama City is nearby, along with restaurants, shops, parks, boating, fishing, and community events. Outside, the fully fenced yard includes front and rear covered porches, with room for additional structures, equipment, storage, or parking. Mixed-use zoning supports commercial and live-work possibilities.
Key Highlights
- 1,800 SF mixed‑use property with five bedrooms or offices
- Mixed‑use zoning supports commercial and live‑work use
- Remodeled interior with refinished wood floors and high ceilings
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
$22,680
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
3.63%
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%
$453,600
$453.6K
Cap Rate 7%
$324,000
$324.0K
Cap Rate 9%
$252,000
$252.0K
Market Conditions
NOI Build-Up for 1,800 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
$37.8K $21.00/SF
− Vacancy
−$7.6K −$4.20/SF
EGI
$30.2K $16.80/SF
− OpEx
−$7.6K −$4.20/SF
NOI
$22.7K $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%
$453,600
Cap Rate 7%
$324,000
Cap Rate 9%
$252,000
Alternative Uses
Best Use
Office B
$324.0K
$283.5K – $378.0K
NOI $22,680 @ 7.0% cap · market cap 3.63%
Second Best
Mixed Use
$238.2K
$208.5K – $277.9K
NOI $16,676 @ 7.0% cap · market cap 2.67%
Theoretical Best
Office A
$452.7K
$396.1K – $528.1K
NOI $31,687 @ 7.0% cap · market cap 5.07%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Highway access
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
295
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
Market
Vacancy Rate% for Office in South region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Mixed-use property - Remodeled mixed-use property with flexible office or live-work configuration, updated kitchen, covered porches, and fenced outdoor space.
Where is this mixed-use property located?
The property is located at 5045 E Highway 98 Panama City, FL.
What is the asking price?
The asking price for this property is $625,000.
What are key features of this property?
This property features: 1,800 SF mixed‑use property with five bedrooms or offices; Mixed‑use zoning supports commercial and live‑work use; Remodeled interior with refinished wood floors and high ceilings
