Remodeled Mixed-Use
For Sale
$625,000
5045 E Highway 98, Panama City, FL 32404
CommercialSale, Panama City, FL
Property Size1,800 SF
Lot Size0.28 Acres
Price / SF$347.22
Days on Market164
Property Features for 5045 E Highway 98
General Information
Property type
Commercial Sale
Property subtype
Other
Subdivision
W H Parker
Elementary school
Tyndall
Middle school
Rosenwald
High school
Rutherford
Directions
Located on North side of Business 98.
Standard status
Active
APN
25249-070-000
Size
1,800 SF
Lot size
0.28 Acres
Taxes and HOA fees
Tax Description
W H PARKER PLAT-(2.95) BEG 25'S & 330'W & 507'S OF NE COR LOT 27 TH S 90' E 135' N 90' W 135' TO POB ORB 4621 P 2059
Legal Description
W H PARKER PLAT-(2.95) BEG 25'S & 330'W & 507'S OF NE COR LOT 27 TH S 90' E 135' N 90' W 135' TO POB ORB 4621 P 2059
Utilities
Sewer type
Public Sewer
Building Details
Year built
1930
Flooring type
Hardwood
Roof type
Shingle
Listing Agency:
Keller Williams Success Realty · Keller Williams Realty
(850) 249-0313
Listed By:
Dennis Nelson · License #SL3379289
(850) 348-8262
Added: Mar 12
Changed: Aug 19
Last Checked: Aug 22 at 7:06AM
MLS# 786757
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.
This 1,800-square-foot mixed-use property combines a remodeled interior with features suited to office, customer-facing, or live-work use. The layout includes five bedrooms or offices, an open area, reception or waiting space, and a renovated kitchen with granite countertops and stainless-steel appliances. Hardwood flooring, high ceilings, a brick double-sided fireplace, and newer HVAC and water heaters complement the interior. The property was built in 1930 and retains select original details alongside updated finishes.
The 0.28-acre site includes a fully fenced yard, covered front porch, and covered rear porch, with public sewer service and a shingle roof. Its Panama City location provides access to major highways and places the property near Tyndall Air Force Base and downtown Panama City. Mixed-use zoning allows commercial and live-work applications.
The 0.28-acre site includes a fully fenced yard, covered front porch, and covered rear porch, with public sewer service and a shingle roof. Its Panama City location provides access to major highways and places the property near Tyndall Air Force Base and downtown Panama City. Mixed-use zoning allows commercial and live-work applications.
Key Highlights
- 1,800‑square‑foot mixed‑use property on a 0.28‑acre site
- Five bedrooms or offices with open space for reception, waiting, display, or presentations
- Renovated kitchen with granite countertops and stainless‑steel appliances
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
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 - Mixed-use zoning supports commercial occupancy and live-work configurations.
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‑square‑foot mixed‑use property on a 0.28‑acre site; Five bedrooms or offices with open space for reception, waiting, display, or presentations; Renovated kitchen with granite countertops and stainless‑steel appliances
