Versatile Mixed-Use Panama City
For Sale
$499,000
601 West 11th Street, Panama City, FL 32401
Mixed-use property in a high-visibility, centrally-located Panama City corridor.
Property Size2,736 SF
Lot Size0.45 Acres
Price / SF$182.38
Days on Market263
Property Features for 601 West 11th Street
General Information
Standard status
Active
Size
2,736 SF
Lot size
0.45 Acres
Property subtype
Commercial
Building Details
Year Built
1967
Listing Agency:
Panama City
(850) 814-4560
Listed By:
Carly Sostheim · License #SL3467605
(850) 814-4560
Source:
Corcoran
Added: Dec 4, 2025
Changed: Aug 19
Last Checked: Aug 24 at 8:29AM
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 Panama City
Investment Insights
Based on property information with market context.
This mixed-use property is located in Panama City, Florida, situated on 0.45 acres in a centrally-located corridor. Zoned Mixed Use-3, the property allows for both commercial and residential uses. The property contains approximately 2,800 square feet and features one large warehouse divided into two units, each with separate entrances, individual electrical meters, and shared water/sewer. Both units include full-size garage doors, private bathrooms, and flexible layouts. Unit B also features a kitchenette. The property is fenced and provides ample parking. It offers accessibility and visibility with its central location to downtown Panama City, Highway 231 and 15th Street. The property is suitable for investors, business owners, trades, storage, flex space, or future redevelopment. The setup is ideal for an owner investor who wishes to operate out of one unit and rent the additional unit to a tenant for an income-producing property.
Key Highlights
- Prime mixed‑use property in a high‑visibility, centrally‑located corridor of Panama City, Florida.
- Zoned Mixed Use‑3, allowing for both commercial and residential uses.
- Features a 2,800 square foot warehouse divided into two units with separate entrances and individual electrical meters.
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
$25,347
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
5.08%
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%
$506,940
$506.9K
Cap Rate 7%
$362,100
$362.1K
Cap Rate 9%
$281,633
$281.6K
Market Conditions
NOI Build-Up for 2,736 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
$44.3K $16.20/SF
− Vacancy
−$3.8K −$1.38/SF
EGI
$40.6K $14.82/SF
− OpEx
−$15.2K −$5.56/SF
NOI
$25.3K $9.26/SF
Area
Walton County, FL
Vacancy
8.50%
Lease Rate
$16.20 /SF/Yr
Expense Ratio
37.50%
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%
$506,940
Cap Rate 7%
$362,100
Cap Rate 9%
$281,633
Alternative Uses
Best Use
Mixed Use
$362.1K
$316.8K – $422.5K
NOI $25,347 @ 7.0% cap · market cap 5.08%
Second Best
Warehouse
$336.1K
$294.1K – $392.1K
NOI $23,527 @ 7.0% cap · market cap 4.71%
Theoretical Best
Office A
$688.1K
$602.1K – $802.8K
NOI $48,165 @ 7.0% cap · market cap 9.65%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
839
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 Industrial in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Mixed-use property - Mixed-use property in a high-visibility, centrally-located Panama City corridor.
Where is this mixed-use property located?
The property is located at 601 West 11th Street Panama City, FL.
What is the asking price?
The asking price for this property is $499,000.
What are key features of this property?
This property features: Prime mixed‑use property in a high‑visibility, centrally‑located corridor of Panama City, Florida.; Zoned Mixed Use‑3, allowing for both commercial and residential uses.; Features a 2,800 square foot warehouse divided into two units with separate entrances and individual electrical meters.
