Renovated Office Space in
For Sale
Contact for pricing
615 N Highway 231, Panama City, FL 32405
Professional office space in a high-visibility shopping center.
Property Size54,027 SF
Price / SF$0.00
Days on Market264
Property Features for 615 N Highway 231
General Information
Standard status
Active
Size
54,027 SF
Property subtype
Neighborhood Shopping Center
Lease Term
NNN
Building Details
Building Size
54,027 SF
Year Built
1977
Properties For Sale
at 615 N Highway 231
Unit 633 and 635
Size
2,073 SF
Type
Strip Center
Term
Negotiable
Listing Agency:
NAI TALCOR - Tallahassee
Listed By:
Brent Faison · License #3027940
(850) 814-4490
Source:
Naiglobal
Added: Jan 27
Changed: Oct 4
Last Checked: Oct 16 at 7:51AM
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 NAI TALCOR - Tallahassee
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Investment Insights
Based on property information with market context.
This approximately 11,956 square feet professional office space is fully built out and offers a flexible, functional layout. The layout includes a mix of training classrooms, conference rooms, private offices, and open flex space. It is ideal for corporate offices, training centers, government contractors, or medical-adjacent services. The space was renovated in 2019 and benefits from a new roof and HVAC systems. Located within a high-visibility shopping center with multiple points of ingress and egress from Highway 231, Highway 77, and 19th Street, the site offers convenient access for both staff and clients. The property is surrounded by essential amenities and services, and its proximity to hospitals, retail, and residential neighborhoods make it well-suited for professional or service-based businesses. With ample on-site parking for both tenants and visitors, and excellent visibility for business signage and branding, Mariner Plaza is positioned to support long-term success in one of Panama City’s most active commercial corridors. The unit is sprinkled and centrally located to Panama City’s commercial and residential population.
Key Highlights
- Fully built‑out +/-11,956 SF office space with a flexible layout featuring classrooms, conference rooms, private offices, and flex space.
- Renovated in 2019 with new roof and HVAC systems.
- Multiple access points from Highway 231, Highway 77, and 19th Street.
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$591,590
Suggested Prices Based on Cap Rates
Cap Rate 5%
$11,831,800
$11.8M
Cap Rate 7%
$8,451,286
$8.5M
Cap Rate 9%
$6,573,222
$6.6M
Market Conditions
NOI Build-Up for 54,027 SF
Gross rent
$920.6K $17.04/SF
− Vacancy
−$75.5K −$1.40/SF
EGI
$845.1K $15.64/SF
− OpEx
−$253.5K −$4.69/SF
NOI
$591.6K $10.95/SF
Area
Bay County, FL
Vacancy
8.20%
Lease Rate
$17.04 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$11,831,800
Cap Rate 7%
$8,451,286
Cap Rate 9%
$6,573,222
Alternative Uses
Best Use
Office B
$12.98M
$11.36M – $15.14M
NOI $908,423 @ 7.0% cap · market cap 6,488,735.71%
Second Best
Retail
$8.45M
$7.39M – $9.86M
NOI $591,590 @ 7.0% cap · market cap 4,225,642.86%
Theoretical Best
Office A
$15.74M
$13.77M – $18.37M
NOI $1,101,912 @ 7.0% cap · market cap 7,870,800.00%
Zoning and permitted uses should be independently verified with authorities.
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Open Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
1,220
Businesses Nearby
Explore this area
Business Placement
Demographics for 32405, FL
28,158
Population
13,585
Households
2.1
Avg Household Size
40
Median Age
29%
College-Educated
92%
High-School Grad
18.8 sq mi
ZIP Area
1,498
Density / Sq Mi
$71,002
Median Household Income
$41,867
Median Earnings
$1,418
Median Rent
$255,100
Median Home Value
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Office in South region
Frequently Asked Questions
What type of property is this?
Office units - Professional office space in a high-visibility shopping center.
Where is this office units located?
The property is located at 615 N Highway 231 Panama City, FL.
What are key features of this property?
This property features: Fully built‑out +/-11,956 SF office space with a flexible layout featuring classrooms, conference rooms, private offices, and flex space.; Renovated in 2019 with new roof and HVAC systems.; Multiple access points from Highway 231, Highway 77, and 19th Street.
