735 - 759 Airport Rd, Panama City, FL 32405

Building Details

Tenancy Multi More

Listing Agency: White Horse CRE LLC

Listed By: Fletcher Dilmore · License FL SL3389522 Show Phone

Source: Crexi

Added: Oct 19 Changed: Nov 12 Last Checked: Nov 12 at 5:23AM

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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 White Horse CRE LLC

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Investment Insights

Based on property information with market context.

At 735–759 Airport Rd in Panama City, Gulf Coast Center is a flex property with 24,443 SF across eight units. The tenant mix includes automotive services, industrial supply, glass and glazing, fitness, leather goods manufacturing, and personal transport businesses. All units are occupied, and leases were newly executed within the past 12 months. Lease provisions include annual rent escalations and renewal options, with terms extending through 2028–2031.

The property is located on Airport Road in Panama City, Florida. Its tenants represent a range of service, supply, manufacturing, and fitness uses.

Key Highlights

• 24,443 SF across 8 units
• All 8 units are occupied
• New leases executed within the past 12 months

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$211,467

Cap Rate

6.86%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$4,229,340 $4.2M

Cap Rate 7%

$3,020,957 $3.0M

Cap Rate 9%

$2,349,633 $2.3M

Is this asking price fair?

Market Conditions

NOI Build-Up for 24,443 SF

Gross rent

$343.2K $14.04/SF

− Vacancy

−$17.8K −$0.73/SF

EGI

$325.3K $13.31/SF

− OpEx

−$113.9K −$4.66/SF

NOI

$211.5K $8.65/SF

Area

Bay County, FL

Vacancy

5.20%

Lease Rate

$14.04 /SF/Yr

Expense Ratio

35.00%

Simulate Cap Rate and NOI

Suggested Prices Based on Cap Rates

Cap Rate 5%

$4,229,340

Cap Rate 7%

$3,020,957

Cap Rate 9%

$2,349,633

Alternative Uses

Best Use

Flex RnD

$3.02M

$2.64M – $3.52M (±1% cap)

NOI $211,467 @ 7.0% cap · market cap 6.86%

Second Best

Warehouse

$2.64M

$2.31M – $3.09M (±1% cap)

NOI $185,144 @ 7.0% cap · market cap 6.01%

Theoretical Best

Office A

$7.12M

$6.23M – $8.31M (±1% cap)

NOI $498,529 @ 7.0% cap · market cap 16.18%

Zoning and permitted uses should be independently verified with authorities. How Realmo checks its estimates

Property Analytics

Who owns this building? See the owner, sales and loan history

Open Analytics

Current Use

Unlimited Upholstery Furniture & Home Goods Automation Systems Spe Telecommunications Service Gulf Coast Center Storage Facility

Suggested Use

Top Pick Parking Lot & Garage Garden Center Food Market Grocery & Convenience Store Kitchen & Bath Showroom (Bike/Boat/Book/etc) Store

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Lease Details

100%

Occupancy

Multi-tenant

Tenancy

Location Intelligence

Trade Area within ½ mile

1,461

Businesses Nearby

Under-served

Demand for This Use

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

Market

Average Price Trend$/SF for Flex space in Panama City, FL

$209 Jul

$205 Aug

$189 Sep

$178 Oct

Properties on Market for Flex space in Panama City

Jul

Aug

Sep

Oct

Vacancy Rate% for Industrial in South region

6% 2019

6.5% 2020

4% 2021

3.5% 2022

6% 2023

7.6% 2024

7.9% 2025

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Frequently Asked Questions

What type of property is this?

Flex space - Leased suites accommodate businesses in automotive services, industrial supply, fitness, manufacturing, and other sectors.

Where is this flex space located?

The property is located at 735 - 759 Airport Rd Panama City, FL.

What is the asking price?

The asking price for this property is $3,080,500.

What are key features of this property?

This property features: 24,443 SF across 8 units; All 8 units are occupied; New leases executed within the past 12 months