Live-Work Cottage with Multi-Use
For Sale
$229,900
819 Grace Avenue, Panama City, FL 32401
CommercialSale, Panama City, FL
Property Size1,462 SF
Lot Size0.16 Acres
Price / SF$157.25
Days on Market15
Property Features for 819 Grace Avenue
General Information
Property type
Commercial Sale
Property subtype
Office
Subdivision
Gcd Plat
Elementary school
Cherry Street
Middle school
Jinks
High school
Bay
Directions
South on HWY 77 /MLK Turn Right on 11th St. Turn left onto Grace Avenue. Continue on Grace Avenue to 819 Grace Ave.
Standard status
Active
APN
19960-000-000
Size
1,462 SF
Lot size
0.16 Acres
Taxes and HOA fees
Tax Description
GCD PLAT LOT 7 BLK 41 ORB 3282 P 1330
Legal Description
GCD PLAT LOT 7 BLK 41 ORB 3282 P 1330
Building Details
Year built
1937
Flooring type
Tile, Hardwood
Building materials
VinylSiding
Roof type
Metal
Additional Structures
Shed(s)
Listing Agency:
World Impact Real Estate
(850) 225-7000
Listed By:
Danielle Britton · License #3412821
(850) 596-4944
Added: Aug 6
Changed: Aug 19
Last Checked: Aug 20 at 1:06AM
MLS# 793679
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.
Built in 1937, this 1,462-square-foot cottage combines residential character with features suited to a live-work configuration. The layout includes two bedrooms and one bathroom, with hardwood flooring in the living areas and bedrooms, tile flooring elsewhere, and a wood-burning fireplace. A screened front porch, covered rear patio, and covered carport add functional outdoor and vehicle space.
The property occupies 0.16 acres and carries Multi-Use zoning. Short-term rentals are allowed, supporting uses that include a professional office, boutique business, long-term rental, or Airbnb. Building updates include a 2016 HVAC system and a 2018 metal roof. The property is located at 819 Grace Avenue in Panama City, Florida.
The property occupies 0.16 acres and carries Multi-Use zoning. Short-term rentals are allowed, supporting uses that include a professional office, boutique business, long-term rental, or Airbnb. Building updates include a 2016 HVAC system and a 2018 metal roof. The property is located at 819 Grace Avenue in Panama City, Florida.
Key Highlights
- 1,462‑square‑foot cottage with two bedrooms and one bathroom
- Multi‑Use zoning with short‑term rentals allowed
- Hardwood and tile flooring plus a wood‑burning fireplace
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
$18,421
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
8.01%
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%
$368,420
$368.4K
Cap Rate 7%
$263,157
$263.2K
Cap Rate 9%
$204,678
$204.7K
Market Conditions
NOI Build-Up for 1,462 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
$30.7K $21.00/SF
− Vacancy
−$6.1K −$4.20/SF
EGI
$24.6K $16.80/SF
− OpEx
−$6.1K −$4.20/SF
NOI
$18.4K $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%
$368,420
Cap Rate 7%
$263,157
Cap Rate 9%
$204,678
Alternative Uses
Best Use
Office B
$263.2K
$230.3K – $307.0K
NOI $18,421 @ 7.0% cap · market cap 8.01%
Second Best
Mixed Use
$193.5K
$169.3K – $225.8K
NOI $13,545 @ 7.0% cap · market cap 5.89%
Theoretical Best
Office A
$367.7K
$321.7K – $429.0K
NOI $25,737 @ 7.0% cap · market cap 11.19%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,647
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 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?
Live-work space - Two-bedroom cottage supporting both residential living and small-business operations.
Where is this live-work space located?
The property is located at 819 Grace Avenue Panama City, FL.
What is the asking price?
The asking price for this property is $229,900.
What are key features of this property?
This property features: 1,462‑square‑foot cottage with two bedrooms and one bathroom; Multi‑Use zoning with short‑term rentals allowed; Hardwood and tile flooring plus a wood‑burning fireplace
