Historic Office Building with
854 Magnolia Avenue, Panama City, FL 32401
For Sale
$575,000
CommercialSale, Panama City, FL
Property Size1,708 SF
Lot Size0.64 Acres
Price / SF$336.65
Days on Market252
Property Features for 854 Magnolia Avenue
General Information
Property type
Property subtype
Zoning description
Subdivision
Elementary school
Middle school
High school
Directions
Standard status
APN
Size
Lot size
Taxes and HOA fees
Tax Description
Legal Description
Utilities
Heating system
Cooling system
Amenities
built-in speakers
security system
Nest system
gas fireplaces
Building Details
Year built
Flooring type
Roof type
Listing Agency:
Keller Williams Success Realty · Keller Williams Realty
(850) 249-0313
Listed By:
Dennis Nelson · License FL BK3379289
(850) 348-8262
Added: Mar 6
Changed: Oct 19
Last Checked: Nov 12 at 8:06AM
MLS# 786746
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.
Ask AI about this property
Review the available facts, identify missing information and prepare questions for the agent.
Investment Insights
Based on property information with market context.
Built in 1938, this 1,708-square-foot office property combines historic character with extensive interior updates. The building includes two large suites, each with a private entrance, gas fireplace, walk-in closet, and custom bathroom with tiled shower. A third bathroom is located near the kitchen, while the entry-level living area can function as reception, waiting, display, or presentation space.
Mixed-use zoning supports multiple commercial uses, including offices. Hardwood flooring, tongue-and-groove pine walls, cathedral ceilings, quartz countertops, custom cabinetry, stainless appliances, under-cabinet lighting, built-in speakers, security equipment, and Nest systems are among the improvements. Central air, electric heat, and a shingle roof are also in place. The property is located on Magnolia Avenue in Panama City, within minutes of downtown businesses, restaurants, shops, parks, boating, fishing, and community events.
Mixed-use zoning supports multiple commercial uses, including offices. Hardwood flooring, tongue-and-groove pine walls, cathedral ceilings, quartz countertops, custom cabinetry, stainless appliances, under-cabinet lighting, built-in speakers, security equipment, and Nest systems are among the improvements. Central air, electric heat, and a shingle roof are also in place. The property is located on Magnolia Avenue in Panama City, within minutes of downtown businesses, restaurants, shops, parks, boating, fishing, and community events.
Key Highlights
- 1,708 SF office building on Magnolia Avenue in Panama City
- Two large suites with private entrances, fireplaces, walk‑in closets, and custom bathrooms
- Mixed‑use zoning allows multiple commercial uses, including offices
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$28,719
Cap Rate
4.99%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$574,380
$574.4K
Cap Rate 7%
$410,271
$410.3K
Cap Rate 9%
$319,100
$319.1K
Market Conditions
NOI Build-Up for 1,708 SF
Gross rent
$48.2K $28.20/SF
− Vacancy
−$9.9K −$5.78/SF
EGI
$38.3K $22.42/SF
− OpEx
−$9.6K −$5.60/SF
NOI
$28.7K $16.81/SF
Area
Bay County, FL
Vacancy
20.50%
Lease Rate
$28.20 /SF/Yr
Expense Ratio
25.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$574,380
Cap Rate 7%
$410,271
Cap Rate 9%
$319,100
Alternative Uses
Best Use
Office B
$410.3K
$359.0K – $478.7K
NOI $28,719 @ 7.0% cap · market cap 4.99%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$497.7K
$435.5K – $580.6K
NOI $34,836 @ 7.0% cap · market cap 6.06%
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
Location Intelligence
Trade Area within ½ mile
1,965
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
$207,000
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Average Price Trend$/SF for Office buildings in Panama City, FL
Properties on Market for Office buildings in Panama City
Vacancy Rate% for Office in South region
Frequently Asked Questions
What type of property is this?
Office building - Remodeled commercial property with multiple entrances, private suite access, and flexible mixed-use zoning for office operations.
Where is this office building located?
The property is located at 854 Magnolia Avenue Panama City, FL.
What is the asking price?
The asking price for this property is $575,000.
What are key features of this property?
This property features: 1,708 SF office building on Magnolia Avenue in Panama City; Two large suites with private entrances, fireplaces, walk‑in closets, and custom bathrooms; Mixed‑use zoning allows multiple commercial uses, including offices
