Commercial Land with Metal
For Sale
$435,000
922 N East Avenue, Panama City, FL 32401
General Commercial 1 zoning accompanies existing residential and industrial improvements suitable for conversion or continued commercial use.
Property Size2,337 SF
Price / SF$186.14
Days on Market891
Property Features for 922 N East Avenue
General Information
Standard status
Active
Size
2,337 SF
Property subtype
Commercial
Amenities
Central air
Metal Roof
CeilingFans Cooling
Central Heating
CentralAir Cooling
Electric Heating
Tile Flooring
Building Details
Year Built
1954
Listing Agency:
COLDWELL BANKER REALTY
(850) 234-6696
Listed By:
TIFFANY M DAVIES
Source:
Corcoran
Added: Mar 17, 2024
Changed: Aug 23
Last Checked: Aug 23 at 7:15AM
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 COLDWELL BANKER REALTY
Investment Insights
Based on property information with market context.
This 1-acre commercial property combines developable land with several existing improvements. A 3-bedroom, 1.5-bath residence offers a potential office or retail configuration, while a 30-by-40-foot metal building includes underground electrical service and a 400AMP 3-phase circuit panel. The metal structure has hurricane damage and requires a new roof. A separate 10-by-12-foot concrete storage building is positioned behind the residence.
The property has 132 feet of frontage on N East Avenue in Panama City and is zoned General Commercial 1. The existing metal building was previously used as a fabrication shop, providing an established industrial-style improvement alongside the residence and additional storage structure. The property was built in 1954.
The property has 132 feet of frontage on N East Avenue in Panama City and is zoned General Commercial 1. The existing metal building was previously used as a fabrication shop, providing an established industrial-style improvement alongside the residence and additional storage structure. The property was built in 1954.
Key Highlights
- 1 acre with 132 feet of frontage on N East Avenue
- General Commercial 1 zoning
- 30'x40' metal building with underground electrical and a 400AMP 3‑phase circuit panel
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
$15,935
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
3.66%
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%
$318,700
$318.7K
Cap Rate 7%
$227,643
$227.6K
Cap Rate 9%
$177,056
$177.1K
Market Conditions
NOI Build-Up for 2,337 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
$23.8K $10.20/SF
− Vacancy
−$1.1K −$0.46/SF
EGI
$22.8K $9.74/SF
− OpEx
−$6.8K −$2.92/SF
NOI
$15.9K $6.82/SF
Area
Walton County, FL
Vacancy
4.50%
Lease Rate
$10.20 /SF/Yr
Expense Ratio
30.00%
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%
$318,700
Cap Rate 7%
$227,643
Cap Rate 9%
$177,056
Alternative Uses
Best Use
Industrial
$227.6K
$199.2K – $265.6K
NOI $15,935 @ 7.0% cap · market cap 3.66%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$587.7K
$514.3K – $685.7K
NOI $41,141 @ 7.0% cap · market cap 9.46%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
210
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?
Commercial land - General Commercial 1 zoning accompanies existing residential and industrial improvements suitable for conversion or continued commercial use.
Where is this commercial land located?
The property is located at 922 N East Avenue Panama City, FL.
What is the asking price?
The asking price for this property is $435,000.
What are key features of this property?
This property features: 1 acre with 132 feet of frontage on N East Avenue; General Commercial 1 zoning; 30'x40' metal building with underground electrical and a 400AMP 3‑phase circuit panel
