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Property profile & analytics
FOR LEASE
Office Spaces
220 Mckenzie Ave Panama City, FL 32401
Entity Owned
1-yr Hold
Free & Clear
Property ID
US18-4432429
For Lease
1 / 62
$25 SF/Yr
220 Mckenzie Ave, Panama City, FL 32401
View Listing →
Property profile
Verified
Property type
Office Spaces
Use group
OFFICE (GENERAL)
Year built
1986
Construction
MASONRY/CONCRETE MASONRY UNITS (CMUS)
Total area
6,014 SF
Lot
1.1 ac (47,900 SF)
Zoning code
PC10
APN
20156-000-000
UPID
US18-4432429
Cap rate & NOI
Priority signal for investors
Implied cap rate, NOI & suggested price
Cap rate vs submarket · NOI estimate · 3 price anchors
Implied cap rate, NOI & suggested price
Cap vs submarket · NOI estimate · 3 price anchors
Current use
Occupant on record · Public records
-
Howell Theodore R Law Firm
-
Barron & Redding P.A. Law Firm
-
Roland W. Kiehn Law Firm
-
Fite John M Law Firm
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
by Request
CAP Approach
CAP
$935k
Comparable Approach
Comparable
$932k
Blend (final)
Blend
$945k
Owner & transaction history
Treasure Island Properties LLC · 1 yrs held
Treasure Island Properties LLC
since 2025
3 recorded transactions
Zoning & alternative use
PC10 · Panama City, FL
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Top alternative use upside
Restaurant
$1.5M
+167.7%
Office building
$1.3M
+135.9%
Medical building
$715,000
+31.2%
Cap rate
Implied · in-place · derived from last sale + estimated NOI
Implied Cap rate
#1
Implied · in-place · NOI ÷ last sale
In-place · derived from last sale + estimated NOI
Cap rate, NOI & submarket benchmark
Implied cap rate vs Panama City submarket · NOI estimate · Typical band, median & reading
Implied cap rate, NOI & submarket benchmark
Cap vs Panama City submarket · NOI estimate · typical band, median & reading
Refine your cap rate
8-question underwriting flow
1.
Property current status — Going-In vs Stabilized
2.
Price for denominator — asking / offer / market
3.
Leasing status & lease structure (NNN / Gross)
4.
Tenant risk profile & vacancy assumption
5.
Upload T12 / rent roll / OM (optional)
Refine in 60 seconds, get exact suggested price
T12 upload · Submarket benchmarks · Sensitivity grid
Suggested price · 3 cap rate anchors
Income approach @ 5% / 7% / 9% — aggressive / typical / conservative
Suggested price at 5% / 7% / 9% cap
Aggressive / typical / conservative · Implied $/SF per anchor · Sensitivity grid
Suggested price at 5% / 7% / 9% cap
Aggressive / typical / conservative · implied $/SF · sensitivity
Value
AI, CAP & Alternative Use estimations · Realmo proprietary blendValue Estimations
Based on Realmo’s proprietary methodology
AI Approach
Method
Estimation
Statistic approach
by Request
ML approach
by Request
CAP Approach
CAP Return
Estimation
6%
$1,015,000
6.5%
$935,000
7%
$870,000
Alternative Use
Use
Estimation
RESTAURANT
$1,455,000
Change: +168% · Conversion: Difficult
OFFICE BUILDING
$1,285,000
Change: +136% · Conversion: Easy
MEDICAL BUILDING
$715,000
Change: +31% · Conversion: Easy
Blend value · Realmo final
$945k
Range $851k – $1.04M · ±10%
Realmo estimate · informational only.
These numbers are calculated by our models from public records and may not reflect actual market value.
Not an appraisal.
Verify with a licensed appraiser before transacting. Realmo accepts no liability for divergence from real-world outcomes.
View the full estimation — every method, every assumption
Confidence drivers & risk notes · Custom comparable set · Free for first 3 / day
Full estimation methodology
Every method · every assumption · confidence drivers
Price per SF
Sale + rent benchmarks
Subject property
$157 / SF
Submarket sale & rent benchmarks
Median sale $/SF · Asking & closed rent · Submarket vacancy
Submarket sale & rent benchmarks
Median sale $/SF · asking & closed rent · submarket vacancy
Property tax & assessments
Tax year 2023Property tax & assessments
Tax year 2023
Tax billed
$18,935
Tax year 2023
Assessed value
$951,592
Assessed 2023
Previous assessed
$978,650
-2.8% YoY
Effective rate
1.99%
On assessed value
Assessed land
$550,850
Assessed improvement
$400,742
Land market value
$550,850
Improvement market value
$400,742
Total market value
$951,592
Applied tax rate
31.0000
Comparables
6 recent transactions · within 1.5 miComparable in this city
6 recent transactions
Comparable in this City
Similar Nearby for Sale
Similar Nearby for Lease
Recent comparable sales
Sale price & price/SF · Sale date & distance · Adjustments & confidence
Recent comparable sales
Sale price & $/SF · sale date & distance · adjustments
Property description
Physical attributes from public recordsBuilding & lot
Public records
Property type
Office Spaces
Use group
OFFICE (GENERAL)
Status
For Lease
Year built
1986
Construction
MASONRY/CONCRETE MASONRY UNITS (CMUS)
Heating
FORCED AIR
Cooling
CENTRAL
Buildings
2
Stories
2
Rooms
20
Total area
6,014 SF
Lot
1.1 ac (47,900 SF)
Zoning code
PC10
APN
20156-000-000
UPID
US18-4432429
Jurisdiction
BAY
Zoning & alternative use
PC10 · Panama City, FL
Zoning PC10 · permitted uses
PC10 · Panama City, FL
Permitted & conditional uses
Allowed uses · Special-permit conditions · Prohibited uses
Permitted & conditional uses
Allowed · special-permit conditions · prohibited
Panama City. Always verify with local authorities before improvements.
Alternative use value scenarios
Repositioning upside vs current use
RESTAURANT
Est. value
$1.5M
OFFICE BUILDING
Est. value
$1.3M
MEDICAL BUILDING
Est. value
$715,000
RESTAURANT
OFFICE BUILDING
MEDICAL BUILDING
Alternative use deep dive — conversion cost, permits, timeline
Conversion cost estimate · Permit path & risks · Stabilized NOI per option
Alternative use deep dive
Conversion cost · permit path · stabilized NOI per option
Building & site characteristics
From public records
Year built
1986
Construction
MASONRY/CONCRETE MASONRY UNITS (CMUS)
Heating
FORCED AIR
Cooling
Yes
Stories
2
Buildings
2
Rooms
20
Lot
1.1 ac
Current owner
From public records · entity-resolved
Treasure Island Properties LLC
Entity
Free & Clear · 1 yrs held
Mailing address
PO BOX 2467, PANAMA CITY, FL 32402-2467
Ownership since
2025
Owner contacts — direct phone, email, and related entities
Decision-maker phone · Verified email · Related entities & filings
Owner contacts
Email · phone · related entities
Sales History
3 recorded events · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
Jul 3, 2025
$625,000
Treasure Island Properties LLC
Pcblg Series I LLC
Warranty Deed
—
Jun 9, 2016
—
Barron & Redding P A A Florida Corp
—
Deed
related
$1,275,000 · Trustmark National Bank
—
—
Redding Hughes Fite Barron
—
Deed Of Trust
related
$578,998 · Suntrust Bank NA
Coming soon
Costs & Benchmarks
Operating expenses, capex projections, utility benchmarks, and submarket comparables — all in one view.
Coming soon
Risks
Flood, climate, environmental, title, and tenant-concentration risk — surfaced with mitigations and source citations.
Try Rey
Ask anything about this address in plain English.
“Is 15.6% cap rate sustainable?” · “Best tenant mix for BU1?” · “What’s the redev upside?”
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