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Property profile & analytics
FOR LEASE
Office Spaces
2405 Jenks Ave Panama City, FL 32405
Entity Owned
7-yr Hold
~
Est. High Equity
Property ID
US18-0337405
For Lease
1 / 7
$16 SF/Yr
2405 Jenks Ave, Panama City, FL 32405
View Listing →
Property profile
Verified
Property type
Office Spaces
Use group
OFFICE (GENERAL)
Year built
1991
Construction
WOOD
Total area
13,375 SF
Lot
2.93 ac (127,587 SF)
Zoning code
PC07
APN
13015-005-000
UPID
US18-0337405
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
-
Wilson Miller Inc Civil Engineer
-
Stantec Consulting Services Inc. Corporate Office
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
by Request
CAP Approach
CAP
$2.09M
Comparable Approach
Comparable
$2.55M
Blend (final)
Blend
$2.21M
Owner & transaction history
City Of Panama · 7 yrs held
City Of Panama
since 2018
7 recorded transactions
Zoning & alternative use
PC07 · Panama City, FL
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Top alternative use upside
Restaurant
$3.2M
+66.2%
Office building
$2.9M
+46.4%
Retail stores
$2.1M
+6.0%
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%
$2,255,000
6.5%
$2,085,000
7%
$1,935,000
Alternative Use
Use
Estimation
COMMERCIAL (GENERAL)
$1,950,000
Current use
RESTAURANT
$3,240,000
Change: +66% · Conversion: Difficult
OFFICE BUILDING
$2,855,000
Change: +46% · Conversion: Easy
RETAIL STORES
$2,065,000
Change: +6% · Conversion: Easy
MEDICAL BUILDING
$1,690,000
Change: -13% · Conversion: Easy
Blend value · Realmo final
$2.21M
Range $1.99M – $2.43M · ±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
$165 / 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
$27,104
Tax year 2023
Assessed value
$1,565,832
Assessed 2023
Previous assessed
$1,587,604
-1.4% YoY
Effective rate
1.73%
On assessed value
Assessed land
$386,628
Assessed improvement
$1,179,204
Land market value
$386,628
Improvement market value
$1,179,204
Total market value
$1,565,832
Applied tax rate
16.0000
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
1991
Construction
WOOD
Heating
FORCED AIR
Cooling
CENTRAL
Buildings
2
Stories
1
Rooms
22
Total area
13,375 SF
Lot
2.93 ac (127,587 SF)
Zoning code
PC07
APN
13015-005-000
UPID
US18-0337405
Jurisdiction
BAY
Zoning & alternative use
PC07 · Panama City, FL
Zoning PC07 · permitted uses
PC07 · 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
COMMERCIAL (GENERAL) Current
Est. value
$2.0M
RESTAURANT
Est. value
$3.2M
OFFICE BUILDING
Est. value
$2.9M
RETAIL STORES
Est. value
$2.1M
MEDICAL BUILDING
Est. value
$1.7M
COMMERCIAL (GENERAL) Current
RESTAURANT
OFFICE BUILDING
RETAIL STORES
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
1991
Construction
WOOD
Heating
FORCED AIR
Cooling
Yes
Stories
1
Buildings
2
Rooms
22
Lot
2.93 ac
Current owner
From public records · entity-resolved
City Of Panama
Entity
Mailing address
PO BOX 15802, PANAMA CITY, FL 32406-5802
Ownership since
2018
Owner contacts — direct phone, email, and related entities
Decision-maker phone · Verified email · Related entities & filings
Owner contacts
Email · phone · related entities
Sales History
8 recorded events · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
Nov 7, 2018
$110,000
City Of Panama
Pallardy LLC
Grant Deed
related
—
Aug 21, 2017
$654,600
Southwood Commercial LLC
Myra A Reed
Warranty Deed
—
Nov 6, 2008
$2,341,000
Myra Reed
Reed,michael
Quit Claim Deed
related
$863,449 · Trustmark National Bank
Jan 18, 2002
$1,600,000
Michael Reed
St Joe Co
Grant Deed
$1,280,000 · The Bank
Aug 24, 2001
$700,000
Lerani INC
St Joe Co
Grant Deed
$705,000 · Community Bank & Trust Co
—
—
Myra Reed
—
Deed Of Trust
related
$816,511 · Trustmark National Bank
—
—
Myra Reed
—
Loan Modification
related
—
—
—
Myra Reed
—
Deed Of Trust
related
$660,526 · First Nat'l Bk/hartford
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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