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Property profile & analytics
FOR LEASE
Office Spaces
3109 Minnesota Ave Panama City, FL 32405
Entity Owned
Free & Clear
Property ID
US18-4879828
For Lease
1 / 28
$16 SF/Yr
3109 Minnesota Ave, Panama City, FL 32405
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Property summary
AI-generated overview
This exceptional Class A office property, located at 3109 Minnesota Ave, Panama City, FL 32405, offers 60,000 square feet of versatile space, ideal for medical, creative, or professional businesses. The property features two buildings, each two stories high, with a total of 10 acres of land. Built in 2005 and renovated in 2020, the property includes one elevator and is conveniently located near the intersection of Highway 77 and Baldwin Road, adjacent to Haney Vocational Training School. The space is divisible to a minimum of 2,847 square feet, with a maximum contiguous space of 30,000 square feet. Currently, 70,000 square feet is vacant. A significant portion of the first and second floors (12,000 and 15,000 sq ft respectively) is available as unfinished "warm shell" space, offering build-to-suit opportunities for long-term tenants. The property is zoned City Commercial (APN: 11818-000-000) and boasts a desirable location in the Lynn Haven submarket of Panama City Beach, Bay County. The lease rate is $16.00 NNN, plus operating expenses and sales tax. This prime location and flexible space make this an excellent opportunity for businesses seeking a modern and well-appointed office environment.
Property profile
Verified
Property type
Office Spaces
Use group
OFFICE (GENERAL)
Year built
1995
Construction
STEEL FRAME
Total area
29,172 SF
Lot
10 ac (435,600 SF)
APN
11818-000-000
UPID
US18-4879828
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
-
Bay County Vet Center Community Center Social Service Agency
-
Tyndall Federal Credit Union Credit Union
-
Rebuild Florida Center - Panama City - Suite 120 Government Economic Program
-
Covenant Care - Panama City Area Home Health Care Service
-
Movable City Solar Systems Production Facility
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
by Request
CAP Approach
CAP
$4.55M
Comparable Approach
Comparable
$7.52M
Blend (final)
Blend
$5.87M
Owner & transaction history
TYNDALL FEDERAL CREDIT UNION
TYNDALL FEDERAL CREDIT UNION
Zoning & alternative use
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Top alternative use upside
Restaurant
$7.1M
+66.2%
Office building
$6.2M
+46.4%
Retail stores
$4.5M
+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%
$4,925,000
6.5%
$4,545,000
7%
$4,220,000
Alternative Use
Use
Estimation
COMMERCIAL (GENERAL)
$4,250,000
Current use
RESTAURANT
$7,065,000
Change: +66% · Conversion: Difficult
OFFICE BUILDING
$6,225,000
Change: +46% · Conversion: Easy
RETAIL STORES
$4,505,000
Change: +6% · Conversion: Easy
MEDICAL BUILDING
$3,680,000
Change: -13% · Conversion: Easy
Blend value · Realmo final
$5.87M
Range $5.28M – $6.45M · ±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
$201 / 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
$76,935
Tax year 2023
Assessed value
$4,619,998
Assessed 2023
Previous assessed
$4,667,722
-1.0% YoY
Effective rate
1.67%
On assessed value
Assessed land
$482,000
Assessed improvement
$4,137,998
Land market value
$482,000
Improvement market value
$4,137,998
Total market value
$4,619,998
Applied tax rate
6.0000
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
1995
Construction
STEEL FRAME
Heating
FORCED AIR
Cooling
OTHER
Buildings
2
Stories
1
Rooms
58
Total area
29,172 SF
Lot
10 ac (435,600 SF)
APN
11818-000-000
UPID
US18-4879828
Jurisdiction
BAY
Zoning & alternative use
Zoning · permitted uses
Permitted & conditional uses
Allowed uses · Special-permit conditions · Prohibited uses
Permitted & conditional uses
Allowed · special-permit conditions · prohibited
Alternative use value scenarios
Repositioning upside vs current use
COMMERCIAL (GENERAL) Current
Est. value
$4.3M
RESTAURANT
Est. value
$7.1M
OFFICE BUILDING
Est. value
$6.2M
RETAIL STORES
Est. value
$4.5M
MEDICAL BUILDING
Est. value
$3.7M
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
1995
Construction
STEEL FRAME
Heating
FORCED AIR
Cooling
Yes
Stories
1
Buildings
2
Rooms
58
Lot
10 ac
Current owner
From public records · entity-resolved
TYNDALL FEDERAL CREDIT UNION
Individual
Free & Clear · 0 yrs held
Mailing address
PO BOX 59760, PANAMA CITY, FL 32412-0760
Ownership since
—
Owner contacts — direct phone, email, and related entities
Decision-maker phone · Verified email · Related entities & filings
Owner contacts
Email · phone · related entities
Sales History
No recorded transactions
No recorded transactions found for this property.
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.
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