3109 Minnesota Ave Panama City, FL 32405
- Office Properties & Spaces
- 29,172 SF
- 10.00 lot acres
Current Use by Public Records
- Bay County Vet Center / Veterans Center / Veterans Affairs Department
- Tyndall Federal Credit Union / Federal Credit Union / Atm
- Rebuild Florida Center - Panama City - Suite 120 / Government Economic Program
- Covenant Care - Panama City Area / Home Health Care Service
- Movable City Solar Systems / Solar Energy Equipment Supplier
Property Details for 3109 Minnesota Ave
- Year built
- 1995
- Construction
- STEEL FRAME
- Lot size
- 10.00 lot acres
- Property size
- 29,172 SF
- Property type
- Office Properties & Spaces
- APN
- 11818-000-000
- APU
- 11818000000
Description
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.
Value Estimations
-
CAP approach
- CAP Return
- Estimation
- 6%
- $4,925,000
- 6.5%
- $4,545,000
- 7%
- $4,220,000
-
Comparable approach
- Method
- Estimation
- Statistic Estimate
- $7,518,000
- AI Estimate
- $5,530,000
Market price range: $1.95M - $9.40MMarket price range: $1.52M - $5.53M -
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
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Location Insight
- Map
- Local Demand
- City
- Panama City
- County
- Bay
- State
- Florida
- Longitude
- -85.6467
- Latitude
- 30.205
- CBSA code
- 37460
- CBSA name
- PANAMA CITY-LYNN HAVEN, FL METROPOLITAN STATISTICAL AREA
