3109 Minnesota AvePanama City, FL 32405

Property Details for 3109 Minnesota Ave

Year built

1995

Construction

STEEL FRAME

Lot size

10.00 AC

Property size (Sq ft)

29,172 SF

Property type

Office properties

Property subtype

Other office properties

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.

• CAP approach

  CAP return

  Valuation

  6%

  $5,337,168

  6.5%

  $4,926,617

  7%

  $4,574,716

• Comparable approach

  Method

  Valuation

  Relative Method

  $2,073,838

  Geo Method

  $2,073,838

• Alternative Use

  Use

  Valuation

  Residential

  $6,109,005

  Hospitality

  $5,595,816

  Educational

  $4,655,653

  Medical

  $4,815,768

  Retail

  $7,242,127

Location Insight

City

Panama City

County

Bay

State

Florida

Latitude

30.205

Longitude

-85.6467

CBSA code

37460

CBSA name

PANAMA CITY-LYNN HAVEN, FL METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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