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    Waterfront Homesite in Panama City Beach Title is generated by Realmo AI

    156 Grand Heron Drive, Panama City Beach, FL 32407

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    For Sale
    $245,000

    LAND - Panama City Beach, FL

    Added:
    Apr 25, 2026
    Days on Market:
    42
    Last Refresh:
    Jun 5 at 12:06 am

    Property Features for 156 Grand Heron Drive

    General Information

    Property type
    Land
    Property subtype
    Other
    Standard status
    Active
    APN
    34882-165-000

    Taxes and HOA fees

    Tax Year
    2025
    Tax Description
    THE GLADES LOT 29 BLK E ORB 1887 P 1225 ORB 4160 P 545
    Tax Annual Amount
    1504

    Utilities

    Water front features
    Pond
    Water front
    1

    We can help!

    Listing Contact
    Tricia McGrath

    Listing agent Tricia McGrath License #BK0687801

    Listing office Sugar Shore Properties 107 Hombre Circle, Panama City Beach, FL

    Listing date Apr 25, 2026

    MLS# 788948 Listing URL

    Copyright © 2026 Central Panhandle Association of REALTORS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.

    HighLights

    • Waterfront homesite with 144 feet of rear frontage offering tranquil wooded and water views.
    • Rare opportunity in The Glades, a beautiful established waterfront community in Panama City Beach.
    • Adjacent lot also available, ideal for extended family living or custom home builders.
    • Convenient location minutes from golf courses, shopping, dining, entertainment, and award‑winning beaches.
    • Remarkably low HOA fees.
    • Three access points into The Glades, two at lighted intersections, and individual driveway mail delivery.

    Overview

    This property in The Glades offers the opportunity to create a home on a waterfront homesite in an established Panama City Beach community. The adjacent lot is also available. The cul-de-sac setting includes 144 feet of rear frontage with wooded and water views. The location balances serenity and convenience, with low HOA fees. The property is located minutes from golf courses, bridge-to-town access, dining, shopping, and entertainment. A new hospital and ancillary medical services are under construction nearby, as are retail and casual dining spots. A new Dollywood theater, Top Golf, and Pier Park shopping and dining are located minutes away. The location south of Panama City Beach Parkway places the property within minutes of sugar shore and emerald waters, as well as gulf and lagoon front dining destinations. There are three access points into The Glades, two at lighted intersections. Mail is delivered to the end of the driveway. This golf cart community is home to Duplin Winery.
    Property Profile Location Intelligence

    Current Use by Public Records

    Residential land & home ...

    Suggested Use

    Law Firm Real Estate Agency Restaurant Spa & Massage Center Dental Office Hair Salon Nail Salon Building Supply Auto Repair Shop Gym & Fitness Center

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Panama City Beach
    County
    Bay
    State
    Florida
    Longitude
    -85.804562
    Latitude
    30.191266

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    FAQs

    What type of property is this?
    Residential land & home lot - Waterfront homesite in an established Panama City Beach community.
    Where is this residential land & home lot located?
    The property is located at 156 Grand Heron Drive Panama City Beach, FL.
    What is the asking price?
    The asking price for this property is $245,000.
    What are key features of this property?
    This property features: Waterfront homesite with **144 feet of rear frontage offering tranquil wooded and water views.**; Rare opportunity in The Glades, a beautiful established waterfront community in Panama City Beach.; Adjacent lot also available, ideal for extended family living or custom home builders.
    (850) 774-0400
    We can help!
    Listing Contact
    Tricia McGrath
    Real Estate License ID: BK0687801
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

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