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    1629 Coastal Hwy Panacea, FL 32346

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    Claim this Listing
    For Sale
    $284,900

    MULTI_FAMILY - Panacea, FL

    Property size:
    1,788 SF
    Lot size:
    0.95 Acres
    Price / SF:
    $159/SF
    Added:
    Oct 28, 2025
    Days on Market:
    189
    Last Refresh:
    May 3 at 11:06 pm

    Property Features for 1629 Coastal Hwy

    General Information

    Property type
    Residential Multi Family
    Property subtype
    Other
    Zoning
    C-2
    Standard status
    Active
    APN
    245S02W00002970000
    Size
    1,788 SF
    Lot size
    0.95 Acres

    Taxes and HOA fees

    Tax Description
    24-5S-2W P-2-M-53D ALSO P-28-5-M-53D OR 31 P 996 OR 876 P 410 OR 1283 P 805 OR 1375 P 650

    Utilities

    Sewer type
    Public Sewer
    Water source
    Public
    Water front
    1

    Building Details

    Year built
    1970
    Building materials
    Block, Concrete, Metal Siding
    Roof type
    Metal

    We can help!

    Listing Contact
    Kayla Palmer

    Listing agent Kayla Palmer License #3448467

    Listing office Timber & Tides Real Estate 36 Ochlockonee St, Crawfordville, FL

    Listing date Oct 28, 2025

    MLS# 324421

    Copyright © 2026 Forgotten Coast Realtor Association. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.

    Overview

    Panacea Commercial Property with Bay View

    This commercial property, situated in the heart of Panacea on Dickerson Bay, offers a business opportunity with a bay view. The property features 0.95 acres of land with 250 feet of highway frontage and a 6,000 sqft building. The building has been upgraded with new plumbing, new electrical systems, Hardie siding, a new sump pump, new fixtures, and fresh interior and exterior paint. The property includes ample parking and a metal roof. Commercial-grade stainless steel equipment is included. The location is seconds from three boat ramps, deep-water channels, and beaches. The property is suitable for a variety of business ventures, including a restaurant, oyster bar, event venue, or a Southern hospitality bar.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Restaurants

    Suggested Use

    Restaurant Spa & Massage Center Building Supply Dental Office Big Box & Wholesale Store Auto Repair Shop Hair Salon Nail Salon Hotel & Motel Food Market

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

    Location Insight

    • Map
    • Local Demand
    City
    Panacea
    County
    Wakulla
    State
    Florida
    Longitude
    -84.387832
    Latitude
    30.041635

    Nearby Similar for Sale

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      Commercial Storefront with Studio Apartment

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    • $249,000

      Panacea, FL Commercial Property

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    • $500,000

      Former Bank Building For Sale

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    FAQs

    What type of property is this?
    Restaurant - Commercial property in Panacea, FL, with highway frontage and upgrades.
    Where is this restaurant located?
    The property is located at 1629 Coastal Hwy Panacea, FL.
    What is the asking price?
    The asking price for this property is $284,900.
    What are key features of this property?
    This property features: Prime commercial property with 0.95 acres and **250 feet of highway frontage**.; **6,000 sqft building with extensive upgrades** including new plumbing, electrical, and Hardie siding.; Located in the heart of Panacea on Dickerson Bay, seconds from boat ramps, deep‑water channels, and beaches.
    (850) 544-4655
    We can help!
    Listing Contact
    Kayla Palmer
    Real Estate License ID: 3448467
    Learn More
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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.

    More about this property
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    1629 Coastal Hwy, Panacea, FL 32346

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