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    The Largest CRE Database in the US with Over 1 Million Listings

    2251 W 23Rd St Panama City, FL 32405

    Sponsored
    For Sale
    $3,900,000

    COMMERCIAL - Panama City, FL

    Lot size:
    6.24 Acres
    Days on Market:
    324
    Last Refresh:
    Jan 27 at 7:06 pm

    Property Features for 2251 W 23Rd St

    General Information

    Property type
    Commercial Sale
    Property subtype
    Other
    Standard status
    Active
    APN
    26718-215-000
    Lot size
    6.24 Acres

    Utilities

    Sewer type
    Public Sewer
    Water source
    Public

    We can help!

    Listing Contact
    Tom S Neubauer

    Neubauer Real Estate, Inc. ERA (850) 785-1551

    Listing agent Tom S Neubauer (850) 785-1551 License #0136841

    Listing date Mar 10, 2025

    MLS# 754182

    Copyright © 2025 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.

    Learn more

    Property Insight Report

    Overview

    Prime Commercial Land Panama City

    This 6.24-acre commercial land parcel is located on 23rd Street in Panama City, Florida. It features 400 feet of frontage on 23rd Street and an additional 230 feet on Frankford Avenue. The area experiences significant traffic, with approximately 26,000 to 29,000 vehicles per day on 23rd Street and about 5,000 vehicles per day between 23rd Street and Hwy 390 on Frankford Avenue. Utilities are readily available to the site, making it suitable for development. The frontage is currently zoned for general commercial use, while a portion of the interior is zoned residential, with potential for annexation into the City of Panama City jurisdiction. The parcel is conveniently located 3.4 miles from Panama City Beach, 2.2 miles from Gulf Coast Regional Medical Center, 4 miles from City Marina-Downtown, 2.3 miles from St. Andrews Marina, and 1.9 miles from Gulf Coast College and Florida State University Panama Campus. Major businesses in the vicinity include Sam's Club, Bill Cramer Chevrolet, Buick, GMC, and CEFCO oil.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    EV Connect Charging ... Electric Vehicle Charging Station Bill Cramer Chevrolet ... Auto Parts Store Bill Cramer Cadillac Cadillac Dealer Bill Cramer Tires ... Tire Shop Bill Cramer Chevrolet ... Car Dealer

    Suggested Use

    Realty agency Law Firm Restaurant Spa & Massage Dental Office Hair Salon Nail Salon Clothing Store Building Supply Gym & Fitness

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

    Location Insight

    • Map
    • Local Demand
    City
    Panama City
    County
    Walton
    State
    Florida
    Longitude
    -85.693559
    Latitude
    30.19094

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    FAQs

    What type of property is this?
    Commercial land - 6.24 acres of commercial land with high traffic frontage.
    Where is this commercial land located?
    The property is located at 2251 W 23Rd St Panama City, FL.
    What is the asking price?
    The asking price for this property is $3,900,000.
    What are key features of this property?
    This property features: - High-traffic location with **400 feet of frontage on 23rd Street** (26,000-29,000 vehicles per day).; - Utilities are readily available, facilitating development.; - Zoned for general commercial use with potential for annexation into Panama City.
    (850) 522-7450
    Request Owner's contact information
    2251 W 23Rd St Panama City, FL 32405
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    Panama City, FL 32405
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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
    2251 W 23Rd St Panama City, FL 32405
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    We can help!
    Listing Contact
    Tom S Neubauer
    Real Estate License ID: 0136841
    (850) 522-7450
    Learn more
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