Freestanding Storefront with
For Sale
$1,300,000
3407 S Highway 77, Panama City, FL 32405
CommercialSale, Panama City, FL
Property Size3,600 SF
Lot Size2.10 Acres
Price / SF$361.11
Days on Market928
Property Features for 3407 S Highway 77
General Information
Property type
Commercial Sale
Property subtype
Retail
Zoning description
Commercial
Subdivision
St Andrews Bay Dev Cmp
Lot features
Flood Zone
Elementary school
Hiland Park
Middle school
Mowat
High school
Mosley
Directions
Take Hwy 77 North from 23rd St. It's past Baldwin Rd before Mosley Dr.
Standard status
Active
APN
11801-080-000
Size
3,600 SF
Lot size
2.10 Acres
Taxes and HOA fees
Tax Description
21 3S 14W -10.80- 103C ST AND BAY DEV CO PLAT LOT 77 ORB 1387 P 1279
Legal Description
21 3S 14W -10.80- 103C ST AND BAY DEV CO PLAT LOT 77 ORB 1387 P 1279
Utilities
Sewer type
Public Sewer
Cooling system
Central Air
Building Details
Year built
1985
Building materials
MetalSiding
Listing Agency:
Keller Williams Success Realty · Keller Williams Realty
(850) 249-0313
Listed By:
Christine Lance · License #3278226
(850) 258-2544
Added: Feb 9, 2024
Changed: Aug 19
Last Checked: Aug 25 at 9:06PM
MLS# 752649
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.
Investment Insights
Based on property information with market context.
This retail property includes a 3,600-square-foot metal building constructed in 1985, with finished interior space, covered warehouse storage, and front parking. The building has central air, public sewer, and vacant land at the rear of the 2.1-acre parcel. The onsite retail business is not included in the sale and currently occupies the property under a month-to-month lease.
The property fronts S Highway 77 for 330 feet and provides ingress and egress at two locations. Annual average daily traffic is 30,098 vehicles. A nearby median opening supports access from the opposite side of the highway, while an easement provides driveway use to the other building. The Panama City mailing address is within the City of Lynn Haven following annexation, with utilities and taxes handled through Lynn Haven.
The property fronts S Highway 77 for 330 feet and provides ingress and egress at two locations. Annual average daily traffic is 30,098 vehicles. A nearby median opening supports access from the opposite side of the highway, while an easement provides driveway use to the other building. The Panama City mailing address is within the City of Lynn Haven following annexation, with utilities and taxes handled through Lynn Haven.
Key Highlights
- 2.1‑acre parcel with a 3,600‑square‑foot retail building
- 330 feet of frontage on S Highway 77
- Annual average daily traffic of 30,098 vehicles
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$41,504
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
3.19%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$830,080
$830.1K
Cap Rate 7%
$592,914
$592.9K
Cap Rate 9%
$461,156
$461.2K
Market Conditions
NOI Build-Up for 3,600 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$64.8K $18.00/SF
− Vacancy
−$5.5K −$1.53/SF
EGI
$59.3K $16.47/SF
− OpEx
−$17.8K −$4.94/SF
NOI
$41.5K $11.53/SF
Area
Walton County, FL
Vacancy
8.50%
Lease Rate
$18.00 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$830,080
Cap Rate 7%
$592,914
Cap Rate 9%
$461,156
Alternative Uses
Best Use
Retail
$592.9K
$518.8K – $691.7K
NOI $41,504 @ 7.0% cap · market cap 3.19%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$905.3K
$792.2K – $1.06M
NOI $63,374 @ 7.0% cap · market cap 4.87%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
30,098 VPD
Traffic count
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
288
Businesses Nearby
18k
Monthly Visits Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Dining 75%
Shops & Services 25%
Hardee's
Dining
7,506 visits/mo
0.2 miles
Checkers
Dining
5,723 visits/mo
0.4 miles
Carquest Auto Parts - Flynn Auto Parts
Shops & Services
1,854 visits/mo
0.4 miles
FedEx Office Print & Ship Center
Shops & Services
1,397 visits/mo
0.1 miles
Capital City Bank
Shops & Services
686 visits/mo
0.2 miles
Demographics for 32405, FL
28,158
Population
13,585
Households
2.1
Avg Household Size
40
Median Age
29%
College-Educated
92%
High-School Grad
18.8 sq mi
ZIP Area
1,498
Density / Sq Mi
$71,002
Median Household Income
$41,867
Median Earnings
$1,418
Median Rent
$255,100
Median Home Value
Market
Vacancy Rate% for Retail in South region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Storefront property - Finished interior space and covered storage support retail and back-of-house functions.
Where is this storefront property located?
The property is located at 3407 S Highway 77 Panama City, FL.
What is the asking price?
The asking price for this property is $1,300,000.
What are key features of this property?
This property features: 2.1‑acre parcel with a 3,600‑square‑foot retail building; 330 feet of frontage on S Highway 77; Annual average daily traffic of 30,098 vehicles
