Retail Space with Covered
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 Market945
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: Sep 11 at 3:06AM
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 and covered warehouse storage. Central air, front parking, and public sewer support the existing improvements. The rear portion of the 2.1-acre site remains vacant, providing additional land within the property boundaries. The sale includes the building and real estate; the onsite retail business is excluded. The current occupant is under a month-to-month lease.
The property fronts S Highway 77 in Panama City with 330 feet of road frontage and two ingress and egress points. Annual average daily traffic is reported at 30,098 vehicles. A nearby median opening provides access from the opposite direction, while a driveway easement serves the other building on the original tract. Although the mailing address is Panama City, the property was annexed by Lynn Haven, with utilities and taxes administered through the City of Lynn Haven.
The property fronts S Highway 77 in Panama City with 330 feet of road frontage and two ingress and egress points. Annual average daily traffic is reported at 30,098 vehicles. A nearby median opening provides access from the opposite direction, while a driveway easement serves the other building on the original tract. Although the mailing address is Panama City, the property was annexed by Lynn Haven, with utilities and taxes administered through the City of Lynn Haven.
Key Highlights
- 2.1‑acre retail property with a 3,600‑square‑foot 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
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Current Use
Lease Details
30,098 VPD
Traffic count
Yes
Highway access
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
288
Businesses Nearby
18k
Monthly Visits Nearby
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Retail in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Retail space - Metal building with finished interior, rear vacant land, highway frontage, and access from two points.
Where is this retail space 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 retail property with a 3,600‑square‑foot building; 330 feet of frontage on S Highway 77; Annual average daily traffic of 30,098 vehicles
