Your AI Navigator in Commercial Real Estate
Sign Up Successful!
You now have access to more from Realmo!
    For Lease
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    Back to Search

    401 E 23Rd St Panama City, FL 32405

    Sponsored
    For Lease
    $15 SF/Yr ($3,537 /Mo)

    COMMERCIAL - Panama City, FL

    Type:Retail
    Property size:
    2,830 SF
    Days on Market:
    237
    Last Refresh:
    Jan 19 at 11:06 pm

    Property Features for 401 E 23Rd St

    General Information

    Property type
    Commercial Lease
    Property subtype
    Retail
    Standard status
    Active
    APN
    12976-070-000
    Size
    2,830 SF

    Utilities

    Heating system
    Electric (Heating), Central
    Cooling system
    Multi Units

    Building Details

    Year built
    2005
    Floors in Building
    1
    Number of units
    1

    We can help!

    Listing Contact
    Brian Hinton

    Neubauer Real Estate, Inc. ERA (850) 785-1551 [email protected]

    Listing agent Brian Hinton (850) 872-3434 License #3066285

    Listing date May 28, 2025

    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

    Retail Space Near Home Depot

    This retail space, becoming available in July, is located in a center adjacent to Home Depot. Previously occupied by 'Jim's Sewing,' who is vacating due to the owner's relocation out of state, the property offers an open span layout. It includes a built-in office and a shipping/receiving area. The space is suitable for various retail purposes or a large 'bull pen' office setup. The property is located at 401 E 23rd Street unit E&F, Panama City, FL 32405.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Emerald Coast Hospice Hospice Rockstar Real Estate ... Real Estate Agency Keller Williams Realty: ... Real Estate Agent Jim's Vacuum & Sewing ... Sewing Machine Store The Cafe American Restaurant

    Suggested Use

    Restaurant Realty agency Law Firm Building Supply Spa & Massage Dental Office Wholesale Shop Auto Repair Shop Hair Salon Clothing Store

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

    Location Insight

    • Map
    • Local Demand
    City
    Panama City
    County
    Walton
    State
    Florida
    Longitude
    -85.655879
    Latitude
    30.191183

    Nearby Similar for Lease

    • $4,000 /Mo

      Downtown Panama City Commercial Space

      Rare commercial space for lease in downtown Panama City.
      602 Harrison Ave, Panama City, FL 32401
      View Details
    • $5,000 /Mo

      Versatile Office and Warehouse Space

      Versatile office and warehouse space in an ideal location.
      1337 W 19Th St, Panama City, FL 32405
      View Details
    • $21 SF/Yr

      Downtown Panama City Office Space

      Professional office space in downtown Panama City for rent.
      455 Harrison Ave, Panama City, FL 32401
      View Details
    • $8 SF/Yr
      4,000 SF

      Panama City Warehouse and Office

      Warehouse and office space available for lease in Panama City.
      1220 Transmitter Rd, Panama City, FL 32401
      View Details
    • $16 SF/Yr

      Warehouse and Office Space Available

      Warehouse and office space for lease in Panama City, FL.
      1220 Transmitter Rd, Panama City, FL 32404
      View Details
    • $2,850 /Mo
      Pending

      Corner Lot Office Space

      Office space on corner lot with high visibility.
      5000 Highway 22 E, Panama City, FL 32404
      View Details
    • $3,500 /Mo
      Pending

      Downtown Panama City Retail Opportunity

      2500 sq ft commercial space in downtown Panama City.
      27 Harrison Ave, Panama City, FL 32401
      View Details
    • $3,500 /Mo

      Versatile Commercial Space Near Highway

      Flexible leasing options ideal for various business needs.
      6804 Bayou George Dr, Panama City, FL 32404
      View Details
    • $675 /Mo

      Professional Office Suites For Lease

      Professional office suites available for lease near downtown Panama City.
      215 W 11Th St, Panama City, FL 32401
      View Details
    • $2,500 /Mo

      Panama City Office Space Available

      Office building in Panama City, ready for immediate occupancy.
      309 E 7Th St, Panama City, FL 32401
      View Details
    • $2,000 /Mo
      1,900 SF

      Downtown Panama City Office Space

      Office space in downtown Panama City with conference room.
      435 W Oak Ave, Panama City, FL 32401
      View Details
    • $19 SF/Yr
      Pending

      Spacious Panama City Medical Office

      4,400 SF medical office space with nine exam rooms.
      2428 Jenks Ave Unit, Panama City, FL 32405
      View Details

    FAQs

    What type of property is this?
    Retail space - Retail space available in July next to Home Depot.
    Where is this retail space located?
    The property is located at 401 E 23Rd St Panama City, FL.
    What is the lease rate?
    The lease rate is $15 SF/Yr.
    What are key features of this property?
    This property features: - Excellent retail space available in July.; - Located in center next to Home Depot.; - Open span type retail space.
    (850) 527-6393
    Request Owner's contact information
    401 E 23Rd St Panama City, FL 32405
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    401 E 23Rd St
    Panama City, FL 32405
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    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
    401 E 23Rd St Panama City, FL 32405
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    We can help!
    Listing Contact
    Brian Hinton
    Real Estate License ID: 3066285
    (850) 527-6393
    Learn more
    Google sign-in failed. Please try again or use another login method.
    Create New Password
    • At least 8 characters
    • Contains both letters and numbers
    • Contains uppercase and lowercase letters
    • At most 32 characters
    • Password required
    • Password reset link has expired. Please request a new one.