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    Versatile Commercial Building in Downtown Title is generated by Realmo AI

    551 Harrison Avenue, Panama City, FL 32401

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    For Sale
    $1,800,000

    SINGLE_FAMILY - Panama City, FL

    Type:Retail
    Property size:
    31,875 SF
    Lot size:
    0.24 Acres
    Price / SF:
    $56/SF
    Added:
    Jul 17, 2025
    Days on Market:
    302
    Last Refresh:
    May 14 at 5:06 pm

    Property Features for 551 Harrison Avenue

    General Information

    Property type
    Residential
    Property subtype
    Retail
    Accessibility
    Accessible Elevator Installed
    Standard status
    Active
    APN
    19721-000-000
    Size
    31,875 SF
    Lot size
    0.24 Acres

    Taxes and HOA fees

    Tax Description
    GCD PLAT LOTS 12,13,14 BLK 18 MAP 92D1

    Utilities

    Sewer type
    Public Sewer

    Building Details

    Year built
    1959

    We can help!

    Listing Contact
    MaryAnn Enfinger

    Listing agent MaryAnn Enfinger License #BK3037033

    Listing office Overstreet Realty 708 Mulberry Ave, Panama City, FL

    Listing date Jul 17, 2025

    MLS# 776396

    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.

    HighLights

    • 30,000 Sq Ft commercial building with versatile open floor plan.
    • Two main floor entrances (Harrison Ave & Grace Ave) for flexible customer/operational flow.
    • Readily available public parking on Harrison Avenue and at the rear of the building.
    • Freight elevator for convenient material handling.
    • Additional front entrance to the top floor, suitable for multi‑business use.
    • Located in Downtown Panama City.

    Overview

    This solidly constructed, three-level commercial building offers a versatile open floor plan suitable for a variety of uses. The building is approximately 30,000 Sq Ft and situated in Downtown Panama City. It features two convenient entrances to the main floor--one with direct access from Harrison Avenue and the other from Grace Avenue--providing flexibility for both customer and operational flow. There is also an additional front entrance on Harrison Avenue that goes to the stairway to go to the top floor, this would be great for multi business use. Public parking is readily available along Harrison Avenue, with additional public parking spaces located at the rear of the building, as well as a public parking lot at the end of Harrison Avenue and Old Business 98. The property, located at 551 Harrison Avenue, Panama City, FL 32401, is also equipped with a freight elevator. The lot size is 0.24 acres, and the property size is 31875 Square Feet.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Elegant Endeavors Antique ... Home Decor Store

    Suggested Use

    Restaurant Real Estate Agency Building Supply Dental Office Spa & Massage Center Law Firm Big Box & Wholesale Store Auto Repair Shop Hair Salon Nail Salon

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

    Similar Places Nearby

    • Late Bloomer Flower Shoppe — 556 Harrison Ave, Panama City, FL 32401
    • Hallmark Flower Shoppe — 702 US-98 BUS, Panama City, FL 32401

    Location Insight

    • Map
    • Local Demand
    City
    Panama City
    County
    Walton
    State
    Florida
    Longitude
    -85.660684
    Latitude
    30.157969

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    FAQs

    What type of property is this?
    Storefront property - 30,000 Sq Ft commercial building in downtown Panama City.
    Where is this storefront property located?
    The property is located at 551 Harrison Avenue Panama City, FL.
    What is the asking price?
    The asking price for this property is $1,800,000.
    What are key features of this property?
    This property features: 30,000 Sq Ft commercial building with versatile open floor plan.; Two main floor entrances (Harrison Ave & Grace Ave) for flexible customer/operational flow.; Readily available public parking on Harrison Avenue and at the rear of the building.
    (850) 832-5263
    We can help!
    Listing Contact
    MaryAnn Enfinger
    Real Estate License ID: BK3037033
    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.

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