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    Waterfront Land with Gulf Access Title is generated by Realmo AI

    7043 Hugh Drive, Panama City, FL 32404

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    Claim this Listing
    For Sale
    $285,000

    LAND - Panama City, FL

    Lot size:
    0.59 Acres
    Added:
    Jan 28, 2026
    Days on Market:
    127
    Last Refresh:
    Jun 4 at 11:06 pm

    Property Features for 7043 Hugh Drive

    General Information

    Property type
    Land
    Property subtype
    Other
    Standard status
    Active
    APN
    06984-013-000
    Lot size
    0.59 Acres

    Taxes and HOA fees

    Tax Year
    2025
    Tax Description
    CALLAWAY SHORES U-1 MAP 132A3 LOT 18 ORB 576 P 306 ORB 4557 P 870
    Tax Annual Amount
    3283

    Utilities

    Water front
    1

    We can help!

    Listing Contact
    Melissia J Pennington, LLC

    Listing agent Melissia J Pennington, LLC License #SL3383561

    Listing office Beachy Beach Real Estate 17651 Panama City Beach Pkwy Suite 3, Panama City Beach, FL

    Listing date Jan 28, 2026

    MLS# 784156 Listing URL

    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

    • Direct waterfront with Gulf access: Boat‑able waterway (Callaway Bayou) connects to Intracoastal system, St. Andrews Bay, Shell Island, and the Gulf.
    • Rare vacant waterfront homesite: Appears to be the last remaining on Hugh Dr.
    • Ideal for private dock: Waterfront configuration suited for creating a private dock for boat owners.
    • Advantageous water depth: Water depth drops off relatively quickly, beneficial for boaters.
    • Existing well on‑site: Includes a new pump & motor (verify condition).
    • More privacy and control: Not in a gated community, offering more decision‑making power over land use.

    Overview

    This waterfront land offers Gulf access and the opportunity to dock a boat at home. This vacant waterfront homesite on Hugh Dr. features approximately 200 feet of direct frontage on Callaway Bayou, a protected waterway suitable for boating that connects to the Intracoastal system, St. Andrews Bay, Shell Island, and the Gulf. The lot is ready for construction and allows for the design of a custom waterfront home. An existing well is located on the site with a new pump and motor. The shallow well was previously used for irrigation and the boat dock. The waterfront configuration is suited for creating a private dock. The water depth in this area drops off relatively quickly, which is an advantage for boaters. This buildable waterfront lot offers boating potential. The lot size is approximately 0.59 acres.
    Property Profile Location Intelligence

    Current Use by Public Records

    Waterfront Land

    Suggested Use

    Real Estate Agency Restaurant Spa & Massage Center Building Supply Auto Repair Shop Pharmacy Accounting Firm Kitchen & Bath Showroom Department Store Grocery & Convenience 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
    -85.568159
    Latitude
    30.134416

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    FAQs

    What type of property is this?
    Waterfront Land - Waterfront land with Gulf access ready for custom home.
    Where is this waterfront land located?
    The property is located at 7043 Hugh Drive Panama City, FL.
    What is the asking price?
    The asking price for this property is $285,000.
    What are key features of this property?
    This property features: Direct waterfront with Gulf access: Boat‑able waterway (Callaway Bayou) connects to Intracoastal system, St. Andrews Bay, Shell Island, and the Gulf.; Rare vacant waterfront homesite: Appears to be the last remaining on Hugh Dr.; Ideal for private dock: Waterfront configuration suited for creating a private dock for boat owners.
    (850) 527-1513
    We can help!
    Listing Contact
    Melissia J Pennington, LLC
    Real Estate License ID: SL3383561
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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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