Building Details

Year Built 1985

Listing Agency: KELLER WILLIAMS SUCCESS REALTY Show Phone

Listed By: CHRISTINE LANCE · License #3278226 Show Phone

Source: Corcoran

Added: Jul 28, 2022 Changed: Oct 16 Last Checked: Oct 16 at 9:18AM

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Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of KELLER WILLIAMS SUCCESS REALTY

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Investment Insights

Based on property information with market context.

This 2.1-acre property is located on Highway 77 in Panama City. It features 330 feet of road frontage and two points of ingress and egress. The average daily traffic count is 30,098 vehicles. The property includes a 60' x 60' metal retail building with a finished interior and covered warehouse storage. Parking is available at the front of the building, and an easement will be provided for driveway access to the adjacent building. The back portion of the property is vacant land. The property has a Panama City address but is annexed by the city of Lynn Haven, with utilities and taxes managed through Lynn Haven. The retail business currently operating on the premises is under a month-to-month lease, but is not part of the sale. The property is located near a median cut for convenient access from either direction.

Key Highlights

• High‑traffic location: 330' frontage on Hwy 77 with 30,098 average daily vehicles.
• Large 2.1 acre property with vacant land in the back.
• Includes a 60' x 60' metal retail building with finished interior space and covered warehouse storage.

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$39,420

Cap Rate

3.03%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$788,400 $788.4K

Cap Rate 7%

$563,143 $563.1K

Cap Rate 9%

$438,000 $438.0K

Is this asking price fair?

Market Conditions

NOI Build-Up for 3,600 SF

Gross rent

$61.3K $17.04/SF

− Vacancy

−$5.0K −$1.40/SF

EGI

$56.3K $15.64/SF

− OpEx

−$16.9K −$4.69/SF

NOI

$39.4K $10.95/SF

Area

Bay County, FL

Vacancy

8.20%

Lease Rate

$17.04 /SF/Yr

Expense Ratio

30.00%

Simulate Cap Rate and NOI

Suggested Prices Based on Cap Rates

Cap Rate 5%

$788,400

Cap Rate 7%

$563,143

Cap Rate 9%

$438,000

Alternative Uses

Best Use

Retail

$563.1K

$492.8K – $657.0K (±1% cap)

NOI $39,420 @ 7.0% cap · market cap 3.03%

Second Best

Warehouse

$389.5K

$340.9K – $454.5K (±1% cap)

NOI $27,268 @ 7.0% cap · market cap 2.10%

Theoretical Best

Office A

$1.05M

$917.8K – $1.22M (±1% cap)

NOI $73,424 @ 7.0% cap · market cap 5.65%

Zoning and permitted uses should be independently verified with authorities. How Realmo checks its estimates

Property Analytics

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Current Use

Retail space

Suggested Use

Top Pick Dental Office Restaurant Law Firm Building Supply Auto Parts Store Hair Salon

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Location Intelligence

Trade Area within ½ mile

288

Businesses Nearby

Explore this area Business Placement

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 Industrial in South region

6% 2019

6.5% 2020

4% 2021

3.5% 2022

6% 2023

7.6% 2024

7.9% 2025

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Frequently Asked Questions

What type of property is this?

Retail space - 2.1-acre property with retail building and highway frontage.

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: High‑traffic location: 330' frontage on Hwy 77 with 30,098 average daily vehicles.; Large 2.1 acre property with vacant land in the back.; Includes a 60' x 60' metal retail building with finished interior space and covered warehouse storage.