Highway 77 Commercial
3407 S Highway 77 Panama City, FL 32405
3407 S Highway 77, Panama City, FL, 32405
$2,495,000
For Sale
$2,495,000
4.2-acre property with retail buildings and redevelopment potential.
Property Size7,200 SF
Lot Size4.20 Acres
Price / SF$346.53
Days on Market1447
Property Features for 3407 S Highway 77
General Information
- Standard status
- Active
- Size
- 7,200 SF
- Lot size
- 4.20 Acres
- Property subtype
- Commercial
Building Details
- Year Built
- 1985
Listing Agency
KELLER WILLIAMS SUCCESS REALTY
(850) 249-0313
Listed by
CHRISTINE LANCE · License #3278226
Source
Corcoran
Added: Aug 3, 2022 Checked: Jul 17 at 3:59 am
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
Investment Insights
Based on property information with market context.
This 4.2-acre property is located on Highway 77 in Panama City and features 330 feet of road frontage with ingress and egress at two locations. The annual average daily traffic count is 30,098 vehicles. The property includes two 60' x 60' metal retail buildings with finished interior space and covered warehouse storage. Parking is available at each building, with a driveway between them. The rear portion of the property is vacant land, except for a cement slab where a storage building was previously located. The sellers' retail business is not for sale; only the buildings and property are available. Another business is currently operating on a month-to-month lease. The property has a Panama City address but was annexed by the city of Lynn Haven, so utilities and taxes are managed through Lynn Haven. The property offers potential for redevelopment as office, hotel, retail, restaurant, or multi-family use.
Key Highlights
- High‑traffic location: 330' frontage on Hwy 77 with 30,098 average daily traffic count.
- 4.2 acres suitable for office, hotel, retail, restaurant, or multi‑family redevelopment.
- Two existing 60' x 60' metal retail buildings: Complete with finished interior space and covered warehouse storage.
Local Financial Insights For Retail
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $129.6k | $18.00 |
| − Vacancy | −$11.0k | −$1.53 |
| EGI | $118.6k | $16.47 |
| − OpEx | −$35.6k | −$4.94 |
| NOI | $83.0k | $11.53 |
7,200 SF · lease $18.00/SF/yr · vacancy 8.50% · expense 30.00%
Alternative Uses
Best Use
Retail
$1.19M
$1.04M – $1.38M
NOI $83,009 @ 7.0% cap · market cap 3.33%
Second Best
Warehouse
$884.5K
$773.9K – $1.03M
NOI $61,913 @ 7.0% cap · market cap 2.48%
Theoretical Best
Office A
$1.81M
$1.58M – $2.11M
NOI $126,749 @ 7.0% cap · market cap 5.08%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Property Profile
Location Intelligence
Current Use by Public Records
Retail space
Similar For Sale Nearby
FAQs
What type of property is this?
Retail space - 4.2-acre property with retail buildings and redevelopment potential.
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 $2,495,000.
What are key features of this property?
This property features: High‑traffic location: 330' frontage on Hwy 77 with 30,098 average daily traffic count.; 4.2 acres suitable for office, hotel, retail, restaurant, or multi‑family redevelopment.; Two existing 60' x 60' metal retail buildings: Complete with finished interior space and covered warehouse storage.
