Bar Property With Outdoor
New
For Sale
$850,000
1623 W 15th Street, Panama City, FL 32401
Established bar property with a finished lounge, equipped wood bar, outdoor deck, and CG-2 zoning.
Property Size3,512 SF
Price / SF$242.03
Days on Market5
Property Features for 1623 W 15th Street
General Information
Standard status
Active
Size
3,512 SF
Property subtype
Commercial
Zoning
CG-2
Site & Location
Road Frontage
125 ft
Traffic Count
40,000 vehicles/day
Highway Access
Yes
Road Access
Yes
Utilities to Site
Yes
Additional Details
Land Use
commercial, retail, office, service
Amenities
bar
deck
Carpet Flooring
Composition Roof
Pitched Roof
Shingle Roof
Tile Flooring
Building Details
Year Built
1969
Listing Agency:
SELTZER REAL ESTATE, LLC
(850) 235-0578
Listed By:
ZACK SELTZER
Source:
Corcoran
Added: Aug 5
Changed: Aug 9
Last Checked: Aug 9 at 6:16AM
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 SELTZER REAL ESTATE, LLC
Investment Insights
Based on property information with market context.
This 3,512-square-foot bar property was built in 1969 and includes a finished lounge interior centered around a 30-foot solid wood bar with equipment in place. An exterior deck adds 1,184 square feet for outdoor dining or events. Recent capital improvements include a roof replacement in 2018, replacement of one air-conditioning unit in 2021 and the other in 2023, plus replacement of the main water and sewer lines in 2022.
The site includes just under 1 acre with 125 feet of frontage and a 300-foot depth along Highway 98 in Panama City. CG-2 zoning and an average daily traffic count of close to 40,000 provide documented access and commercial exposure. The majority of the property is cleared, supporting consideration of the existing bar improvements alongside potential redevelopment.
The site includes just under 1 acre with 125 feet of frontage and a 300-foot depth along Highway 98 in Panama City. CG-2 zoning and an average daily traffic count of close to 40,000 provide documented access and commercial exposure. The majority of the property is cleared, supporting consideration of the existing bar improvements alongside potential redevelopment.
Key Highlights
- 3,512‑square‑foot bar property on a site covering a little under 1 acre
- 125 feet of frontage and 300‑foot property depth along Highway 98
- 30‑foot solid wood bar with equipment in the finished lounge interior
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$53,481
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
6.29%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$1,069,620
$1.1M
Cap Rate 7%
$764,014
$764.0K
Cap Rate 9%
$594,233
$594.2K
Market Conditions
NOI Build-Up for 3,512 SF
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.
Gross rent
$75.9K $21.60/SF
− Vacancy
−$4.6K −$1.30/SF
EGI
$71.3K $20.30/SF
− OpEx
−$17.8K −$5.08/SF
NOI
$53.5K $15.23/SF
Area
Walton County, FL
Vacancy
6.00%
Lease Rate
$21.60 /SF/Yr
Expense Ratio
25.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$1,069,620
Cap Rate 7%
$764,014
Cap Rate 9%
$594,233
Alternative Uses
Best Use
Specialty Retail
$764.0K
$668.5K – $891.4K
NOI $53,481 @ 7.0% cap · market cap 6.29%
Second Best
Retail
$578.4K
$506.1K – $674.8K
NOI $40,490 @ 7.0% cap · market cap 4.76%
Theoretical Best
Office A
$883.2K
$772.8K – $1.03M
NOI $61,825 @ 7.0% cap · market cap 7.27%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
40,000 VPD
Traffic count
Yes
Highway access
Yes
Paved road access
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
605
Businesses Nearby
113k
Monthly Visits Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 57%
Groceries 21%
Dining 18%
Home Improvements & Furnishings 4%
Piggly Wiggly
Groceries
23,341 visits/mo
0.3 miles
Dodge's Southern Style
Shops & Services
17,269 visits/mo
0.0 miles
Murphy USA
Shops & Services
15,223 visits/mo
0.1 miles
Dollar Tree
Shops & Services
12,319 visits/mo
0.2 miles
Popeyes Louisiana Kitchen
Dining
9,158 visits/mo
0.3 miles
Demographics for 32401, FL
20,487
Population
10,239
Households
2
Avg Household Size
42
Median Age
20%
College-Educated
86%
High-School Grad
12.5 sq mi
ZIP Area
1,639
Density / Sq Mi
$49,901
Median Household Income
$35,885
Median Earnings
$1,194
Median Rent
$207,000
Median Home Value
Market
Vacancy Rate% for Retail in South region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Similar Off Market Nearby
- Oasis Liquors & Lounge — 1103 15th St, Panama City, FL 32401
- Outrigger Lounge — 1623 15th St, Panama City, FL 32401
- Little Village — 2808 W 12th St, Panama City, FL 32401
Frequently Asked Questions
What type of property is this?
Bar & Pub - Established bar property with a finished lounge, equipped wood bar, outdoor deck, and CG-2 zoning.
Where is this bar & pub located?
The property is located at 1623 W 15th Street Panama City, FL.
What is the asking price?
The asking price for this property is $850,000.
What are key features of this property?
This property features: 3,512‑square‑foot bar property on a site covering a little under 1 acre; 125 feet of frontage and 300‑foot property depth along Highway 98; 30‑foot solid wood bar with equipment in the finished lounge interior
