Leased Gas Station
New
For Sale
$1,200,000
2025 W 15th Street, Panama City, FL 32401
Operating fuel and convenience retail asset with a long-term commercial lease and tenant renewal option.
Property Size3,520 SF
Price / SF$340.91
Days on Market4
Property Features for 2025 W 15th Street
General Information
Standard status
Active
Size
3,520 SF
Property subtype
Commercial
Occupancy
100%
Additional Details
Road Access
Yes
Amenities
Flat Roof
Building Details
Year Built
1981
Abandoned
No
Listing Agency:
OVERSTREET REALTY
(850) 774-0402
Listed By:
MARYANN ENFINGER
(850) 832-5263
Source:
Corcoran
Added: Sep 14
Changed: Sep 17
Last Checked: Sep 16 at 2:55PM
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 OVERSTREET REALTY
Investment Insights
Based on property information with market context.
This 3,520-square-foot gas station and convenience store property was built in 1981 and is currently occupied under a long-term commercial lease. The operating use combines fuel service with convenience retail in an established commercial setting.
Located at 2025 W 15th Street in Panama City, Florida, the property fronts W 15th Street. Lease responsibilities assigned to the tenant include applicable property taxes, insurance, assessments, extensive repairs and maintenance, and major building components. An additional renewal option is included in the lease, supporting continued occupancy under the existing arrangement.
Located at 2025 W 15th Street in Panama City, Florida, the property fronts W 15th Street. Lease responsibilities assigned to the tenant include applicable property taxes, insurance, assessments, extensive repairs and maintenance, and major building components. An additional renewal option is included in the lease, supporting continued occupancy under the existing arrangement.
Key Highlights
- 3,520‑square‑foot gas station and convenience store property
- Built in 1981
- Located at 2025 W 15th Street in Panama City, FL 32401
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
$53,603
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
4.47%
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%
$1,072,060
$1.1M
Cap Rate 7%
$765,757
$765.8K
Cap Rate 9%
$595,589
$595.6K
Market Conditions
NOI Build-Up for 3,520 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
$76.0K $21.60/SF
− Vacancy
−$4.6K −$1.30/SF
EGI
$71.5K $20.30/SF
− OpEx
−$17.9K −$5.08/SF
NOI
$53.6K $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%
$1,072,060
Cap Rate 7%
$765,757
Cap Rate 9%
$595,589
Alternative Uses
Best Use
Specialty Retail
$765.8K
$670.0K – $893.4K
NOI $53,603 @ 7.0% cap · market cap 4.47%
Second Best
Retail
$579.7K
$507.3K – $676.4K
NOI $40,582 @ 7.0% cap · market cap 3.38%
Theoretical Best
Office A
$885.2K
$774.6K – $1.03M
NOI $61,966 @ 7.0% cap · market cap 5.16%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
100%
Occupancy
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
765
Businesses Nearby
28k
Monthly Visits Nearby
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 85%
Electronics 11%
Home Improvements & Furnishings 4%
Dodge's Southern Style
Shops & Services
17,269 visits/mo
0.4 miles
Family Dollar
Shops & Services
2,919 visits/mo
0.2 miles
Advance Auto Parts
Shops & Services
2,406 visits/mo
0.1 miles
Metro by T-Mobile
Electronics
1,670 visits/mo
0.1 miles
Boost Mobile
Electronics
1,485 visits/mo
0.1 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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Retail in South region
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Frequently Asked Questions
What type of property is this?
Gas station - Operating fuel and convenience retail asset with a long-term commercial lease and tenant renewal option.
Where is this gas station located?
The property is located at 2025 W 15th Street Panama City, FL.
What is the asking price?
The asking price for this property is $1,200,000.
What are key features of this property?
This property features: 3,520‑square‑foot gas station and convenience store property; Built in 1981; Located at 2025 W 15th Street in Panama City, FL 32401
