Auto Repair Center and
For Sale
$2,499,000
2206 W 15th Street, Panama City, FL 32401
COMMERCIAL - Panama City, FL
Property Size9,425 SF
Lot Size0.80 Acres
Price / SF$265.15
Days on Market138
Property Features for 2206 W 15th Street
General Information
Property type
Commercial Sale
Property subtype
Other
Subdivision
[No Recorded Subdiv]
Elementary school
Lucille Moore
Middle school
Jinks
High school
Bay
Directions
15th street to Corner of Clay Ave. Address 2206 W 15th Street.
Standard status
Active
APN
29553-000-000
Size
9,425 SF
Lot size
0.80 Acres
Taxes and HOA fees
Tax Description
36 3S 15W SE1/4 LOTS 8,9,10,11 BLK 31 ORB 3776 P 1471
Legal Description
36 3S 15W SE1/4 LOTS 8,9,10,11 BLK 31 ORB 3776 P 1471
Building Details
Year built
2005
Listing Agency:
Counts Real Estate Group Inc
(850) 249-3615
Listed By:
Eddie Tarter
(850) 258-9572
Added: Apr 15
Changed: Aug 4
Last Checked: Aug 30 at 12:06PM
MLS# 788403
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.
Investment Insights
Based on property information with market context.
For sale: a three-unit automotive property anchored by a turnkey tire and auto repair center. The main shop is fully equipped and operational, with five bay doors plus professional-grade lifts, compressors, and related equipment included in the sale. In addition to the primary business space, the property includes two separate income-producing rental units, both with long-term tenants in place.
One of the rental units also features an additional bay door, supporting automotive or light industrial flexibility. The site includes a fully fenced outdoor area that can support storage, fleet parking, or future expansion. The property is positioned on a corner lot with frontage on W 15th Street in Panama City, Florida, and is described as being on a high-traffic corridor with strong visibility.
The offering combines an operational automotive use with two income units on a single site, providing a built-in mix of business space and leased space.
One of the rental units also features an additional bay door, supporting automotive or light industrial flexibility. The site includes a fully fenced outdoor area that can support storage, fleet parking, or future expansion. The property is positioned on a corner lot with frontage on W 15th Street in Panama City, Florida, and is described as being on a high-traffic corridor with strong visibility.
The offering combines an operational automotive use with two income units on a single site, providing a built-in mix of business space and leased space.
Key Highlights
- Built in 2005 and located on a high‑traffic corridor with corner lot access
- Three total units: an operating tire and auto repair center plus two income‑producing rental units with long‑term tenants
- Main unit has five bay doors and includes professional‑grade lifts, compressors, and necessary equipment in the sale
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
$108,661
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
4.35%
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%
$2,173,220
$2.2M
Cap Rate 7%
$1,552,300
$1.6M
Cap Rate 9%
$1,207,344
$1.2M
Market Conditions
NOI Build-Up for 9,425 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
$169.7K $18.00/SF
− Vacancy
−$14.4K −$1.53/SF
EGI
$155.2K $16.47/SF
− OpEx
−$46.6K −$4.94/SF
NOI
$108.7K $11.53/SF
Area
Walton County, FL
Vacancy
8.50%
Lease Rate
$18.00 /SF/Yr
Expense Ratio
30.00%
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%
$2,173,220
Cap Rate 7%
$1,552,300
Cap Rate 9%
$1,207,344
Alternative Uses
Best Use
Retail
$1.55M
$1.36M – $1.81M
NOI $108,661 @ 7.0% cap · market cap 4.35%
Second Best
Industrial
$918.1K
$803.3K – $1.07M
NOI $64,266 @ 7.0% cap · market cap 2.57%
Theoretical Best
Office A
$2.37M
$2.07M – $2.77M
NOI $165,918 @ 7.0% cap · market cap 6.64%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
5
Service bays
Multi-tenant
Tenancy
Turnkey business
Opportunity
Yes
Fenced yard
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
765
Businesses Nearby
28k
Monthly Visits Nearby
Well-served
Demand for This Use
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
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
- Premier Window Tint and Customs — 1404 Lincoln Ave, Panama City, FL 32401
- Dover Cylinder Head — 2704 15th st, panama city, fl 32401
- Bay Town Tire Pros — 2609 W 15th St, Panama City, FL 32401
- F I Motors Muffler & Auto Repair, 15th Street, Panama City, FL — 2015 15th St, Panama City, FL 32401
- Auto Care — Panama City, FL 32401
Frequently Asked Questions
What type of property is this?
Auto shop - Auto repair center with two long-term rental units and a fully equipped five-bay shop on a corner lot.
Where is this auto shop located?
The property is located at 2206 W 15th Street Panama City, FL.
What is the asking price?
The asking price for this property is $2,499,000.
What are key features of this property?
This property features: Built in 2005 and located on a high‑traffic corridor with corner lot access; Three total units: an operating tire and auto repair center plus two income‑producing rental units with long‑term tenants; Main unit has five bay doors and includes professional‑grade lifts, compressors, and necessary equipment in the sale
