Turnkey Auto Repair
For Sale
$2,499,000
2206 W 15th Street, Panama City, FL 32401
Prime commercial property with auto repair center and rental units.
Property Size9,425 SF
Price / SF$265.15
Days on Market119
Property Features for 2206 W 15th Street
General Information
Standard status
Active
Size
9,425 SF
Property subtype
Commercial
Building Details
Year Built
2005
Listing Agency:
COUNTS REAL ESTATE GROUP INC
(850) 249-3615
Listed By:
EDDIE TARTER
Source:
Corcoran
Added: Apr 15
Changed: Aug 11
Last Checked: Aug 10 at 4:53AM
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 COUNTS REAL ESTATE GROUP INC
Investment Insights
Based on property information with market context.
This commercial property is located minutes from Panama City Beach, on a high-traffic corridor with corner lot access and excellent visibility. The property features three units, anchored by a turnkey tire and auto repair center. The main unit is fully equipped and operational, with five bay doors, professional-grade lifts, compressors, and all necessary equipment included in the sale. The property also includes two income-producing rental units with long-term tenants. One of the rental units has an additional bay door, suitable for automotive or light industrial use. There is an expansive, fully fenced outdoor area for auto storage, fleet parking, or expansion. The property offers strong frontage, steady traffic counts, and multiple income streams.
Key Highlights
- Turnkey tire and auto repair center with all equipment included for immediate operation.
- Prime location on a high‑traffic corridor near Panama City Beach with excellent visibility and corner lot access.
- Multiple income streams from the established auto repair business and two rental units with long‑term tenants.
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
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
- Dover Cylinder Head — 2704 15th st, panama city, fl 32401
- F I Motors Muffler & Auto Repair, 15th Street, Panama City, FL — 2015 15th St, Panama City, FL 32401
- Premier Window Tint and Customs — 1404 Lincoln Ave, Panama City, FL 32401
- Auto Care — Panama City, FL 32401
- Bay Town Tire Pros — 2609 W 15th St, Panama City, FL 32401
Frequently Asked Questions
What type of property is this?
Auto shop - Prime commercial property with auto repair center and rental units.
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: Turnkey tire and auto repair center with all equipment included for immediate operation.; Prime location on a high‑traffic corridor near Panama City Beach with excellent visibility and corner lot access.; Multiple income streams from the established auto repair business and two rental units with long‑term tenants.
