Add Listing
    For Sale
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    Back to Search
    The Largest CRE Database in the US with Over 1 Million Listings

    240 Harmon Ave Panama City, FL 32401

    View on Map
    Loading data...
    Loading data...
    Loading data...
    For Sale
    $6,197,500

    34-unit waterfront community with 22-slip marina in revitalizing downtown.

    Property size:
    29,796 SF
    Lot size:
    1.05 Acres

    Property Features for 240 Harmon Ave

    General Information

    Standard status
    Active
    Size
    29,796 SF
    Lot size
    1.05 Acres

    Building Details

    Year built
    1966

    We can help!

    Listing Contact
    Marcy L O'Donnell
    Marcy L O'Donnell
    Source: Corcoran

    Listing Agency: LUXE COASTAL REALTY Listing Agent: Marcy L O'Donnell

    Displayed information is deemed reliable but is not guaranteed and should be independently verified.

    Learn more

    Overview

    Waterfront Community with Marina

    This 34-unit waterfront community features a 22-slip marina. The property includes an income-generating on-site laundry facility and a low-maintenance marina that produces steady net revenue. Twenty-two units were fully renovated down to the studs in 2020. Upgrades include upgraded mechanicals, new roofs, and contemporary interiors. The property has a history of consistently high occupancy. It is positioned within the heart of Downtown Panama City's ongoing revitalization, featuring upgraded streetscapes, improved walkability, and renewed waterfront development. The property size is 29796 square feet.
    Location Intelligence

    Current Use by Public Records

    Magnolia Cove Marina Marina Magnolia Cove Apartments ... Apartment Complex

    Suggested Use

    Real Estate Agency Restaurant Law Firm Spa & Massage Center Dental Office Hair Salon Nail Salon Building Supply Auto Repair Shop Gym & Fitness Center

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Panama City
    County
    Walton
    State
    Florida
    Longitude
    -85.6568558
    Latitude
    30.1501128

    Nearby Similar for Sale

    • New
      $418,500
      1,674 SF

      Updated Commercial Building, Prime Location

      Move-in ready commercial building suitable for various business ventures.
      316 W 11Th St, Panama City, FL 32401
      View Details
    • $379,900
      2,768 SF

      High-Visibility Commercial Building on Corner Lot

      2,768 SF commercial building on 0.446-acre corner lot.
      247 Highway 22 A, Panama City, FL 32404
      View Details
    • $435,000
      2,337 SF

      Commercial Property with Residential Conversion

      Versatile commercial property with residential conversion potential and industrial building.
      922 N East Ave, Panama City, FL 32401
      View Details
    • $229,900
      Pending

      Updated Cottage with Commercial Potential

      Updated 2BR, 2BA cottage in historic St. Andrews.
      1709 Cincinnati Ave, Panama City, FL 32401
      View Details
    • $489,500
      3,200 SF

      Office, Warehouse, and Laydown Yard

      Office and warehouse space with fenced laydown yard in Panama City.
      625 Mercer Ave, Panama City, FL 32401
      View Details
    • $340,000
      1,868 SF

      Panama City Commercial Office Investment

      Income-producing commercial office in Panama City's business district.
      1148 Jenks Ave, Panama City, FL 32401
      View Details
    • $949,000
      1,747 SF

      Inlet Beach Townhome in Prominence

      Charming 3-bedroom townhome in Prominence community near Scenic 30A.
      25 E Pine Lands Loop, Inlet Beach, FL 32461
      View Details
    • $310,000
      1,626 SF

      Renovated Office Space Near Courthouse

      Completely renovated office space in downtown Panama City, Florida.
      307 E 5Th St, Panama City, FL 32401
      View Details
    • $699,000
      3,375 SF

      Panama City Transmission Repair Business

      Operating transmission repair business with equipment, tools, and existing goodwill.
      1900 N East Ave, Panama City, FL 32405
      View Details
    • $415,000
      3,375 SF

      Retail Building in Panama City

      Well-maintained retail building with high visibility and flexible layout.
      1415 Gulf Ave, Panama City, FL 32401
      View Details
    • $1,490,000
      1.15 Acres

      Panama City Commercial Opportunity

      Prime commercial location suitable for office, restaurant, or retail.
      2209 Thomas Dr, Panama City, FL 32408
      View Details
    • $1,300,000
      3,600 SF

      Retail Building on Highway 77

      2.1 acre property with retail building and warehouse storage.
      3407 Highway 77 S, Panama City, FL 32405
      View Details

    FAQs

    What type of property is this?
    Apartment building - 34-unit waterfront community with 22-slip marina in revitalizing downtown.
    Where is this apartment building located?
    The property is located at 240 Harmon Ave Panama City, FL.
    What is the asking price?
    The asking price for this property is $6,197,500.
    What are key features of this property?
    This property features: - Waterfront community featuring a **22-slip marina**.; - **22 units fully renovated in 2020**, including upgraded mechanicals and new roofs.; - Located in Downtown Panama City's revitalization area with improved walkability and waterfront development.
    (848) 220-5555
    Request Owner's contact information
    240 Harmon Ave Panama City, FL 32401
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    240 Harmon Ave
    Panama City, FL 32401
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    240 Harmon Ave Panama City, FL 32401
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    We can help!
    Listing Contact
    Marcy L O'Donnell
    Marcy L O'Donnell
    Real Estate License ID: BK3417794
    (848) 220-5555
    Learn more
    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!