Warehouse Complex with Retail
For Sale
$1,825,000
2515 E 15th Street, Panama City, FL 32405
Five warehouse buildings accompany an existing storefront and a separate residential structure that can be remodeled or removed.
Property Size7,548 SF
Days on Market445
Property Features for 2515 E 15th Street
General Information
Standard status
Active
Size
7,548 SF
Property subtype
Commercial
Zoning
Commercial
Building Details
Building Size
7,548 SF
Year Built
1965
Listing Agency:
Keller Williams Realty Emerald
(850) 321-0917
Listed By:
Mike S Herring · License #3256219
(850) 321-0917
Source:
Fullsailnwfl
Added: May 29, 2025
Changed: Aug 15
Last Checked: Aug 15 at 5:43AM
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 Keller Williams Realty Emerald
Investment Insights
Based on property information with market context.
The 4.5+/- acre property contains five warehouse buildings totaling 43,615 square feet: four 9,100-square-foot buildings and one 7,215-square-foot building. An existing granite retail storefront fronts 15th Street and may be converted for continued retail use or removed. A separate 2,186-square-foot home offers another structure for remodeling or demolition, depending on the site plan.
Zoned C3-A, the property includes stated allowances for retail, transportation, warehousing, and waste management uses, while refrigeration-product storage is excluded. The site plan can accommodate driveways, water retention, and parking, with setbacks of 25 feet from 15th Street and 5 feet from the side lines. Commercial properties are located to the east and west. The property is at 2515 E 15th Street in Panama City, Florida, and the existing improvements date to 1965.
Zoned C3-A, the property includes stated allowances for retail, transportation, warehousing, and waste management uses, while refrigeration-product storage is excluded. The site plan can accommodate driveways, water retention, and parking, with setbacks of 25 feet from 15th Street and 5 feet from the side lines. Commercial properties are located to the east and west. The property is at 2515 E 15th Street in Panama City, Florida, and the existing improvements date to 1965.
Key Highlights
- 4.5+/- acres across parcels 14605‑000‑000 and 14606‑000‑000
- Five warehouses total 43,615 square feet
- Four 9,100‑square‑foot warehouses plus one 7,215‑square‑foot warehouse
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
$87,021
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
4.77%
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%
$1,740,420
$1.7M
Cap Rate 7%
$1,243,157
$1.2M
Cap Rate 9%
$966,900
$966.9K
Market Conditions
NOI Build-Up for 7,548 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
$135.9K $18.00/SF
− Vacancy
−$11.5K −$1.53/SF
EGI
$124.3K $16.47/SF
− OpEx
−$37.3K −$4.94/SF
NOI
$87.0K $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%
$1,740,420
Cap Rate 7%
$1,243,157
Cap Rate 9%
$966,900
Alternative Uses
Best Use
Retail
$1.24M
$1.09M – $1.45M
NOI $87,021 @ 7.0% cap · market cap 4.77%
Second Best
Warehouse
$927.2K
$811.3K – $1.08M
NOI $64,905 @ 7.0% cap · market cap 3.56%
Theoretical Best
Office A
$1.90M
$1.66M – $2.21M
NOI $132,875 @ 7.0% cap · market cap 7.28%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
705
Businesses Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Demographics for 32405, FL
28,158
Population
13,585
Households
2.1
Avg Household Size
40
Median Age
29%
College-Educated
92%
High-School Grad
18.8 sq mi
ZIP Area
1,498
Density / Sq Mi
$71,002
Median Household Income
$41,867
Median Earnings
$1,418
Median Rent
$255,100
Median Home Value
Market
Vacancy Rate% for Industrial in South region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
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- Ryder Truck Rental — 1185 15th St, Panama City, FL 32405
Frequently Asked Questions
What type of property is this?
Warehouse - Five warehouse buildings accompany an existing storefront and a separate residential structure that can be remodeled or removed.
Where is this warehouse located?
The property is located at 2515 E 15th Street Panama City, FL.
What is the asking price?
The asking price for this property is $1,825,000.
What are key features of this property?
This property features: 4.5+/- acres across parcels 14605‑000‑000 and 14606‑000‑000; Five warehouses total 43,615 square feet; Four 9,100‑square‑foot warehouses plus one 7,215‑square‑foot warehouse
