Multi-Building Warehouse
New
For Sale
$1,825,000
2515 E 15th St, Panama City, FL 32405
C3-A zoning supports warehouse, retail, transportation, and other commercial uses, subject to applicable restrictions.
Property Size7,548 SF
Lot Size4.50 Acres
Price / SF$241.79
Days on Market5
Property Features for 2515 E 15th St
General Information
Standard status
Active
Size
7,548 SF
Lot size
4.50 Acres
Zoning
C3-A
Additional Details
Road Access
Yes
Warehouse Space
43,615 SF
Land Use
retail, warehouse, residential
Building Details
Year Built
1965
Buildings
5
Listing Agency:
Keller Williams Realty Emerald
(850) 321-0917
Listed By:
Mike S Herring · License #3256219
Source:
Bemajorteam
Added: Aug 24
Changed: Aug 28
Last Checked: Aug 28 at 7:10AM
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.
This 4.5+/- acre property includes five warehouse buildings totaling 43,615 square feet: four buildings of 9,100 square feet each and one 7,215-square-foot building. The site also contains a 2,186-square-foot home that may be remodeled, used for property oversight, or removed. A granite retail storefront along 15th Street may likewise be retained, converted to retail use, or demolished. The property was built in 1965.
C3-A zoning permits uses including retail, transportation, warehousing, and waste management, while excluding refrigeration-product warehousing and similar refrigerated storage. Maximum building height is 100 feet. The site provides room for driveways, water retention, and parking, with required setbacks of 25 feet from 15th Street and 5 feet from the side boundaries. Commercial properties are located to the east and west.
C3-A zoning permits uses including retail, transportation, warehousing, and waste management, while excluding refrigeration-product warehousing and similar refrigerated storage. Maximum building height is 100 feet. The site provides room for driveways, water retention, and parking, with required setbacks of 25 feet from 15th Street and 5 feet from the side boundaries. Commercial properties are located to the east and west.
Key Highlights
- Five warehouses totaling 43,615 square feet
- Four 9,100‑square‑foot warehouses plus one 7,215‑square‑foot warehouse
- 4.5+/- acres across parcels 14605‑000‑000 and 14606‑000‑000
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
Lease Details
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
289
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.
Similar Off Market Nearby
- Jp Storage Center Inc — Redwood Ave, Panama City, FL 32401
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- Stow Pros — 2726 15th St, Panama City, FL 32405
- Ryder Truck Rental — 1185 15th St, Panama City, FL 32405
Frequently Asked Questions
What type of property is this?
Warehouse - C3-A zoning supports warehouse, retail, transportation, and other commercial uses, subject to applicable restrictions.
Where is this warehouse located?
The property is located at 2515 E 15th St 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: Five warehouses totaling 43,615 square feet; Four 9,100‑square‑foot warehouses plus one 7,215‑square‑foot warehouse; 4.5+/- acres across parcels 14605‑000‑000 and 14606‑000‑000
