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    Panama City Commercial Land Available Title is generated by Realmo AI

    2515 E 15th Street, Panama City, FL 32405

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    Claim this Listing
    For Sale
    $1,825,000

    COMMERCIAL - Panama City, FL

    Lot size:
    4.50 Acres
    Added:
    May 30, 2025
    Days on Market:
    350
    Last Refresh:
    May 14 at 5:06 pm

    Property Features for 2515 E 15th Street

    General Information

    Property type
    Commercial Sale
    Property subtype
    Other
    Standard status
    Active
    APN
    14605-000-000
    Lot size
    4.50 Acres

    Taxes and HOA fees

    Tax Description
    34 3S 14W -3- 104D4 BEG 172.5' E & 40' N OF SW COR OF SE1/4 OF SE1/4 TH N 200' E 157.5' S 200' W 157.5' TO POB ORB 4064 P 2287

    We can help!

    Listing Contact
    Mike S Herring

    Listing agent Mike S Herring License #3256219

    Listing office Keller Williams Realty Emerald 3925 W County Hwy 30a Suite 1, Destin, FL

    Listing date May 30, 2025

    MLS# 774170 Listing URL

    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.

    HighLights

    • 5+/- acres with flexible C3‑A zoning, ideal for diverse commercial uses.
    • Five existing warehouses totaling 43,615 square feet.
    • Opportunity to remodel or demolish a 2186 square foot home.
    • Option to convert or demolish the existing granite retail storefront.
    • Ample room for driveways, water retention, and parking.
    • Located among other commercial properties.

    Overview

    Available is a 4.5+/- acre commercial property, consisting of two parcels. The property is zoned C3-A, a flexible zoning designation that allows for a range of uses, including all uses permitted under C1 and C2 zoning. These uses encompass retail, transportation, and warehouses, with the exception of refrigeration product warehousing. The maximum building height allowed is 100 feet. Currently, there are four 9,100 square foot warehouses and one 7,215 square foot warehouse on the property, totaling 43,615 square feet of warehouse space. The site provides ample room for driveways, water retention, and parking. Additionally, there is a 2,186 square foot home that can be remodeled for rental income or used as a residence for management or property oversight. There is also an option to demolish the existing granite retail storefront on 15th Street or convert it into a retail space or management check-in area. The Boot Store has been sold and is not included in the 4.5+/- acres. Setbacks are 25 feet off 15th Street and 5 feet off the sides. Commercial properties are located to the east and west of the property, offering potential business opportunities.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Legacy Tile and Granite Kitchen & Bath Showroom Legacy Tile General Contractor

    Suggested Use

    Restaurant Real Estate Agency Law Firm Spa & Massage Center Building Supply Big Box & Wholesale Store Hair Salon Auto Repair Shop Nail Salon Hotel & Motel

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

    Location Insight

    • Map
    • Local Demand
    City
    Panama City
    County
    Walton
    State
    Florida
    Longitude
    -85.628238
    Latitude
    30.175306

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    FAQs

    What type of property is this?
    Commercial land - 4.5+/- acres of commercial land with flexible zoning.
    Where is this commercial land 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: 5+/- acres with flexible C3‑A zoning, ideal for diverse commercial uses.; Five existing warehouses totaling 43,615 square feet.; Opportunity to remodel or demolish a 2186 square foot home.
    (850) 321-0917
    We can help!
    Listing Contact
    Mike S Herring
    Real Estate License ID: 3256219
    Learn More
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    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.

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    2515 E 15th Street, Panama City, FL 32405
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