Multi-Building Warehouse
For Sale
$1,825,000
2515 E 15th Street, Panama City, FL 32405
CommercialSale, Panama City, FL
Property Size7,548 SF
Lot Size4.50 Acres
Price / SF$241.79
Days on Market454
Property Features for 2515 E 15th Street
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning description
Commercial
Subdivision
No Named Subdivision
Elementary school
Cedar Grove
Middle school
Mowat
High school
Bay
Directions
From Hwy 77 (Martin Luther King, Jr. Boulevard), go East and property will be on the left side. From Transmitter or East Ave, go West and property will be on the right.
Standard status
Active
APN
14605-000-000
Size
7,548 SF
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
Legal 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
Building Details
Year built
1965
Listing Agency:
Keller Williams Realty Emerald
(850) 654-2900
Listed By:
Mike S Herring · License #3256219
(850) 321-0917
Added: May 29, 2025
Changed: Aug 19
Last Checked: Aug 25 at 6:06PM
MLS# 774127
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.
Investment Insights
Based on property information with market context.
This 4.5+/- acre property comprises two parcels at 2515 E 15th Street and includes five warehouse buildings totaling 43,615 square feet. The existing improvements consist of four 9100 square foot warehouses and one 7215 square foot warehouse, along with a 2186 square foot home that can be remodeled or removed. A granite retail storefront on 15th Street may also be removed or converted for retail use.
C3-A zoning accommodates uses including retail, transportation, warehousing, and waste management, with refrigeration products and like-kind refrigeration storage excluded. Maximum permitted building height is 100 feet. The site provides room for driveways, water retention, and parking, with 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 accommodates uses including retail, transportation, warehousing, and waste management, with refrigeration products and like-kind refrigeration storage excluded. Maximum permitted building height is 100 feet. The site provides room for driveways, water retention, and parking, with 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
- 4.5+/- acres across two parcels: 14605‑000‑000 and 14606‑000‑000
- Five warehouses totaling 43,615 total square feet
- Four (4) 9100 square foot warehouses and One (1) 7215 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
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.
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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.
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 two parcels: 14605‑000‑000 and 14606‑000‑000; Five warehouses totaling 43,615 total square feet; Four (4) 9100 square foot warehouses and One (1) 7215 warehouse
