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 Market499
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: Oct 9 at 8:06PM
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 / Yr
$82,650
Cap Rate
4.53%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,653,000
$1.7M
Cap Rate 7%
$1,180,714
$1.2M
Cap Rate 9%
$918,333
$918.3K
Market Conditions
NOI Build-Up for 7,548 SF
Gross rent
$128.6K $17.04/SF
− Vacancy
−$10.5K −$1.40/SF
EGI
$118.1K $15.64/SF
− OpEx
−$35.4K −$4.69/SF
NOI
$82.6K $10.95/SF
Area
Bay County, FL
Vacancy
8.20%
Lease Rate
$17.04 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,653,000
Cap Rate 7%
$1,180,714
Cap Rate 9%
$918,333
Alternative Uses
Best Use
Retail
$1.18M
$1.03M – $1.38M
NOI $82,650 @ 7.0% cap · market cap 4.53%
Second Best
Warehouse
$816.7K
$714.7K – $952.9K
NOI $57,172 @ 7.0% cap · market cap 3.13%
Theoretical Best
Office A
$2.20M
$1.92M – $2.57M
NOI $153,946 @ 7.0% cap · market cap 8.44%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Industrial in South region
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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
