West 23rd Street Commercial
3707 W 23rd Street Panama City, FL 32405
For Sale
$315,000
Versatile commercial property on a busy Panama City corridor.
Property Size1,046 SF
Lot Size0.10 Acres
Price / SF$301.15
Days on Market318
Property Features for 3707 W 23rd Street
General Information
Standard status
Active
Size
1,046 SF
Lot size
0.10 Acres
Property subtype
Commercial
Building Details
Year Built
1942
Listing Agency:
GULF LIFE REAL ESTATE INC
(850) 699-1996
Listed By:
CELESTE M RUSTIN
Source:
Corcoran
Added: Sep 13, 2025
Changed: Jul 6
Last Checked: Jul 27 at 9:06AM
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 GULF LIFE REAL ESTATE INC
Investment Insights
Based on property information with market context.
Located on West 23rd Street in Panama City, Florida, this commercial property offers visibility and accessibility. The 1046 square foot property is suitable for a professional office, small business, or residential conversion. The property contains three individual offices, a conference room, a break room, a reception area, and an archival room. Most of the furniture conveys with the sale. The property is located on one of Panama City's busiest corridors, offering high traffic counts and proximity to established businesses.
Key Highlights
- Owner financing available
- Prime location on West 23rd Street, a high‑traffic corridor
- Versatile property suitable for office, business, or residential conversion
Financial Insights For Office B
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $22.0k | $21.00 |
| − Vacancy | −$4.4k | −$4.20 |
| EGI | $17.6k | $16.80 |
| − OpEx | −$4.4k | −$4.20 |
| NOI | $13.2k | $12.60 |
1,046 SF · lease $21.00/SF/yr · vacancy 20.00% · expense 25.00%
Alternative Uses
Best Use
Office B
$188.3K
$164.8K – $219.7K
NOI $13,180 @ 7.0% cap · market cap 4.18%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$263.1K
$230.2K – $306.9K
NOI $18,414 @ 7.0% cap · market cap 5.85%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Location Intelligence
Current Use
Frequently Asked Questions
What type of property is this?
Office units - Versatile commercial property on a busy Panama City corridor.
Where is this office units located?
The property is located at 3707 W 23rd Street Panama City, FL.
What is the asking price?
The asking price for this property is $315,000.
What are key features of this property?
This property features: Owner financing available; Prime location on West 23rd Street, a high‑traffic corridor; Versatile property suitable for office, business, or residential conversion
