Corner Storefront
For Sale
$995,000
4018 W Hwy 98 Street, Panama City, FL 32405
CommercialSale, Panama City, FL
Property Size3,706 SF
Lot Size0.55 Acres
Price / SF$268.48
Days on Market337
Property Features for 4018 W Hwy 98 Street
General Information
Property type
Commercial Sale
Property subtype
Other
Accessibility
Accessible Approach with Ramp
Subdivision
Bayview Add
Elementary school
Lucille Moore
Middle school
Jinks
High school
Bay
Directions
Travel east on Hwy 98 from CPAR building the property will be 3/4 mile on left at the NE corner of 98 and Grant Ave,
Standard status
Active
APN
28193-000-000
Size
3,706 SF
Lot size
0.55 Acres
Taxes and HOA fees
Tax Description
BAYVIEW ADD LOTS 13,14,15 BLK 4 ORB 2016 P 2177 ORB 2049 P 2140 ORB 2091 P 1416 ORB 2490 P 1316
Legal Description
BAYVIEW ADD LOTS 13,14,15 BLK 4 ORB 2016 P 2177 ORB 2049 P 2140 ORB 2091 P 1416 ORB 2490 P 1316
Amenities
signage
Building Details
Year built
1978
Flooring type
Concrete
Building materials
Concrete
Listing Agency:
Counts Real Estate Group Inc
(850) 231-1483
Listed By:
Andy G Gonsalves · License #0409063
(850) 527-2639
Added: Sep 23, 2025
Changed: Aug 19
Last Checked: Aug 25 at 6:06PM
MLS# 792088
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 vacant storefront building contains 3,706 square feet on a 0.55-acre property in Panama City. Concrete construction and concrete flooring provide a durable commercial foundation, while an accessible approach with ramp supports visitor access. The property was built in 1978 and includes existing signage and approximately 50 parking spaces.
The site is positioned along the Hwy 98 corridor at 4018 W Hwy 98 Street, with a corner-lot configuration and room identified for potential expansion. Its Panama City location places the property along a route connecting toward downtown St. Andrews and Tyndall, as described in the property information. The building is offered vacant for a new commercial operation.
The site is positioned along the Hwy 98 corridor at 4018 W Hwy 98 Street, with a corner-lot configuration and room identified for potential expansion. Its Panama City location places the property along a route connecting toward downtown St. Andrews and Tyndall, as described in the property information. The building is offered vacant for a new commercial operation.
Key Highlights
- 3,706‑square‑foot storefront building on a 0.55‑acre property
- Approximately 50 +/- parking spaces on site
- Corner‑lot position along Hwy 98
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
$42,726
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
4.29%
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%
$854,520
$854.5K
Cap Rate 7%
$610,371
$610.4K
Cap Rate 9%
$474,733
$474.7K
Market Conditions
NOI Build-Up for 3,706 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
$66.7K $18.00/SF
− Vacancy
−$5.7K −$1.53/SF
EGI
$61.0K $16.47/SF
− OpEx
−$18.3K −$4.94/SF
NOI
$42.7K $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%
$854,520
Cap Rate 7%
$610,371
Cap Rate 9%
$474,733
Alternative Uses
Best Use
Retail
$610.4K
$534.1K – $712.1K
NOI $42,726 @ 7.0% cap · market cap 4.29%
Second Best
Industrial
$361.0K
$315.9K – $421.2K
NOI $25,270 @ 7.0% cap · market cap 2.54%
Theoretical Best
Office A
$932.0K
$815.5K – $1.09M
NOI $65,240 @ 7.0% cap · market cap 6.56%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Highway access
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
390
Businesses Nearby
55k
Monthly Visits Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 45%
Dining 45%
Hotels & Casinos 10%
McDonald's
Dining
15,527 visits/mo
0.2 miles
Circle K
Shops & Services
13,320 visits/mo
0.3 miles
Dollar General
Shops & Services
6,676 visits/mo
0.1 miles
Dunkin' Donuts
Dining
5,336 visits/mo
0.2 miles
Golden Chick
Dining
3,767 visits/mo
0.2 miles
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 Retail in South region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Storefront property - Vacant concrete storefront on a corner lot along Hwy 98 with existing signage and on-site parking.
Where is this storefront property located?
The property is located at 4018 W Hwy 98 Street Panama City, FL.
What is the asking price?
The asking price for this property is $995,000.
What are key features of this property?
This property features: 3,706‑square‑foot storefront building on a 0.55‑acre property; Approximately 50 +/- parking spaces on site; Corner‑lot position along Hwy 98
