Waterfront Commercial
For Sale
$350,000
Pending
4402 HIGHWAY 2321, Panama City, FL 32404
CommercialSale, Panama City, FL
Property Size2,219 SF
Lot Size3.50 Acres
Days on Market3172
Property Features for 4402 HIGHWAY 2321
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning description
Agriculture
Subdivision
No Named Subdivision
Elementary school
Deer Point
Middle school
Merritt Brown
High school
Mosley
Directions
From Panama City Mall, travel north on Hwy 231, turn left on Hwy 2321, property is located on the left in the Bait Shop area.
Standard status
Pending
APN
08671-000-000
Size
2,219 SF
Lot size
3.50 Acres
Taxes and HOA fees
Tax Description
36 2S 14W & 01 3S 14W ORG LOTS 1,2,3 S OF BAY LESS PRCLS & LESS RD R/W TO CO IN ORIG LOT 1 ALSO S 30' OF W 122.32' OF SE1/4 LESS R/W TO SR 77A IN SEC 36 2S 14W 01 3S 14W ** COM AT THE NORTH LINE OF SEC 1 & SWLY R/W OF HWY 2321 TH W 529.49' FOR POB TH CONT W 1276.26' TH S 357.50 ' TH W 431'M/L TO WATERS EDGE TH SLY ALONG WATERS EDGE TO MCKITHENS BAYOU TH NLY ELY SLY ALONG WATERS EDGE OF BAYOU 3168'
Legal Description
36 2S 14W & 01 3S 14W ORG LOTS 1,2,3 S OF BAY LESS PRCLS & LESS RD R/W TO CO IN ORIG LOT 1 ALSO S 30' OF W 122.32' OF SE1/4 LESS R/W TO SR 77A IN SEC 36 2S 14W 01 3S 14W ** COM AT THE NORTH LINE OF SEC 1 & SWLY R/W OF HWY 2321 TH W 529.49' FOR POB TH CONT W 1276.26' TH S 357.50 ' TH W 431'M/L TO WATERS EDGE TH SLY ALONG WATERS EDGE TO MCKITHENS BAYOU TH NLY ELY SLY ALONG WATERS EDGE OF BAYOU 3168'
Utilities
Water front
1
Building Details
Year built
1965
Listing Agency:
Counts Real Estate Group
(850) 248-3615
Listed By:
Charlie B Haas · License #3021473
(850) 896-2240
Added: Feb 3, 2018
Changed: Aug 19
Last Checked: Oct 11 at 8:06PM
MLS# 667661
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 3.5-acre commercial land site fronts North Bay at the foot of the Deer Point Dam and currently includes a 2219-square-foot bait shop built in 1965. The property is identified as Site 2A on the property aerial and is part of a fragmented 76.6-acre parcel at 4402 Highway 2321, Panama City, Florida 32404.
The site is zoned Agriculture/Timberland (AG-2) in unincorporated Bay County. Rezoning and access to municipal water and sewer would require annexation into the City of Lynn Haven. Site size and dimensions are to be determined as the property is carved from the current parcel.
The site is zoned Agriculture/Timberland (AG-2) in unincorporated Bay County. Rezoning and access to municipal water and sewer would require annexation into the City of Lynn Haven. Site size and dimensions are to be determined as the property is carved from the current parcel.
Key Highlights
- 3.5‑acre waterfront commercial site on North Bay
- Existing 2219‑square‑foot bait shop built in 1965
- Located at the foot of the Deer Point Dam
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$24,298
Cap Rate
6.94%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$485,960
$486.0K
Cap Rate 7%
$347,114
$347.1K
Cap Rate 9%
$269,978
$270.0K
Market Conditions
NOI Build-Up for 2,219 SF
Gross rent
$37.8K $17.04/SF
− Vacancy
−$3.1K −$1.40/SF
EGI
$34.7K $15.64/SF
− OpEx
−$10.4K −$4.69/SF
NOI
$24.3K $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%
$485,960
Cap Rate 7%
$347,114
Cap Rate 9%
$269,978
Alternative Uses
Best Use
Retail
$347.1K
$303.7K – $405.0K
NOI $24,298 @ 7.0% cap · market cap 6.94%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$646.5K
$565.7K – $754.3K
NOI $45,258 @ 7.0% cap · market cap 12.93%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Location Intelligence
Trade Area within ½ mile
8
Businesses Nearby
Explore this area
Business Placement
Demographics for 32404, FL
38,186
Population
18,053
Households
2.1
Avg Household Size
40
Median Age
21%
College-Educated
87%
High-School Grad
135.1 sq mi
ZIP Area
283
Density / Sq Mi
$72,208
Median Household Income
$38,701
Median Earnings
$1,355
Median Rent
$239,700
Median Home Value
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Market
Vacancy Rate% for Retail in South region
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Frequently Asked Questions
What type of property is this?
Commercial land - Existing bait shop on North Bay waterfront land in unincorporated Bay County.
Where is this commercial land located?
The property is located at 4402 HIGHWAY 2321 Panama City, FL.
What is the asking price?
The asking price for this property is $350,000.
What are key features of this property?
This property features: 3.5‑acre waterfront commercial site on North Bay; Existing 2219‑square‑foot bait shop built in 1965; Located at the foot of the Deer Point Dam
