Add Listing
    For Sale
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    Back to Search
    Prime Lot Near Gulf of Mexico Title is generated by Realmo AI

    505 W Gulf Court, Panama City Beach, FL 32413

    View on Map
    Claim this Listing
    Loading data...
    Loading data...
    Loading data...
    For Sale
    $200,000

    Desirable lot near the Gulf, ideal for beach retreat.

    Added:
    Jun 9, 2025
    Days on Market:
    336
    Last Refresh:
    Mar 16 at 9:09 am

    Property Features for 505 W Gulf Court

    General Information

    Standard status
    Active

    We can help!

    Listing Contact
    TERI A VEGA

    Listing agent TERI A VEGA

    Listing office KELLER WILLIAMS SUCCESS REALTY

    Listing date Jun 9, 2025

    Source Corcoran

    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 KELLER WILLIAMS SUCCESS REALTY

    HighLights

    • Only 2 1/2 blocks from the Gulf of Mexico.
    • No HOA fees.
    • Prime Panama City Beach location.
    • Ideal for full‑time living, second home, or vacation rental.
    • Close to local restaurants, shops, and beachside entertainment.
    • Located in the desirable Open Sands subdivision.

    Overview

    This lot is located just 2 1/2 blocks from the Gulf of Mexico, in the Open Sands subdivision. The location in Panama City Beach is suitable for full-time living, a second home, or a vacation rental. The property has no HOA. Local dining and entertainment options are nearby, including Runaway Island, AutentiKa Mexican Grille, and The Local Steamer, as well as shops, ice cream spots, and beachside entertainment. The west end of Panama City Beach provides access to the beach, dining, and other amenities.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Residential land & home ...

    Suggested Use

    Law Firm Real Estate Agency Restaurant Spa & Massage Center Dental Office Nail Salon Building Supply Gym & Fitness Center Auto Repair Shop Skin Care Clinic

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Panama City Beach
    County
    Bay
    State
    Florida
    Longitude
    -85.8572
    Latitude
    30.2096

    Nearby Similar for Sale

    • $650,000
      2,556 SF

      Panama City Beach Multifamily Opportunity

      Versatile property near the beach with redevelopment potential.
      604 Fernwood Street, Panama City Beach, FL 32407
      View Details
    • $45
      6,000 SF

      New Medical Office Space Available

      Class A medical space in a premier healthcare environment.
      1002 N Arnold Rd unit: C, Panama City Beach, FL 32413
      View Details
    • $650,000
      2,556 SF

      Panama City Beach Income Property

      Versatile income property near the heart of Panama City Beach.
      604 Fernwood Street, Panama City Beach, FL 32407
      View Details
    • $999,000
      2,320 SF

      Duplex in Coveted Beach Neighborhood

      Two residential units in Panama City Beach with short-term rental potential.
      13801 Bay Avenue, Panama City Beach, FL 32413
      View Details
    • $925,000

      Waterfront Homesite on Lake Powell

      Exceptional waterfront homesite on Lake Powell, near beaches and 30A.
      134 Cain Road, Panama City Beach, FL 32413
      View Details
    • $650,000

      Panama City Beach Development Opportunity

      Prime land near Margaritaville, ideal for mixed-use development.
      10028 Steel Field Road, Panama City Beach, FL 32413
      View Details
    • $325,000

      Prime Lot in Panama City

      Spacious lot near beach, shopping, and bay access.
      8620 N Lagoon Drive, Panama City Beach, FL 32408
      View Details
    • $900,000

      Prime Commercial Land Opportunity

      Two adjoining parcels near Pier Park, Panama City Beach.
      Hutchison Boulevard, Panama City Beach, FL 32407
      View Details
    • $850,000
      4,432 SF

      Turnkey Income Property in Panama

      Stabilized, fully leased duplex with renovated units and recent upgrades.
      2605 Redwood Street, Panama City Beach, FL 32408
      View Details
    • $850,000
      4,432 SF

      Turnkey Income Property in Panama

      Stabilized, fully leased duplex with strong income and recent upgrades.
      2605 Redwood Street, Panama City Beach, FL 32408
      View Details
    • $645,000
      2,088 SF

      Adorable Duplex with Multiple Possibilities

      Duplex with short-term rental potential near beach and lagoon.
      3707 Mystic Street, Panama City Beach, FL 32408
      View Details
    • $299,000

      Waterfront Lot in Panama City

      Prime waterfront lot with commercial development potential in Westbay, Florida.
      Buchanan Road, Panama City Beach, FL 32413
      View Details

    FAQs

    What type of property is this?
    Land - Desirable lot near the Gulf, ideal for beach retreat.
    Where is this land located?
    The property is located at 505 W Gulf Court Panama City Beach, FL.
    What is the asking price?
    The asking price for this property is $200,000.
    What are key features of this property?
    This property features: Only 2 1/2 blocks from the Gulf of Mexico.; No HOA fees.; Prime Panama City Beach location.
    We can help!
    Listing Contact
    TERI A VEGA
    Learn More
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Thank You for Inquiry
    505 W Gulf Court, Panama City Beach, FL 32413
    letter with green check mark
    Check your email
    We sent you the
    agent's contact details. yellow underline
    Can't find it?
    Please check your junk/spam folder.
    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!