Renovation-Ready Storefront
For Sale
$1,000,000
540 Harrison Ave, Panama City, FL 32401
Gutted commercial interior offers a renovation-ready storefront with a 2024 re-roof.
Property Size6,327 SF
Price / SF$158.05
Days on Market78
Property Features for 540 Harrison Ave
General Information
Standard status
Active
Size
6,327 SF
Property subtype
Commercial
Property Condition
Severity
Major Repairs Needed
Evidence
completely gutted
Building Details
Year Built
1942
Buildings
1
Listing Agency:
Overstreet Realty
Listed By:
Molly M Shores · License #SL3464778
(850) 624-1448
Source:
Emeraldcoasthomesource
Added: Aug 5
Changed: Oct 1
Last Checked: Oct 19 at 7:11AM
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 Overstreet Realty
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Investment Insights
Based on property information with market context.
This 5,005-square-foot storefront property was built in 1942 and is currently gutted for renovation. The interior provides an unfinished starting point for a new commercial buildout, and the property is being offered as-is. A re-roof was completed in 2024.
Located at 540 Harrison Avenue in downtown Panama City, the building is zoned for commercial use and has public parking nearby. Its established downtown setting places the property within an active commercial area while allowing the next owner to reconfigure the interior around a new concept.
Located at 540 Harrison Avenue in downtown Panama City, the building is zoned for commercial use and has public parking nearby. Its established downtown setting places the property within an active commercial area while allowing the next owner to reconfigure the interior around a new concept.
Key Highlights
- 5,005 sq ft commercial building
- Gutted interior ready for renovation
- Re‑roof completed in 2024
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$69,280
Cap Rate
6.93%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,385,600
$1.4M
Cap Rate 7%
$989,714
$989.7K
Cap Rate 9%
$769,778
$769.8K
Market Conditions
NOI Build-Up for 6,327 SF
Gross rent
$107.8K $17.04/SF
− Vacancy
−$8.8K −$1.40/SF
EGI
$99.0K $15.64/SF
− OpEx
−$29.7K −$4.69/SF
NOI
$69.3K $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%
$1,385,600
Cap Rate 7%
$989,714
Cap Rate 9%
$769,778
Alternative Uses
Best Use
Retail
$989.7K
$866.0K – $1.15M
NOI $69,280 @ 7.0% cap · market cap 6.93%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.84M
$1.61M – $2.15M
NOI $129,043 @ 7.0% cap · market cap 12.90%
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
Property Analytics
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Open Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
1,679
Businesses Nearby
15k
Monthly Visits Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 57%
Hotels & Casinos 39%
Home Improvements & Furnishings 4%
Hotel Indigo
Hotels & Casinos
6,030 visits/mo
0.5 miles
Dollar General
Shops & Services
3,443 visits/mo
0.0 miles
Family Dollar
Shops & Services
2,704 visits/mo
0.2 miles
Regions Bank
Shops & Services
2,560 visits/mo
0.3 miles
City Electric Supply
Home Improvements & Furnishings
544 visits/mo
0.2 miles
Demographics for 32401, FL
20,487
Population
10,239
Households
2
Avg Household Size
42
Median Age
20%
College-Educated
86%
High-School Grad
12.5 sq mi
ZIP Area
1,639
Density / Sq Mi
$49,901
Median Household Income
$35,885
Median Earnings
$1,194
Median Rent
$207,000
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Retail in South region
Similar Off Market Nearby
- Hallmark Flower Shoppe — 702 US-98 BUS, Panama City, FL 32401
- Late Bloomer Flower Shoppe — 556 Harrison Ave, Panama City, FL 32401
Frequently Asked Questions
What type of property is this?
Storefront property - Gutted commercial interior offers a renovation-ready storefront with a 2024 re-roof.
Where is this storefront property located?
The property is located at 540 Harrison Ave Panama City, FL.
What is the asking price?
The asking price for this property is $1,000,000.
What are key features of this property?
This property features: 5,005 sq ft commercial building; Gutted interior ready for renovation; Re‑roof completed in 2024
