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    Retail Building with Flexible Suites Title is generated by Realmo AI

    5401 East Highway 98, Panama City, FL 32404

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    Concrete block retail building offers multiple ingress points, strong dual-corridor visibility, and flexible remaining suite configurations.

    Type:Retail, Office, Restaurant
    Property size:
    4,223 SF
    Lot size:
    0.85 Acres
    Added:
    May 29, 2026
    Days on Market:
    9
    Last Refresh:
    Jun 6 at 3:03 am

    Property Features for 5401 East Highway 98

    General Information

    Standard status
    Active
    Size
    4,223 SF
    Lot size
    0.85 Acres
    Property subtype
    Retail, Office, Restaurant

    Building Details

    Year Built
    1968

    Spaces For Lease

    at 5401 East Highway 98 Contact us

    We can help!

    Listing Contact
    CASEY PRINDLE
    CASEY PRINDLE

    Listing agent CASEY PRINDLE License #3223583

    Listing office Nicklaus Vance Realty Group

    Listing date May 29, 2026

    Source Crexi

    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 Nicklaus Vance Realty Group

    HighLights

    • 4,223 SF concrete block retail building on 0.85‑acre site
    • Dual‑corridor gateway visibility at Highway 98 and Tyndall Parkway with 35,900+ combined vehicles daily
    • Approximately 75 surface parking spaces and multiple ingress/egress points
    • 1,400 SF currently occupied; 2,823 SF available for a single suite or split into two ~1,400 SF spaces
    • Surrounded by national retailers, regional restaurants, and neighborhood service businesses with daytime and evening traffic
    • Tyndall Air Force Base less than 4 miles south

    Overview

    5401 E Highway 98 is a 4,223-square-foot concrete block retail building set on an 0.85-acre site with approximately 75 surface parking spaces. The property includes multiple points of ingress and egress and strong visibility from two main corridors. Currently, 1,400 SF is occupied and 2,823 SF remains available for occupancy.

    The site is positioned at a gateway intersection in the City of Parker, at the convergence of Highway 98 and Tyndall Parkway, generating a combined 35,900+ vehicles daily. The surrounding trade area is described as anchored by a dense mix of national retailers, regional restaurants, and neighborhood service businesses, with residential communities bordering the site to the north and east. Tyndall Air Force Base is less than 4 miles to the south.

    The available space can be leased either as a single contiguous suite or divided into two spaces of approximately 1,400 SF each, providing flexibility for retailers and service-oriented concepts of different sizes. With on-site parking and access designed for convenience, the remaining area is well suited for tenants seeking a prominent, high-traffic retail address with adaptable floorplate options.
    Location Intelligence

    Current Use by Public Records

    Retail space

    Suggested Use

    Real Estate Agency Restaurant Law Firm Spa & Massage Center Dental Office Hair Salon Nail Salon Building Supply Auto Repair Shop Pharmacy

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

    Location Insight

    • Map
    • Local Demand
    City
    Panama City
    County
    Walton
    State
    Florida
    Longitude
    -85.591479
    Latitude
    30.128048

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    FAQs

    What type of property is this?
    Retail space - Concrete block retail building offers multiple ingress points, strong dual-corridor visibility, and flexible remaining suite configurations.
    Where is this retail space located?
    The property is located at 5401 East Highway 98 Panama City, FL.
    What are key features of this property?
    This property features: 4,223 SF concrete block retail building on 0.85‑acre site; Dual‑corridor gateway visibility at Highway 98 and Tyndall Parkway with 35,900+ combined vehicles daily; Approximately 75 surface parking spaces and multiple ingress/egress points
    (786) 443-7203 Call to check price and availability
    We can help!
    Contact for Pricing
    Please call us for current price
    and status of this listing CASEY PRINDLE
    CASEY PRINDLE
    Real Estate License ID: 3223583
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    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.

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