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    Panama City Neighborhood Shopping Center Title is generated by Realmo AI

    615 N Highway 231, Panama City, FL 32405

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    For Sale
    $6,493,000

    54,027 SF shopping center on 5.18 acres for sale.

    Type:Commercial Shopping Center
    Property size:
    54,027 SF
    Lot size:
    5.18 Acres
    Price / SF:
    $120/SF
    Added:
    Apr 1, 2026
    Days on Market:
    67
    Last Refresh:
    Apr 1 at 11:46 am

    Property Features for 615 N Highway 231

    General Information

    Standard status
    Active
    Size
    54,027 SF
    Lot size
    5.18 Acres
    Property subtype
    Commercial Shopping Center

    Building Details

    Year Built
    1977

    We can help!

    Listing Contact
    Brent Faison
    Brent Faison

    Listing agent Brent Faison

    Listing office NAI TALCOR | Tallahassee

    Listing date Apr 1, 2026

    Source Naiglobal

    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 NAI TALCOR | Tallahassee

    HighLights

    • High Occupancy Rate: 83.13% occupied, providing stable in‑place income.
    • Strategic Location: Situated on 5.18 acres with access points on Hwy 231, Hwy 77, and 19th Street.
    • Significant Size: +/-54,027 SF neighborhood shopping center.
    • Lease Upside Opportunity: +/-9,114 SF office vacancy presents potential for increased income.
    • Recent Upgrades: New roof and HVAC installed in 2019.
    • Ample Parking: Parking ratio of 4.37:1000.

    Overview

    The property is a neighborhood shopping center with approximately 54,027 square feet of space, situated on 5.18 acres. It is located on Highway 231 in Panama City. The property benefits from multiple access points on major arteries, including Highway 231 and Highway 77, along with a separate lighted intersection at 19th Street. The shopping center is 83.13% occupied and generates stable in-place income. There is an approximately 9,114 square foot office vacancy, presenting a lease upside opportunity. A new roof and HVAC system were installed in 2019. The parking ratio is 4.37 spaces per 1,000 square feet.
    Location Intelligence

    Current Use by Public Records

    Shopping centers

    Suggested Use

    Restaurant Real Estate Agency Law Firm Building Supply Spa & Massage Center Dental Office Big Box & Wholesale Store Auto Repair Shop Hair Salon Gym & Fitness Center

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

    Similar Places Nearby

    • Gilberg's Plaza — 2421 FL-77, Panama City, FL 32405
    • Mariner Plaza — 615 US-231, Panama City, FL 32405
    • PCB Office — 625 US-231, Panama City, FL 32405
    • Bay City Point — 500 E 23rd St, Panama City, FL 32405
    • Panama City Mall — 2150 Martin Luther King Jr Blvd, Panama City, FL 32405

    Location Insight

    • Map
    • Local Demand
    City
    Panama City
    County
    Walton
    State
    Florida
    Longitude
    -85.6530156
    Latitude
    30.1821071

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    FAQs

    What type of property is this?
    Shopping center - 54,027 SF shopping center on 5.18 acres for sale.
    Where is this shopping center located?
    The property is located at 615 N Highway 231 Panama City, FL.
    What is the asking price?
    The asking price for this property is $6,493,000.
    What are key features of this property?
    This property features: High Occupancy Rate: 83.13% occupied, providing stable in‑place income.; Strategic Location: Situated on 5.18 acres with access points on Hwy 231, Hwy 77, and 19th Street.; Significant Size: +/-54,027 SF neighborhood shopping center.
    (850) 814-4490
    We can help!
    Listing Contact
    Brent Faison
    Brent Faison
    Learn More
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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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    615 N Highway 231, Panama City, FL 32405
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