Retail Center with Growth
724 W 23rd St, Panama City, FL 32405
96,844 SF retail center with significant revenue growth opportunity.
Type:Retail
Property size:
96,844 SF- Added:
- Feb 13, 2026
- Days on Market:
- 103
- Last Refresh:
- Mar 17 at 1:15 pm
Property Features for 724 W 23rd St
General Information
- Standard status
- Active
- Size
- 96,844 SF
- Property subtype
- Retail
Building Details
- Year Built
- 1986
Listing agent Brad Peterson License #FL Broker (3162030)
Listing office Colliers - Orlando, Florida
Listing date Feb 13, 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 Colliers - Orlando, Florida
HighLights
- Anchored by Academy Sports + Outdoors, a major sporting goods retailer.
- Significant near‑term NOI growth potential with the opportunity to add over $337,000 of revenue within four years.
- Academy Sports + Outdoors has a long‑term lease with 11.2 years remaining and scheduled rent increases.
- Substantial mark‑to‑market rental upside as existing tenants pay rents 25‑50% below market.
- Long‑tenured, well‑established tenants (Dollar General and shop tenants) with renewal history.
- Located in a high‑barrier, supply‑constrained market.
Overview
This 96,844 SF retail center, anchored by Academy Sports + Outdoors, offers a compelling investment opportunity. Academy Sports occupies a 54,408 SF store and is the second largest U.S. sporting goods retailer. Academy pays low rent of $9.25 PSF NNN with scheduled $0.75 PSF bumps every five years (next in August 2027), and has 11.2 years of remaining lease term. The property presents a rare opportunity to add over $337,000 of revenue within four years (8.1% CAGR). Dollar General and the majority of shop tenants are long-tenured, well-established businesses with renewal history, yet pay rents about 25-50% below market with no remaining renewal options offering a massive mark-to-market opportunity as leases roll within three years. Combined with 1,400 SF of vacancy, these dynamics deliver significant rent growth and merchandising upside in a high-barrier, supply-constrained market.
Location Intelligence
Current Use by Public Records
Goldsmith Jewelry
(Bike/Boat/Book/etc) Store
Similar Places Nearby
- Panama City Square — 535 W 23rd St, Panama City, FL 32405
- Florida MV Express Kiosk — 650 W 23rd St, Panama City, FL 32405
- 23rd Street Station — 650 W 23rd St, Panama City, FL 32405
Location Insight
- Map
- Local Demand
- City
- Panama City
- County
- Walton
- State
- Florida
- Longitude
- -85.6714174
- Latitude
- 30.1901137
Nearby Similar for Sale
FAQs
What type of property is this?
Shopping center - 96,844 SF retail center with significant revenue growth opportunity.
Where is this shopping center located?
The property is located at 724 W 23rd St Panama City, FL.
What are key features of this property?
This property features: Anchored by Academy Sports + Outdoors, a major sporting goods retailer.; Significant near‑term NOI growth potential with the opportunity to add over $337,000 of revenue within four years.; Academy Sports + Outdoors has a long‑term lease with 11.2 years remaining and scheduled rent increases.
