For Sale
$400,000
7516 Olde Mill Road, Panama City, FL 32409
CommercialSale, Panama City, FL
Property Size1,080 SF
Lot Size2.71 Acres
Price / SF$370.37
Days on Market148
Property Features for 7516 Olde Mill Road
General Information
Property type
Commercial Sale
Property subtype
Other
Subdivision
[No Recorded Subdiv]
Elementary school
Southport
Middle school
Deane Bozeman
High school
Deane Bozeman
Directions
North on Hwy 77, go over Bailey Bridge and turn right on Co. Rd 2321, left on Olde Mill Rd, sits on the corner of 2321 and Olde Mill Rd
Standard status
Active
APN
07865-010-000
Size
1,080 SF
Lot size
2.71 Acres
Taxes and HOA fees
Tax Description
26 2S 14W-3.9-83A BEG 926.37' W & 907' S OF NE COR OF W 1/2 OF SE1/4 OF NW1/4 TH S 338.7' TO N R/W ST RD 77A E 304.67' NELY 311.75' W 438.85 ' TO POB ORB 814 P 91 OR
Legal Description
26 2S 14W-3.9-83A BEG 926.37' W & 907' S OF NE COR OF W 1/2 OF SE1/4 OF NW1/4 TH S 338.7' TO N R/W ST RD 77A E 304.67' NELY 311.75' W 438.85 ' TO POB ORB 814 P 91 OR
Utilities
Water front
1
Building Details
Year built
1966
Building materials
WoodSiding
Additional Structures
Garage(s)
Listing Agency:
Think Real Estate
(850) 270-4200
Listed By:
The Sanchez Group
(850) 890-6262
Added: Apr 2
Changed: Aug 19
Last Checked: Aug 27 at 6:06PM
MLS# 787792
Copyright © 2026 Central Panhandle Association of REALTORS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$11,961
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
2.99%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$239,220
$239.2K
Cap Rate 7%
$170,871
$170.9K
Cap Rate 9%
$132,900
$132.9K
Market Conditions
NOI Build-Up for 1,080 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$25.9K $24.00/SF
− Vacancy
−$4.2K −$3.86/SF
EGI
$21.7K $20.14/SF
− OpEx
−$9.8K −$9.06/SF
NOI
$12.0K $11.07/SF
Area
Walton County, FL
Vacancy
16.10%
Lease Rate
$24.00 /SF/Yr
Expense Ratio
45.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$239,220
Cap Rate 7%
$170,871
Cap Rate 9%
$132,900
Alternative Uses
Best Use
Apartment 5plus
$170.9K
$149.5K – $199.4K
NOI $11,961 @ 7.0% cap · market cap 2.99%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$271.6K
$237.7K – $316.9K
NOI $19,012 @ 7.0% cap · market cap 4.75%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
43
Businesses Nearby
Explore this area
Business Placement
Demographics for 32409, FL
10,394
Population
4,525
Households
2.3
Avg Household Size
42
Median Age
24%
College-Educated
90%
High-School Grad
126.6 sq mi
ZIP Area
82
Density / Sq Mi
$60,687
Median Household Income
$37,278
Median Earnings
$1,097
Median Rent
$221,500
Median Home Value
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
Where is this waterfront land located?
The property is located at 7516 Olde Mill Road Panama City, FL.
What is the asking price?
The asking price for this property is $400,000.
