Building Details

Year Built 1941

Buildings 1

Building Size 1,498 SF

Listing Agency: GILLMAN GROUP REALTY Show Phone

Listed By: VICTORIA GILLMAN

Source: Corcoran

Added: Oct 21 Changed: Oct 27 Last Checked: Oct 26 at 4:30PM

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Investment Insights

Based on property information with market context.

Built in 1941, this 1,498-square-foot property occupies a 0.16-acre parcel in downtown Panama City. The layout can serve residential or commercial occupancy. Recent interior work includes fresh paint, replacement trim and doors, recessed lighting, and a kitchenette fitted with granite countertops and new cabinetry. Handicap access and parking at both the front and rear are also provided.

The property is near the downtown business district and one block from Harrison Avenue. Its mixed-use zoning and interior updates support a range of possible business or residential arrangements.

Key Highlights

• 1,498‑square‑foot building on a 0.16‑acre lot
• Zoned for residential and commercial use
• Built in 1941; interior updates include recessed lighting, new trim and doors, and fresh paint

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$15,167

Cap Rate

4.04%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$303,340 $303.3K

Cap Rate 7%

$216,671 $216.7K

Cap Rate 9%

$168,522 $168.5K

Is this asking price fair?

Market Conditions

NOI Build-Up for 1,498 SF

Gross rent

$27.0K $18.00/SF

− Vacancy

−$2.7K −$1.80/SF

EGI

$24.3K $16.20/SF

− OpEx

−$9.1K −$6.07/SF

NOI

$15.2K $10.13/SF

Area

Bay County, FL

Vacancy

10.00%

Lease Rate

$18.00 /SF/Yr

Expense Ratio

37.50%

Simulate Cap Rate and NOI

Suggested Prices Based on Cap Rates

Cap Rate 5%

$303,340

Cap Rate 7%

$216,671

Cap Rate 9%

$168,522

Alternative Uses

Best Use

Mixed Use

$216.7K

$189.6K – $252.8K (±1% cap)

NOI $15,167 @ 7.0% cap · market cap 4.04%

Second Best

—

—

no second resolved use

Theoretical Best

Office A

$436.5K

$381.9K – $509.2K (±1% cap)

NOI $30,553 @ 7.0% cap · market cap 8.15%

Zoning and permitted uses should be independently verified with authorities. How Realmo checks its estimates

Property Analytics

Who owns this building? See the owner, sales and loan history

Open Analytics

Current Use

Lighthouse Realty Bay Business Broker

Suggested Use

Top Pick Bakery Garden Center (Bike/Boat/Book/etc) Store Acupuncture Catering Service Grocery & Convenience Store

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Location Intelligence

Trade Area within ½ mile

1,647

Businesses Nearby

Explore this area Business Placement

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

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Frequently Asked Questions

What type of property is this?

Mixed-use property - Residential and commercial zoning supports a range of occupancy arrangements.

Where is this mixed-use property located?

The property is located at 834 Grace Avenue Panama City, FL.

What is the asking price?

The asking price for this property is $375,000.

What are key features of this property?

This property features: 1,498‑square‑foot building on a 0.16‑acre lot; Zoned for residential and commercial use; Built in 1941; interior updates include recessed lighting, new trim and doors, and fresh paint