Highway 77 Retail
For Sale
$1,300,000
3407 S Highway 77, Panama City, FL 32405
2.1-acre property with retail building and highway frontage.
Property Size3,600 SF
Lot Size2.10 Acres
Price / SF$361.11
Days on Market1514
Property Features for 3407 S Highway 77
General Information
Standard status
Active
Size
3,600 SF
Lot size
2.10 Acres
Property subtype
Commercial
Amenities
Central air
CentralAir Cooling
Building Details
Year Built
1985
Listing Agency:
KELLER WILLIAMS SUCCESS REALTY
(850) 249-0313
Listed By:
CHRISTINE LANCE · License #3278226
Source:
Corcoran
Added: Jul 6, 2022
Changed: Aug 26
Last Checked: Aug 26 at 8:15AM
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 KELLER WILLIAMS SUCCESS REALTY
Investment Insights
Based on property information with market context.
This 2.1-acre property is located on Highway 77 in Panama City. It features 330 feet of road frontage and two points of ingress and egress. The average daily traffic count is 30,098 vehicles. The property includes a 60' x 60' metal retail building with a finished interior and covered warehouse storage. Parking is available at the front of the building, and an easement will be provided for driveway access to the adjacent building. The back portion of the property is vacant land. The property has a Panama City address but is annexed by the city of Lynn Haven, with utilities and taxes managed through Lynn Haven. The retail business currently operating on the premises is under a month-to-month lease, but is not part of the sale. The property is located near a median cut for convenient access from either direction.
Key Highlights
- High‑traffic location: 330' frontage on Hwy 77 with 30,098 average daily vehicles.
- Large 2.1 acre property with vacant land in the back.
- Includes a 60' x 60' metal retail building with finished interior space and covered warehouse storage.
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
$41,504
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
3.19%
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%
$830,080
$830.1K
Cap Rate 7%
$592,914
$592.9K
Cap Rate 9%
$461,156
$461.2K
Market Conditions
NOI Build-Up for 3,600 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
$64.8K $18.00/SF
− Vacancy
−$5.5K −$1.53/SF
EGI
$59.3K $16.47/SF
− OpEx
−$17.8K −$4.94/SF
NOI
$41.5K $11.53/SF
Area
Walton County, FL
Vacancy
8.50%
Lease Rate
$18.00 /SF/Yr
Expense Ratio
30.00%
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%
$830,080
Cap Rate 7%
$592,914
Cap Rate 9%
$461,156
Alternative Uses
Best Use
Retail
$592.9K
$518.8K – $691.7K
NOI $41,504 @ 7.0% cap · market cap 3.19%
Second Best
Warehouse
$442.2K
$387.0K – $515.9K
NOI $30,956 @ 7.0% cap · market cap 2.38%
Theoretical Best
Office A
$905.3K
$792.2K – $1.06M
NOI $63,374 @ 7.0% cap · market cap 4.87%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
288
Businesses Nearby
Explore this area
Business Placement
Demographics for 32405, FL
28,158
Population
13,585
Households
2.1
Avg Household Size
40
Median Age
29%
College-Educated
92%
High-School Grad
18.8 sq mi
ZIP Area
1,498
Density / Sq Mi
$71,002
Median Household Income
$41,867
Median Earnings
$1,418
Median Rent
$255,100
Median Home Value
Market
Vacancy Rate% for Industrial in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Retail space - 2.1-acre property with retail building and highway frontage.
Where is this retail space located?
The property is located at 3407 S Highway 77 Panama City, FL.
What is the asking price?
The asking price for this property is $1,300,000.
What are key features of this property?
This property features: High‑traffic location: 330' frontage on Hwy 77 with 30,098 average daily vehicles.; Large 2.1 acre property with vacant land in the back.; Includes a 60' x 60' metal retail building with finished interior space and covered warehouse storage.
