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    2015 23Rd St Panama City, FL 32405

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    For Sale
    Contact for pricing

    Prime development opportunity, flexible options.

    Property Features for 2015 23Rd St

    General Information

    Property type
    Land
    Lot Size
    33,977 SF

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    Listing Contact
    Charlie Haas
    Charlie Haas

    Listing Agent: Charlie Haas

    Displayed information is deemed reliable but is not guaranteed and should be independently verified.

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    Property Insight Report

    Overview

    This exceptional commercial land offering in Panama City, Florida, presents a unique investment opportunity. Located at 2015 West 23rd Street, Bay County, zip code 32405, this property encompasses multiple parcels totaling approximately 11.8 acres, zoned General Commercial 2 (GC2). Several sites are available for purchase individually or as a package, ranging in size from 0.78 acres to 11.8 acres. Site 5, a 0.78-acre pad-ready site, features 34 paved parking spaces and a 135 ft x 60 ft pad for building construction. Site 6, a substantial 11.8-acre parcel, offers 812 ft of frontage on Ingress Drive and 565 ft on Frankford Avenue; however, 2.22 acres are subject to a conservation easement. The property's strategic location is approximately 0.6 miles east of Highway 390 and 2.5 miles west of Highway 77, ensuring excellent visibility and accessibility. Sites 1, 2, 3, and 4 have been sold. Note that stormwater retention is required on-site for most parcels, except Site 5, which shares a system with a neighboring Sam's Club. Cross-ingress/egress access is available with Sam's Club. The seller is open to offers for purchase or build-to-suit arrangements, and ground lease rates are negotiable. This is an ideal location for a variety of commercial developments. Contact us today to discuss your proposal.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    CEFCO Convenience Store Grocery & Convenience Store

    Suggested Use

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

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

    Location Insight

    • Map
    • Local Demand
    City
    Panama City
    County
    Bay
    State
    Florida
    Longitude
    -85.691517
    Latitude
    30.1895347

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    FAQs

    What type of property is this?
    Land - Prime development opportunity, flexible options.
    Where is this land located?
    The property is located at 2015 23Rd St Panama City, FL.
    What are key features of this property?
    This property features: Panama City Market Place Development offers several commercial land sites for sale or build-to-suit opportunities, with pricing available upon request.; The property is located at 2015 West 23rd Street, Panama City, Florida 32405, near Highways 390 and 77.; Sites range in size from 0.78 acres to 11.8 acres, with some sites already partially or fully sold.
    (850) 896-2240 Call to check price and availability
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    2015 23Rd St Panama City, FL 32405
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    Panama City, FL 32405
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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.

    More about this property
    2015 23Rd St Panama City, FL 32405
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    We can help!
    Contact for Pricing
    Please call us for current price
    and status of this listing Charlie Haas
    Charlie Haas
    (850) 896-2240
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