Prime Highway 77 Commercial
For Sale
Contact for pricing
Pending
3407 FL-77, Panama City, FL 32405
4.2-acre property with retail buildings and redevelopment potential.
Property Size7,200 SF
Lot Size4.20 Acres
Days on Market1520
Property Features for 3407 FL-77
General Information
Standard status
Pending
Size
7,200 SF
Lot size
4.20 Acres
Property subtype
Land, Mixed Use, Retail, Special Purpose
Zoning
Commercial
Building Details
Year Built
1985
Buildings
2
Listing Agency:
Keller Williams Success Realty
(850) 258-2544
Listed By:
Christine Lance · License #FL CQ 1025030
Source:
Crexi
Added: Jul 5, 2022
Changed: Aug 23
Last Checked: Aug 29 at 8:22PM
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 4.2-acre property is located on Highway 77 in Panama City, Florida, featuring 330 feet of road frontage and two access points. The average daily traffic count is 30,098 vehicles. The property includes two 60' x 60' metal retail buildings with finished interior space and covered warehouse storage. Parking is available at each building, with a driveway in between. The rear of the property consists of vacant land with a cement slab where a storage building was previously located. 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 location offers potential for redevelopment, suitable for office, hotel, restaurant, or retail use. The area is experiencing new construction of gas stations, grocery stores, and restaurants. There is a need for multi-family housing, hotels, retail, restaurants, entertainment venues, office buildings, and storage units. Tyndall Air Force Base is being rebuilt and will house three fighter squadrons, bringing approximately 5,000 people to the area starting in August 2026.
Key Highlights
- High‑traffic location on Hwy 77 with 330' of road frontage and an average daily traffic
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
$83,009
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
3.33%
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%
$1,660,180
$1.7M
Cap Rate 7%
$1,185,843
$1.2M
Cap Rate 9%
$922,322
$922.3K
Market Conditions
NOI Build-Up for 7,200 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
$129.6K $18.00/SF
− Vacancy
−$11.0K −$1.53/SF
EGI
$118.6K $16.47/SF
− OpEx
−$35.6K −$4.94/SF
NOI
$83.0K $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%
$1,660,180
Cap Rate 7%
$1,185,843
Cap Rate 9%
$922,322
Alternative Uses
Best Use
Retail
$1.19M
$1.04M – $1.38M
NOI $83,009 @ 7.0% cap · market cap 3.33%
Second Best
Mixed Use
$952.9K
$833.8K – $1.11M
NOI $66,704 @ 7.0% cap · market cap 2.67%
Theoretical Best
Office A
$1.81M
$1.58M – $2.11M
NOI $126,749 @ 7.0% cap · market cap 5.08%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
733
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?
Mixed-use property - 4.2-acre property with retail buildings and redevelopment potential.
Where is this mixed-use property located?
The property is located at 3407 FL-77 Panama City, FL.
What is the asking price?
The asking price for this property is $2,495,000.
What are key features of this property?
This property features: High‑traffic location on Hwy 77 with 330' of road frontage and an average daily traffic
