Add Listing
Property Lookup
    Property Lookup
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    Back to Search
    The Largest CRE Database in the US with Over 1 Million Listings
    Property profile & analytics

    1002 23rd St Panama City, FL 32405-3683

    • Office properties & Spaces
    • 41,134 SF
    • 2.41 lot acres
    OFF-MARKET
    Value Estimations
    $3,025,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US18-4150744
    The Realmo ID is a unique identifier assigned to every property, incorporating country codes and precise geo-coordinates for 300x300-foot land blocks. It enables standardized data collection and seamless integration of disparate sources such as ownership, tax, title data and physical specifications. By aggregating current and historical records, the Realmo ID powers advanced analytics and delivers deep, verifiable insights for real estate professionals.

    Current Use by Public Records

    • Briarwood Apartments Phase II / Apartment Building
    • Florida State of Compliance / State Government Office
    • US Permits Inspection Office / City Government Office
    • FedEx Drop Box / Postal Service / Courier Service
    • Beach Financial Center / Financial Advisor

    Property Details for 1002 23rd St

    Year built
    1989
    Construction
    STEEL FRAME
    Lot size
    2.41 lot acres
    Property size
    41,134 SF
    Zone code
    PC09
    Property type
    Office properties & Spaces
    APN
    13209-055-000
    APU
    13209055000

    Value Estimations

    based on Realmo’s proprietary methodology

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $2,751,000
      Market price range: $2.75M - $13.3M
      AI Estimate
      $2,144,000
      Market price range: $2.14M - $7.80M

    Get a detailed, property-specific valuation — fast and free

    Location Insight

    • Map
    • Local Demand
    City
    Panama City
    County
    Bay
    State
    Florida
    Longitude
    -85.6764
    Latitude
    30.1903
    CBSA code
    37460
    CBSA name
    PANAMA CITY-LYNN HAVEN, FL METROPOLITAN STATISTICAL AREA

    Property Tax & Assessments

    Tax date
    Tax Amount
    Assessed Land Value
    Assessed Improvement Value
    Total Assessed Value
    Applied Tax Rate
    Land Market Value
    Improvement Market Value
    Total Market Value
    2023
    $23,956
    $1,205,000
    $258,957
    $1,463,957
    -
    $1,205,000
    $258,957
    $1,463,957

    Comparable in this City

    • Value Estimation by Request

      2420 Jenks Ave

      Office properties & Spaces
      2420 Jenks Ave, Panama City, FL 32405
      View Details
    • Value Estimation
      $1,510,000
      8,400 SF

      3002 19th St

      OFFICE (GENERAL) • 8,400 SF
      3002 19th St, Panama City, FL 32405
      View Details
    • Value Estimation by Request
      2,040 SF

      1627 Airport Rd

      OFFICE (GENERAL) • 2,040 SF
      1627 Airport Rd, Panama City, FL 32405-2206
      View Details
    • Value Estimation by Request
      2,340 SF

      1848 Beck Ave

      OFFICE (GENERAL) • 2,340 SF
      1848 Beck Ave, Panama City, FL 32405-2569
      View Details
    • Value Estimation
      $1,440,000
      7,496 SF

      3900 Arbor Trce Dr

      OFFICE (GENERAL) • 7,496 SF
      3900 Arbor Trce Dr, Panama City, FL 32405
      View Details
    • Value Estimation by Request
      988 SF

      1829 Sherman Ave

      OFFICE (GENERAL) • 988 SF
      1829 Sherman Ave, Panama City, FL 32405-6230
      View Details

    Similar Nearby for Sale

    • $210,000

      Prime Commercial Corner Lot

      Highly visible corner lot ideal for commercial development.
      230 W 15Th St, Panama City, FL 32405
      View Details
    • Contact for pricing
      9,219 SF

      Class A Medical Office Space

      9,219 SF Class A medical/office space available Q1 2026.
      2402 State Ave, Panama City, FL 32405
      View Details
    • Contact for pricing
      13,132 SF

      Medical Office & Surgery Center

      Medical office and ambulatory surgery center for sale in Panama City.
      1600 Jenks Ave, Panama City, FL 32405
      View Details
    • $295,000
      950 SF

      Renovated Office Space on 23rd

      Fully renovated office space on a busy commercial corridor.
      3707 W 23Rd St, Panama City, FL 32405
      View Details
    • $455,000
      1,229 SF

      Medical Office in Desirable Location

      Ground floor medical office space in sought-after medical complex.
      2202 State Ave, Panama City, FL 32405
      View Details

    Similar Nearby for Lease

    • Contact for pricing

      Recently Renovated Shopping Plaza

      Active shopping plaza suitable for retail, medical, or office purposes.
      2421 Fl-77, Panama City, FL 32405
      View Details
    • $20 SF/Yr
      2,729 SF

      Turn-Key Office Space Available

      Office space for rent in a central Bay County location.
      3009 Hwy 77 #O, Panama City, FL 32405
      View Details
    • $16 SF/Yr
      106,094 SF

      Class A Office Space Available

      Class A office space for lease in Panama City, Florida.
      3109 Minnesota Ave #5, Panama City, FL 32405
      View Details
    • $16 SF/Yr
      106,094 SF

      Class A Office Space Available

      Class A office space for lease in Panama City.
      3109 Minnesota Ave #5, Panama City, FL 32405
      View Details
    • $16 SF/Yr
      106,094 SF

      Class A Office Space Available

      Class A office space for lease, 3,000 to 103,000 sq. ft.
      3109 Minnesota Ave, Panama City, FL 32405
      View Details
    • $16 SF/Yr
      46,928 SF

      Panama City Class A Office

      Class A office space available for lease in Panama City.
      3109 Minnesota Ave, Panama City, FL 32405
      View Details
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    1002 23rd St
    Panama City, FL 32405-3683
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    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
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!