Back to Search
Property profile & analytics
OFF-MARKET
Estimated value
$2,080,000
Turn key restaurants
1031 15th St Panama City, FL 32401-2095
Entity Owned
3-yr Hold
Absentee Owner
~
Est. High Equity
Property ID
US18-4495868
Property summary
AI-generated overview
This exceptional 6,280-square-foot restaurant property presents a unique investment opportunity in Panama City, Florida's thriving Bay County. Located at 1031 W 15th St, this 1.459-acre lot boasts ample parking and a high visibility location with a 35,000 AADT count. Currently vacant, the building, constructed in 1972, offers a turnkey setup for a new restaurant or other commercial venture. Features include two walk-in coolers, a walk-in freezer, hood systems, and BBQ smokers, capable of seating up to 150 patrons (including outdoor seating). The property is zoned commercial and offers flexibility: renovate and lease, demolish and rebuild with a ground lease, or purchase outright. Its adaptable nature makes it suitable for various uses, including a medical office or urgent care clinic. The asking price is $2,500,000, with a price per square foot of $398.09. This is an absolute NNN lease type property. The property is available for immediate viewing. Lease options are available for discussion. This is a rare opportunity in a rapidly growing market. The APN is 18653-010-000.
Property profile
Verified
Property type
Turn key restaurants
Use group
RESTAURANT
Year built
1972
Construction
MASONRY/CONCRETE MASONRY UNITS (CMUS)
Total area
6,280 SF
Lot
1.46 ac (63,554 SF)
Zoning code
PC09
APN
18653-010-000
UPID
US18-4495868
Cap rate & NOI
Priority signal for investors
Implied cap rate, NOI & suggested price
Cap rate vs submarket · NOI estimate · 3 price anchors
Implied cap rate, NOI & suggested price
Cap vs submarket · NOI estimate · 3 price anchors
Current use
Occupant on record · Public records
-
Big Chicken Restaurant Take-out & Catering
-
Corams Steak and Egg Restaurant
-
Southern Crunch Authentic New Orleans Food Restaurant
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
$1.96M
CAP Approach
CAP
by Request
Comparable Approach
Comparable
$1.73M
Blend (final)
Blend
$2.08M
Owner & transaction history
Faat Pigs LLC · 3 yrs held
Faat Pigs LLC
since 2022
Last sale
$2.4M
4 recorded transactions
Zoning & alternative use
PC09 · Panama City, FL
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Top alternative use upside
Auto repair, garage
$3.0M
+98.2%
Cap rate
Implied · in-place · derived from last sale + estimated NOI
Implied Cap rate
#1
Implied · in-place · NOI ÷ last sale
In-place · derived from last sale + estimated NOI
Cap rate, NOI & submarket benchmark
Implied cap rate vs Panama City submarket · NOI estimate · Typical band, median & reading
Implied cap rate, NOI & submarket benchmark
Cap vs Panama City submarket · NOI estimate · typical band, median & reading
Refine your cap rate
8-question underwriting flow
1.
Property current status — Going-In vs Stabilized
2.
Price for denominator — asking / offer / market
3.
Leasing status & lease structure (NNN / Gross)
4.
Tenant risk profile & vacancy assumption
5.
Upload T12 / rent roll / OM (optional)
Refine in 60 seconds, get exact suggested price
T12 upload · Submarket benchmarks · Sensitivity grid
Suggested price · 3 cap rate anchors
Income approach @ 5% / 7% / 9% — aggressive / typical / conservative
Suggested price at 5% / 7% / 9% cap
Aggressive / typical / conservative · Implied $/SF per anchor · Sensitivity grid
Suggested price at 5% / 7% / 9% cap
Aggressive / typical / conservative · implied $/SF · sensitivity
Value
AI, CAP & Alternative Use estimations · Realmo proprietary blendValue Estimations
Based on Realmo’s proprietary methodology
AI Approach
Method
Estimation
Statistic approach
$1,960,000
ML approach
$1,955,000
CAP Approach
CAP Return
Estimation
6%
by Request
6.5%
by Request
7%
by Request
Alternative Use
Use
Estimation
RESTAURANT
$1,520,000
Current use
AUTO REPAIR, GARAGE
$3,015,000
Change: +98% · Conversion: Difficult
OFFICE BUILDING
$1,340,000
Change: -12% · Conversion: Moderate
Blend value · Realmo final
$2.08M
Range $1.87M – $2.29M · ±10% · vs last sale $2.38M (Oct 27 2022)
Last sale anchor
$2.38M
Oct 27 2022
Realmo estimate · informational only.
These numbers are calculated by our models from public records and may not reflect actual market value.
Not an appraisal.
Verify with a licensed appraiser before transacting. Realmo accepts no liability for divergence from real-world outcomes.
View the full estimation — every method, every assumption
Confidence drivers & risk notes · Custom comparable set · Free for first 3 / day
Full estimation methodology
Every method · every assumption · confidence drivers
Price per SF
Sale + rent benchmarks
Subject property
$331 / SF
Submarket sale & rent benchmarks
Median sale $/SF · Asking & closed rent · Submarket vacancy
Submarket sale & rent benchmarks
Median sale $/SF · asking & closed rent · submarket vacancy
Property tax & assessments
Tax year 2023Property tax & assessments
Tax year 2023
Tax billed
$10,285
Tax year 2023
Assessed value
$621,060
Assessed 2023
Previous assessed
$621,060
+0.0% YoY
Effective rate
1.66%
On assessed value
Assessed land
$291,800
Assessed improvement
$329,260
Land market value
$291,800
Improvement market value
$329,260
Total market value
$621,060
Applied tax rate
16.0000
Comparables
6 recent transactions · within 1.5 miComparable in this city
6 recent transactions
Comparable in this City
Similar Nearby for Sale
Similar Nearby for Lease
Recent comparable sales
Sale price & price/SF · Sale date & distance · Adjustments & confidence
Recent comparable sales
Sale price & $/SF · sale date & distance · adjustments
Property description
Physical attributes from public recordsBuilding & lot
Public records
Property type
Turn key restaurants
Use group
RESTAURANT
Status
Off-Market
Year built
1972
Construction
MASONRY/CONCRETE MASONRY UNITS (CMUS)
Heating
FORCED AIR
Cooling
CENTRAL
Stories
1
Rooms
5
Total area
6,280 SF
Lot
1.46 ac (63,554 SF)
Zoning code
PC09
APN
18653-010-000
UPID
US18-4495868
Jurisdiction
BAY
Zoning & alternative use
PC09 · Panama City, FL
Zoning PC09 · permitted uses
PC09 · Panama City, FL
Permitted & conditional uses
Allowed uses · Special-permit conditions · Prohibited uses
Permitted & conditional uses
Allowed · special-permit conditions · prohibited
Panama City. Always verify with local authorities before improvements.
Alternative use value scenarios
Repositioning upside vs current use
RESTAURANT Current
Est. value
$1.5M
AUTO REPAIR, GARAGE
Est. value
$3.0M
OFFICE BUILDING
Est. value
$1.3M
RESTAURANT Current
AUTO REPAIR, GARAGE
OFFICE BUILDING
Alternative use deep dive — conversion cost, permits, timeline
Conversion cost estimate · Permit path & risks · Stabilized NOI per option
Alternative use deep dive
Conversion cost · permit path · stabilized NOI per option
Building & site characteristics
From public records
Year built
1972
Construction
MASONRY/CONCRETE MASONRY UNITS (CMUS)
Heating
FORCED AIR
Cooling
Yes
Stories
1
Rooms
5
Lot
1.46 ac
Current owner
From public records · entity-resolved
Faat Pigs LLC
Entity
Mailing address
1113 YORK AVE, NEW YORK, NY 10065-8756
Mailing matches property
Different — outreach signal
Owner-occupied
No
Ownership since
2022
Owner contacts — direct phone, email, and related entities
Decision-maker phone · Verified email · Related entities & filings
Owner contacts
Email · phone · related entities
Sales History
4 recorded events · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
Oct 27, 2022
$2,375,000
Faat Pigs LLC
Frc Prg 15th Street LLC
Special Warranty Deed
$1,500,000 · South State Bank NA
May 31, 2022
$650,000
Frc Prg 15th Street LLC
Drew Station INC
Special Warranty Deed
$1,270,000 · Dallas Capital Bank NA
May 6, 2022
—
Drew Station INC
Michael R Drew
Individual Deed
—
Jul 7, 2009
—
Drew Station INC
Ownership Opportunities INC
Quit Claim Deed
related
—
Coming soon
Costs & Benchmarks
Operating expenses, capex projections, utility benchmarks, and submarket comparables — all in one view.
Coming soon
Risks
Flood, climate, environmental, title, and tenant-concentration risk — surfaced with mitigations and source citations.
Try Rey
Ask anything about this address in plain English.
“Is 15.6% cap rate sustainable?” · “Best tenant mix for BU1?” · “What’s the redev upside?”
You own 1031 15th St?
List it free. Reach 20,000 daily buyers.
We’ve already pulled the facts. Confirm photos + price and you’re live in 2 minutes.
List this address →
Full reports are paid
Unlock the full Property Analytics report
Start free for 7 days — no card required. Full owner contacts, all 4 valuations with methodology, refine flow, comparable adjustments, foot-traffic deep dive, export to PDF / CSV.
