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Property profile & analytics
OFF-MARKET
Estimated value
$810,000
Grocery and convenience stores
128 23rd St Panama City, FL 32405-4527
Entity Owned
13-yr Hold
Free & Clear
Property ID
US18-0603468
Property profile
Verified
Property type
Grocery and convenience stores
Use group
CONVENIENCE STORE
Year built
1989
Construction
STEEL FRAME
Total area
5,582 SF
Lot
0.99 ac (43,248 SF)
Zoning code
PC09
APN
13016-102-000
UPID
US18-0603468
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
-
Exxon Gas Station
-
CoinFlip Bitcoin ATM Commercial Agent Currency Exchange Service
-
EXPRESS LANE Grocery & Convenience Store
-
LibertyX Bitcoin ATM Atm
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
by Request
CAP Approach
CAP
$1.08M
Comparable Approach
Comparable
$521k
Blend (final)
Blend
$810k
Owner & transaction history
Lgp Realty Holdings LP · 13 yrs held
Lgp Realty Holdings LP
since 2012
6 recorded transactions
Zoning & alternative use
PC09 · Panama City, FL
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Top alternative use upside
Office building
$1.1M
+35.9%
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
by Request
ML approach
by Request
CAP Approach
CAP Return
Estimation
6%
$1,170,000
6.5%
$1,080,000
7%
$1,005,000
Alternative Use
Use
Estimation
NEIGHBORHOOD: SHOPPING CENTER
$815,000
Current use
OFFICE BUILDING
$1,110,000
Change: +36% · Conversion: Moderate
Blend value · Realmo final
$810k
Range $729k – $891k · ±10%
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
$145 / 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
$19,345
Tax year 2023
Assessed value
$1,377,213
Assessed 2023
Previous assessed
$1,065,649
+29.2% YoY
Effective rate
1.40%
On assessed value
Assessed land
$1,081,200
Assessed improvement
$296,013
Land market value
$1,081,200
Improvement market value
$296,013
Total market value
$1,377,213
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
Grocery and convenience stores
Use group
CONVENIENCE STORE
Status
Off-Market
Year built
1989
Construction
STEEL FRAME
Heating
FORCED AIR
Cooling
CENTRAL
Stories
1
Rooms
4
Total area
5,582 SF
Lot
0.99 ac (43,248 SF)
Zoning code
PC09
APN
13016-102-000
UPID
US18-0603468
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
NEIGHBORHOOD: SHOPPING CENTER Current
Est. value
$815,000
OFFICE BUILDING
Est. value
$1.1M
NEIGHBORHOOD: SHOPPING CENTER Current
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
1989
Construction
STEEL FRAME
Heating
FORCED AIR
Cooling
Yes
Stories
1
Rooms
4
Lot
0.99 ac
Current owner
From public records · entity-resolved
Lgp Realty Holdings LP
Entity
Free & Clear · 13 yrs held
Mailing address
PO BOX 385, ALLENTOWN, PA 18105-0385
Ownership since
2012
Owner contacts — direct phone, email, and related entities
Decision-maker phone · Verified email · Related entities & filings
Owner contacts
Email · phone · related entities
Sales History
6 recorded events · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
Jan 23, 2013
—
Lgp Realty Holdings LP
—
Deed Of Trust
related
$324,000,000 · Key Bank NA
Dec 26, 2012
$2,485,500
Lgp Realty Holdings LP
Express Lane INC
Grant Deed
—
Apr 28, 2009
—
Express Lane INC
—
Trustees Deed
related
$742,500 · Summit Bank
Apr 24, 2009
$1,150,000
Express Lane INC
Cjj INC
Warranty Deed
$1,160,250 · Summit Bank
Dec 27, 2000
$786,500
Promarketing LLC
Amoco Oil Co
Grant Deed
—
—
—
Lgp Realty Holdings LP
—
Loan Modification
related
$16,224,999 · Citizens Bk/pa
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.
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