Add Listing
    Property Lookup
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    1602 Hwy 98 Mexico Beach, FL 32456-0297
    Back to Search
    Property profile & analytics

    1602 Hwy 98, Mexico Beach, FL 32456-0297

    View on Map
    • Commercial land
    • 1,092 SF
    • 0.17 lot acres
    Off-Market
    Last Sale Dec 27, 2023
    $150,000
    Property ID
    US18-4548645
    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.
    Value Estimations
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Commercial land

    Property Details for 1602 Hwy 98

    Year built
    1996
    Construction
    WOOD FRAME
    Lot size
    0.17 lot acres
    Zone code
    MB03
    Property type
    Commercial land
    APN
    04361-000-000
    APU
    4361000000

    Sales History

    Date Price Buyer Seller Deed Type Mortgage
    Dec 27, 2023 — Southern Dist Of Lutheran Chruch Mo Living Water Lutheran Church INC Deed In Lieu Of Foreclosure · related —
    Jun 28, 2021 $150,000 Living Water Lutheran Church INC Southern District Of The Lutheran C Warranty Deed $400k · Southern District Church Extension
    Jan 5, 2012 $275,000 District Lutheran Southern Duren,george W Warranty Deed —
    Jan 27, 1998 $100,000 George W Duren Duren Trust Grant Deed · related $100k · Seller
    Jan 23, 1998 $100,000 Duren Trust Young,william P Grant Deed —
    Jan 7, 1997 $210,000 Young,william P Duren Trust Trustees Deed $100k · Seller
    Jan 7, 1997 — Duren Trust Gulfaire Properties Trustees Deed · related —
    — — George W Duren — Deed Of Trust · related $103k · Capital City Bank

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

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

    Location Insight

    • Map
    • Local Demand
    City
    Mexico Beach
    County
    Bay
    State
    Florida
    Longitude
    -85.408
    Latitude
    29.9412
    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
    $0.00
    $210,000
    $0.00
    $210,000
    -
    $210,000
    $0.00
    $210,000

    Comparable in this City

    • Value Estimation by Request
      0.01 Acres

      1120 15th St, Unit 43

      VACANT COMMERCIAL LAND
      1120 15th St, Mexico Beach, FL 32456-7188
      View Details
    • Value Estimation by Request
      0.01 Acres

      1120 15th St, Unit 45

      VACANT COMMERCIAL LAND
      1120 15th St, Mexico Beach, FL 32456-7188
      View Details
    • Value Estimation by Request
      0.01 Acres

      1120 15th St, Unit 47

      VACANT COMMERCIAL LAND
      1120 15th St, Mexico Beach, FL 32456-7188
      View Details
    • Value Estimation by Request
      0.01 Acres

      1120 15th St, Unit 56

      VACANT COMMERCIAL LAND
      1120 15th St, Mexico Beach, FL 32456-7188
      View Details
    • Value Estimation by Request
      0.01 Acres

      1120 15th St, Unit 58

      VACANT COMMERCIAL LAND
      1120 15th St, Mexico Beach, FL 32456-7188
      View Details
    • Value Estimation by Request
      0.17 Acres

      718 Hwy 98

      VACANT COMMERCIAL LAND
      718 Hwy 98, Mexico Beach, FL 32456-7032
      View Details

    Similar Nearby for Sale

    • $448,000

      Beachfront Property in Port St. Joe

      Beachfront property on white sandy beaches in Northwest Florida.
      3629 Cape San Blas Rd, Port St Joe, FL 32456
      View Details
    • $129,000

      RV Approved Bay View Lot

      Bay view lots near Cape San Blas with utilities.
      7 Simmons Way Dr, Port St Joe, FL 32456
      View Details
    • $524,900
      0.18 Acres

      Beachside Corner Lot Opportunity

      Corner lot near beach with flexible zoning and utilities.
      3001 Highway 98, Mexico Beach, FL 32456
      View Details
    • $3,450,000
      17.50 Acres

      Port St. Joe Development Opportunity

      17.5-acre commercial PUD with bay and highway frontage.
      Highway 98, Port St Joe, FL 32456
      View Details
    • $209,000
      0.03 Acres

      Residential Land Near Mexico Beach

      Platted lot near beach, water/sewer taps paid.
      109 S 39Th St, Mexico Beach, FL 32456
      View Details
    • $365,000

      Commercial Lot in Mexico Beach

      Income-producing commercial land in a sought-after Gulf Coast market.
      3010 Highway 98, Mexico Beach, FL 32456
      View Details

    Similar Nearby for Lease

    • Contact for pricing
      1,735 SF

      Highway 98 Office Space Available

      Customizable office suites with high visibility on Highway 98.
      212 Highway 98 W, Port Saint Joe, FL 32456
      View Details
    • $12 SF/Yr

      Port Saint Joe Office Space

      Office suites for lease in Port Saint Joe, Florida.
      212 Highway 98 W, Port Saint Joe, FL 32456
      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.
    1602 Hwy 98
    Mexico Beach, FL 32456-0297
    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

    Thank You for Inquiry
    1602 Hwy 98, Mexico Beach, FL, 32456
    letter with green check mark
    Check your email
    We sent you the
    agent's contact details. yellow underline
    Can't find it?
    Please check your junk/spam folder.
    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!